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.
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.
Apr. 1916: Outcrop of Sang-dong mine discovered in Gangwon Province, South KoreaFeb. 1936: Established SOLIM Mining Co. Ltd.Feb. 1947: Export Scheelite to the USA for the first timeSep. 1952: Established Korea Tungsten Co. Ltd. (State Enterprise)Export: US$16,457,000 (56% of Korean Total)Employing: 4,287May. 1959: Constructed Chemical processing plantJun. 1961: Established New York City Branch officeSep. 1961: Established R&D centerNov. 1961: Established London Branch officeFeb. 1963: Established Tokyo Branch officeNov. 1966: Won official commendation from government for exportRanked second among Korean companiesNov. 1967: Won official commendation from government for exportRanked third among Korean companiesFeb. 1968: Established POSCO with the National Government (Government 75%, Korea Tungsten Co. Ltd 25%)Nov. 1968: Won official commendation from government for exportNov. 1969: Won official commendation from government for exportNov. 1972: Constructed of APT (Ammonium Para Tungstate) plantFeb. 1974: Constructed Tungsten Metal Powder and Tungsten Carbide Powder plantNov. 1976: Established Rotterdam Branch officeNov. 1977: Constructed Cemented carbide plantProducts: Blank, Carbide insert, Mining tools, Brazed toolsOct. 1978: Constructed Coating plant (CVD-TiN production firstly)Dec. 1979: Constructed Tool holder plantJan. 1981: Developed Special Coating SubstrateMay 1983: Rotterdam Branch office in Netherlands moved to GermanyJul. 1985: Common R&D cooperation between Korea Tungsten Co. Ltd. and POSCOOct. 1985: Developed CERMET InsertsNov. 1988: Constructed Carbide Roll plantNov. 1989: Constructed Tungsten Wire plantMar. 1991: Constructed Ceramic plantFeb. 1994: Sang-Dong Tungsten mine closedMar. 1994: Privatized and taken over by Keo-Pyung Group in KoreaMay. 1995: Established Tungsten Wire plant in ChinaAug. 1998: Korea Tungsten Co. Ltd. bought out by IscarAug. 1998: Company name changed from Korea Tungsten Co. Ltd to TaeguTec Ltd.Feb. 1999: Headquarters moved to Daegu from SeoulApr. 1999: Constructed new Marketing Center1999: 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 IndiaJul. 2000: Constructed new R&D CenterDec. 2000: Established TaeguTec China in ShanghaiMar. 2001: Established TaeguTec Brazil in Sao PauloJun. 2001: Established TaeguTec Scandinavia in Copenhagen, DenmarkJun. 2002: Established TaeguTec UK in LeedsJun. 2002: Established TaeguTec Italy in Turin & MilanJun. 2004: Established TaeguTec Japan in NagoyaJun. 2004: Constructed new Tech Center and Carbide Rod factoryJun. 2005: Established TaeguTec Australia in SydneyOct. 2005: Established TaeguTec Turkey in IstanbulMar. 2006: Established TaeguTec Slovakia in ŽilinaApr. 2006: Established TaeguTec Malaysia in Kuala LumpurJan. 2007: Established TaeguTec Thailand in BangkokFeb. 2007: Established TaeguTec Spain in BarcelonaMar. 2007: Established TaeguTec France in Champs-sur-MarneJul. 2007: Established TaeguTec Indonesia in BekasiNov. 2007: Established TaeguTec Poland in WroclawApr. 2008: Established TaeguTec Russia in MoscowApr. 2008: Established TaeguTec Ukraine in DnipropetrovskJun. 2009: Established TaeguTec South Africa in JohannesburgSep. 2009: Established TaeguTec Czech in PilsenNov. 2009: Established TaeguTec Hungary in Törökbálint