Korea Foundry Restructures Business Around High-Value Steel Castings... "CEO Mangyu Ham Strengthens Responsible Management with Share Purchase"
Korea Foundry is embarking on a profitability-centered restructuring of its business portfolio. The company plans to reduce its focus on the relatively low-profit industrial machinery segment and concentrate its capabilities on the high-value-added, large-scale steel casting business for shipbuilding and power generation sectors, aiming to improve its performance.
The company is already accelerating its business structure transformation. Orders for large-scale steel castings from major shipbuilders are expanding, and in the first half of this year, Korea Foundry completed the delivery of its first gas turbine housing to Doosan Enerbility. Additionally, a dedicated gas turbine plant, capable of producing up to 10 units annually, is nearing completion, which is expected to further strengthen the company’s competitiveness in the power generation sector.
Growth is also evident in the order backlog. As of the end of June 2026, Korea Foundry’s order backlog increased by about 30% to 8,400 tons, compared to 6,441 tons at the end of 2025. The company explained that, starting next year, Korea Foundry will be the only domestic company capable of manufacturing large steel castings such as rubber horns weighing over 120 tons.
Based on this competitive edge in large-scale steel casting production, the company is also expanding its range of orders. Korea Foundry is broadening its customer base not only in the shipbuilding sector but also in the power generation industry, and plans to leverage its large-scale casting technology to strengthen its presence in various industrial fields in the future.
In addition to shipbuilding and power generation, Korea Foundry is preparing to enter the defense and offshore plant markets. The company is in the process of obtaining NORSOK material certification, which is the global standard for the offshore sector. If obtained, the certification is expected to enable Korea Foundry to expand its supply scope into high-value markets such as offshore plants, defense, merchant ships for Arctic routes, and offshore wind power.
Mangyu Ham, CEO of Korea Foundry, stated, “Through business restructuring, we will continue to achieve results in technology development and commercialization, enhancing both corporate value and shareholder value. We are also considering mergers and acquisitions (M&A) that can generate synergy with the shipbuilding and defense sectors.”
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Meanwhile, on July 2, Korea Foundry announced that CEO Mangyu Ham plans to purchase about 500 million won worth of the company’s common shares on the open market in August. The fact that the largest shareholder has directly revealed a plan to increase their stake is seen as an effort to demonstrate confidence in and commitment to the company’s mid- to long-term growth strategy, at a time when business structure reforms are accelerating.
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