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 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
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
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.