Korea Tungsten Company

Korea Tungsten Co., Ltd.
대한중석

State enterprise (~1994)

Private (1994~)
Industry Metalworking
Founded 1916
Founder Government of South Korea
Headquarters Seoul, Taegu

Korea Tungsten Company (KTC, Korean: 대한중석, pronounced daehan jungsuk, Hanja: 大韓重石) was a major South Korean manufacturer of tungsten cutting tools, tungsten powder, and related metal-cutting products. It was the 28th-largest chaebol by asset[1] with subsidiaries such as Korea Tungsten Construction and Korea Sintered Metal. With the national government, KTC also established POSCO, which is now the world's second largest steelmaker by output. In 1998, Keo-Pyung, then KTC's proprietor, defaulted on its loans and was declared bankrupt by its main creditor, CHB Bank. On May 12, 1998, Keo-Pyung announced that it would shed 14 of its 19 companies, Korea Tungsten among them. ISCAR, the predecessor and now the largest arm of IMC, bought KTC after months of negotiations, and renamed it TaeguTec. Today, TaeguTec group has become a global tooling and solutions giant with 25 overseas subsidiaries and over 130 distributors in 50 countries throughout the world.

History

The history of KTC dates back to April 1916, when the Sangdong Tungsten Mine was discovered in Gangwon Province, South Korea. Ever since, the company had grown to be one of the most successful and influential companies in Korea, accounting for 60 per cent of the country's total export revenue in the 60s and 70s.

Before 1960s

1960s

1970s

1980s

1990s

Post-merger / TaeguTec era

See also

References

  1. ↑ Major Makeover Powers Growth For TaeguTec - Invest Korea Journal

External links

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