Korea Tungsten Company
A former South Korean tungsten producer and cutting-tool manufacturer that became the foundation of TaeguTec after its acquisition by ISCAR in 1998.
Last updated August 25, 2026
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Overview
Korea Tungsten Company, commonly abbreviated KTC and known in Korean as Daehan Jungseok, was a major South Korean tungsten mining, processing, and industrial tooling company. Its corporate history is associated with the Sangdong tungsten mine in Gangwon Province, whose tungsten-bearing outcrop was identified in April 1916. The mine became the basis for a strategically important industrial enterprise during South Korea’s economic development, and KTC was formally established as a state enterprise in September 1952. KTC initially focused on mining and exporting scheelite, a tungsten ore. It exported scheelite to the United States by 1947 and later developed chemical-processing capacity, enabling it to move beyond raw-material extraction. During the 1960s and 1970s, the company became one of South Korea’s most important export businesses. Reference material associated with the company states that KTC accounted for approximately 60 percent of the country’s total export revenue during parts of the 1960s and 1970s, although the available material does not specify a consistent measurement methodology or reporting period. The company received repeated government export commendations during that era and established branch offices in New York, London, Tokyo, and Rotterdam or Germany as it expanded its international commercial presence. The company progressively built an integrated tungsten and cutting-tool operation. It added an ammonium paratungstate plant in 1972, tungsten metal and tungsten-carbide powder facilities in 1974, a cemented-carbide plant in 1977, a coating plant in 1978, and a tool-holder plant in 1979. Its product range included carbide blanks, carbide inserts, mining tools, brazed tools, coatings, tungsten wire, carbide rolls, ceramics, and other metal-cutting materials. Research and development also became more important: KTC developed special coating substrates, cermet inserts, and other advanced materials, while cooperating with POSCO on research. KTC was also involved in the creation of POSCO in 1968. The South Korean government held 75 percent of the founding venture and Korea Tungsten held 25 percent, linking the tungsten company to one of the country’s defining heavy-industrial projects. This role reflected KTC’s broader position as both an industrial supplier and a participant in national economic-development policy. The Sangdong mine closed in February 1994. In March of that year KTC was privatized and acquired by the Keo-Pyung Group. The change in ownership preceded a period of financial distress. In 1998, Keo-Pyung defaulted on its loans and was declared bankrupt by its principal creditor, CHB Bank. On May 12, 1998, Keo-Pyung announced plans to divest 14 of its 19 companies, including Korea Tungsten. After negotiations lasting several months, ISCAR, an international cutting-tool company and the predecessor of the principal IMC tooling business, acquired KTC in August 1998. The company was renamed TaeguTec Ltd. later that month, ending the Korea Tungsten Company name as the operating brand. The successor organization retained and developed KTC’s industrial-tooling capabilities. Its post-acquisition expansion included a headquarters move from Seoul to Daegu, new marketing and research facilities, and subsidiaries or operating organizations across North America, Europe, Asia, South America, Africa, and Oceania. The later TaeguTec group is described in the supplied reference material as having 25 overseas subsidiaries and more than 130 distributors in 50 countries. These successor activities should not be confused with the operating history of KTC itself, but they show how the former company’s tooling assets and technical base were incorporated into a global cutting-solutions business.
History
The company’s origins lie in the discovery of an outcrop at the Sangdong tungsten mine in Gangwon Province in April 1916. A mining company, SOLIM Mining Co. Ltd., was established in February 1936. Scheelite was exported to the United States for the first time in February 1947, indicating the operation’s early connection to international tungsten markets. Korea Tungsten Company was established as a state enterprise in September 1952. Its first president was Ahn Taek Jun. The company developed rapidly after its formation, constructing a chemical-processing plant in May 1959 and establishing overseas offices in New York, London, and Tokyo during the early 1960s. It also created a research and development center in 1961. KTC received several government export commendations during the 1960s and became a prominent contributor to South Korea’s export-oriented industrialization. In 1968, KTC joined the South Korean government in establishing POSCO. The government held 75 percent of the venture and KTC held 25 percent. During the 1970s KTC expanded its value chain by adding an ammonium paratungstate plant, tungsten and tungsten-carbide powder plants, a cemented-carbide plant, a CVD coating plant, and a tool-holder plant. These investments transformed the enterprise from a mining and ore-export business into a producer of engineered tungsten materials and metal-cutting tools. The company continued product and capacity development in the 1980s and early 1990s. It developed special coating substrates and cermet inserts, and added carbide-roll, tungsten-wire, and ceramic facilities. It also maintained technical cooperation with POSCO. The Sangdong mine closed in February 1994, and KTC was privatized and acquired by the Keo-Pyung Group the following month. The privatized company entered financial difficulty as its owner accumulated debt. In 1998 Keo-Pyung defaulted on loans and was declared bankrupt by CHB Bank. On May 12, 1998, Keo-Pyung announced that it would dispose of 14 of its 19 companies, including Korea Tungsten. ISCAR subsequently acquired KTC after months of negotiations. In August 1998 the company was renamed TaeguTec Ltd., and the Korea Tungsten corporate identity ceased to be the name of the continuing operating business. Under the TaeguTec name, the former KTC business expanded internationally. Its successor organization moved its headquarters to Daegu in 1999, established marketing and research facilities, and opened or developed operations in the United States, Germany, India, China, Brazil, Scandinavia, the United Kingdom, Italy, Japan, Australia, Turkey, Slovakia, Malaysia, Thailand, Spain, France, Indonesia, Poland, Russia, Ukraine, South Africa, the Czech Republic, and Hungary. The successor group is described as having a global network of subsidiaries and distributors, reflecting the internationalization of KTC’s cutting-tool and materials capabilities after the acquisition.
- 1998
Acquired by ISCAR and renamed TaeguTec
[1]ISCAR acquired KTC after the Keo-Pyung financial collapse, and the company became TaeguTec Ltd. in August.
- 1994
Sangdong mine closed and company privatized
[1]The Sangdong mine closed in February, followed by KTC’s privatization and acquisition by Keo-Pyung Group in March.
- 1985
Cermet inserts developed
[1]KTC developed cermet inserts and pursued joint research cooperation with POSCO.
- 1978
CVD coating production introduced
[1]KTC constructed a coating plant and began CVD titanium-nitride production.
- 1977
Cemented-carbide plant opened
[1]The company added cemented-carbide manufacturing for blanks, inserts, mining tools, and brazed tools.
- 1974
Tungsten powder production expanded
[1]KTC constructed facilities for tungsten metal powder and tungsten carbide powder.
- 1972
Ammonium paratungstate plant added
[1]The company constructed an ammonium paratungstate plant.
- 1968
Participated in POSCO’s establishment
[1]KTC joined the national government in establishing POSCO, with KTC holding 25 percent of the founding venture.
- 1961
International offices and research capacity expanded
[1]KTC opened offices in New York and London and established a research and development center.
- 1959
Chemical-processing plant completed
[1]KTC constructed a chemical-processing plant, supporting the move from ore extraction toward processed tungsten materials.
Products and positioning
An integrated South Korean tungsten and industrial-tooling company that combined domestic mineral extraction with chemical processing, powder metallurgy, cemented carbide, coatings, and metal-cutting products.
Mining
Scheelite and tungsten ore
The company’s historical base was the Sangdong tungsten mine, where scheelite-bearing ore was extracted and prepared for export. Mining established KTC’s role in South Korea’s early industrial export economy before the company expanded into chemical processing and engineered tungsten products.
Tungsten chemicals · 1972
Ammonium paratungstate
KTC added ammonium paratungstate production in the 1970s. This intermediate tungsten compound connected the company’s mining activities with downstream powder metallurgy and provided a processed material for producing tungsten metal and tungsten carbide.
Powder metallurgy · 1974
Tungsten metal and carbide powders
The company manufactured tungsten metal powder and tungsten carbide powder from dedicated facilities constructed in the 1970s. These powders supported the production of cemented-carbide cutting tools, mining equipment, rolls, and other wear-resistant industrial components.
Industrial tooling · 1977
Cemented-carbide cutting tools
KTC produced carbide blanks, inserts, mining tools, and brazed tools. The cemented-carbide line represented the company’s shift from commodity tungsten production toward higher-value products used for machining, mining, and other demanding industrial applications.
Tool coatings · 1978
Coatings and coated substrates
KTC constructed a coating plant in 1978 and introduced CVD titanium-nitride production. It later developed special coating substrates, extending the performance and wear resistance of its cutting-tool products.
Specialty tungsten products · 1985
Tungsten wire and advanced materials
Later facilities included tungsten wire, carbide rolls, ceramic products, and cermet inserts. These lines broadened KTC’s materials portfolio beyond conventional carbide inserts and served specialized industrial applications.
Brand decisions
1998
ISCAR acquisition and TaeguTec rebrandM&ABackground
Keo-Pyung defaulted on loans and entered bankruptcy proceedings, prompting the proposed sale of Korea Tungsten.
Action taken
ISCAR acquired the company after negotiations and renamed it TaeguTec Ltd.
Aftermath
The Korea Tungsten name disappeared as the operating brand, while its tooling and materials operations became part of an expanding international cutting-tools business.
1994
Privatization and Keo-Pyung acquisitionStrategyBackground
Following the closure of the Sangdong mine, KTC underwent a change in ownership as South Korea continued the privatization of state-linked enterprises.
Action taken
Korea Tungsten was privatized and taken over by the Keo-Pyung Group.
Aftermath
The company became part of a diversified private group but later became involved in Keo-Pyung’s debt crisis and divestment program.
1968
Invested in the creation of POSCOStrategyBackground
South Korea was building an integrated heavy-industrial base, and KTC was a major state-linked exporter with strategic materials expertise.
Action taken
KTC joined the national government in establishing POSCO and held 25 percent of the founding venture.
Aftermath
The investment connected KTC with the development of South Korea’s major steel producer and reinforced its role in national industrial policy.
Recent events
- 1998
Keo-Pyung bankruptcy leads to Korea Tungsten divestment[1]
Bankruptcy · M&A
After Keo-Pyung defaulted on loans and entered bankruptcy proceedings, the group announced plans to sell Korea Tungsten among 14 companies.
- 1998
ISCAR acquires Korea Tungsten and renames it TaeguTec[1]
M&A
ISCAR acquired Korea Tungsten in August 1998 after negotiations and changed its name to TaeguTec Ltd.
- 1994
Sangdong tungsten mine closes[1]
Other
The Sangdong tungsten mine, the historical basis of the company, closed in February 1994.
- 1994
Korea Tungsten is privatized through the Keo-Pyung Group[1]
M&A
KTC was privatized and taken over by South Korea’s Keo-Pyung Group in March 1994.
- 1968
Korea Tungsten joins the founding of POSCO[1]
Other
KTC participated in the establishment of POSCO alongside the South Korean government, holding a minority share in the founding arrangement.
- 1952
Korea Tungsten Company established as a state enterprise[1]
Other
Korea Tungsten Company was established in September 1952, formalizing the corporate development of the Sangdong tungsten operation.
Sources1 sources
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