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Private company

Korea Tungsten Company

Defunct South Korean metalworks

Korea Tungsten Company (KTC, Korean: 대한중석; Hanja: 大韓重石; RR: daehan jungseok) 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 with subsidiaries such as Korea Tungsten Construction and Korea Sintered Metal. In 1952, KTC appointed its first President, Ahn Taek Jun. With the national government, KTC also established POSCO, which is now the world's second largest steelmaker by output.2 It was founded by Government of South Korea.1 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

1916Founded1
  • Industrymetalworking1
  • HeadquartersSeoul1

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Korea Tungsten Company (KTC, Korean: 대한중석; Hanja: 大韓重石; RR: daehan jungseok) 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 with subsidiaries such as Korea Tungsten Construction and Korea Sintered Metal. In 1952, KTC appointed its first President, Ahn Taek Jun. 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.2

The story

Founded by Government of South Korea in 1916.1

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

Apr. 1916: Outcrop of Sang-dong mine discovered in Gangwon Province, South Korea

Feb. 1936: Established SOLIM Mining Co. Ltd.

Feb. 1947: Export Scheelite to the USA for the first time

Sep. 1952: Established Korea Tungsten Co. Ltd. (State Enterprise)

Export: US$16,457,000 (56% of Korean Total)

Employing: 4,287

May. 1959: Constructed Chemical processing plant

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1960s

Jun. 1961: Established New York City Branch office

Sep. 1961: Established R&D center

Nov. 1961: Established London Branch office

Feb. 1963: Established Tokyo Branch office

Nov. 1966: Won official commendation from government for export

Ranked second among Korean companies

Nov. 1967: Won official commendation from government for export

Ranked third among Korean companies

Feb. 1968: Established POSCO with the National Government (Government 75%, Korea Tungsten Co. Ltd 25%)

Nov. 1968: Won official commendation from government for export

Nov. 1969: Won official commendation from government for export

1970s

Nov. 1972: Constructed of APT (Ammonium Para Tungstate) plant

Feb. 1974: Constructed Tungsten Metal Powder and Tungsten Carbide Powder plant

Nov. 1976: Established Rotterdam Branch office

Nov. 1977: Constructed Cemented carbide plant

Products: Blank, Carbide insert, Mining tools, Brazed tools

Oct. 1978: Constructed Coating plant (CVD-TiN production firstly)

Dec. 1979: Constructed Tool holder plant

1980s

Jan. 1981: Developed Special Coating Substrate

May 1983: Rotterdam Branch office in Netherlands moved to Germany

Jul. 1985: Common R&D cooperation between Korea Tungsten Co. Ltd. and POSCO

Oct. 1985: Developed CERMET Inserts

Nov. 1988: Constructed Carbide Roll plant

Nov. 1989: Constructed Tungsten Wire plant

1990s

Mar. 1991: Constructed Ceramic plant

Feb. 1994: Sang-Dong Tungsten mine closed

Mar. 1994: Privatized and taken over by Keo-Pyung Group in Korea

May. 1995: Established Tungsten Wire plant in China

Aug. 1998: Korea Tungsten Co. Ltd. bought out by Iscar

Aug. 1998: Company name changed from Korea Tungsten Co. Ltd to TaeguTec Ltd.

Post-merger / TaeguTec era

Feb. 1999: Headquarters moved to Daegu from Seoul

Apr. 1999: Constructed new Marketing Center

1999: Established TaeguTec USA (The present Ingersoll USA – Rockford)

1999: Established TaeguTec Germany (The present Ingersoll GMBH – Haiger)

Mar. 2000: Established TaeguTec cutting tools factory in India

Jul. 2000: Constructed new R&D Center

Dec. 2000: Established TaeguTec China in Shanghai

Mar. 2001: Established TaeguTec Brazil in São Paulo

Jun. 2001: Established TaeguTec Scandinavia in Copenhagen

Jun. 2002: Established TaeguTec UK in Leeds

Jun. 2002: Established TaeguTec Italy in Turin & Milan

Jun. 2004: Established TaeguTec Japan in Nagoya

Jun. 2004: Constructed new Tech Center and Carbide Rod factory

Jun. 2005: Established TaeguTec Australia in Sydney

Oct. 2005: Established TaeguTec Turkey in Istanbul

Mar. 2006: Established TaeguTec Slovakia in Žilina

Apr. 2006: Established TaeguTec Malaysia in Kuala Lumpur

Jan. 2007: Established TaeguTec Thailand in Bangkok

Feb. 2007: Established TaeguTec Spain in Barcelona

Mar. 2007: Established TaeguTec France in Champs-sur-Marne

Jul. 2007: Established TaeguTec Indonesia in Bekasi

Nov. 2007: Established TaeguTec Poland in Wrocław

Apr. 2008: Established TaeguTec Russia in Moscow

Apr. 2008: Established TaeguTec Ukraine in Dnipro

Jun. 2009: Established TaeguTec South Africa in Johannesburg

Sep. 2009: Established TaeguTec Czech in Plzeň

Nov. 2009: Established TaeguTec Hungary in Törökbálint

From Wikipedia’s article on Korea Tungsten Company, shared under CC BY-SA 4.0.3

Timeline

  1. 1916Founded Founded1

Sources

The numbers on this page point here. Each one links to the record it came from.

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