Woojin Kim, CEO of Irem: "Building Growth Pillars in Semiconductors, Solar, and ESS... Aiming to Become an Integrated Steel Building Materials Company"

Woojin Kim, CEO of Irem.

Irem, a company specializing in stainless (STS) steel pipes, is strengthening its business portfolio with a focus on semiconductors, renewable energy, and the construction sector to secure a foundation for mid- to long-term growth. The company’s strategy is to transform into a comprehensive steel products company by responding to rising demand for high-purity piping driven by large-scale investments in semiconductors by Samsung Electronics and SK hynix, as well as by expanding into solar engineering, procurement, and construction (EPC), and next-generation redox flow battery-based energy storage system (ESS) businesses.

Woojin Kim, CEO of Irem, said in a recent interview, “We have enhanced our ability to respond to semiconductor projects by establishing a production and quality management system that reflects strict quality standards and various technical requirements,” and added, “We plan to create a stable growth structure by expanding our business scope from semiconductors, which are a core growth driver, to future energy sectors such as solar power and ESS.”

Irem was established in 1974 as a company specializing in manufacturing and sales of industrial stainless (STS) steel pipes. Over the past 50 or so years, it has grown based on its accumulated manufacturing technology and competitive quality. In particular, for more than 10 years, it has secured market competitiveness by supplying high-purity stainless steel pipes used in semiconductor manufacturing processes. Ultra-pure, chemical, specialty gas, and utility piping required in semiconductor processes are key facilities that demand high levels of cleanliness and quality control, making long-standing supply experience and technical know-how crucial in this area.

CEO Kim stated, “Through strengthening our raw material procurement system, securing production capacity, and advancing quality management, we have established a supply system capable of responding stably to large-scale semiconductor projects.” He went on to say, “We plan to actively respond to new fab investments and expansion projects and to further enhance our competitiveness in the high-purity stainless steel piping sector by expanding cooperation with client companies, EPC firms, and semiconductor equipment manufacturers.” The company expects significant growth in its semiconductor business revenue, which currently stands at around 10 billion won, due to the increases in new fab investments and expansion projects by Samsung Electronics and SK hynix.

Irem is also expanding its growth opportunities in the renewable energy sector based on its existing steel pipe manufacturing capabilities. The company is moving to acquire One Pick E&C, a solar EPC specialist, with plans to establish an integrated business system that connects steel structural materials, solar EPC, and ESS.

CEO Kim explained, “The solar business combines steel structural materials, solar panels, and ESS, so it is expected to create strong synergy with our existing steel pipe manufacturing business. Once the solar power and ESS businesses are fully underway, we will be able to secure a stable foundation for revenue growth.”

Of particular note, the next-generation redox flow battery-based ESS business being pursued by the affiliate XRB—based on a pump-free technology that improves form factor by over 30%—is emerging as a new growth driver. XRB is currently conducting national research projects on the commercialization of next-generation redox flow batteries in collaboration with domestic research institutes and universities, as well as internationally with institutions such as Harvard University and the Georgia Institute of Technology. With higher safety, longer lifespan, and lower fire risk compared to lithium-ion batteries, this technology targets the battery market where high stability is required, such as for uninterruptible power supplies (UPS) in data centers and large buildings, and for small battery backup units (BBU).

In the construction sector, Irem will pursue market expansion centered on the “Wide Integrated Super Deck”—the first of its kind in Korea. Kim said, “The 750mm wide Super Deck product reduces workload and increases installation efficiency, leading to shorter construction schedules and cost savings. Having proven our technical capabilities in major projects such as the Lotte World Tower and Naver's second data center, we plan to strengthen our pre-construction (Pre-con) capabilities and expand cooperation with large construction firms by participating from the design stage.”

In the long term, Irem aims to grow beyond steel pipe and deck manufacturing into a full-fledged comprehensive steel products company. CEO Kim stated, “Irem’s vision is ‘Total fabrication for a better life.’ Our goal is to contribute to a better life for society and our customers by engaging in every process of steel fabrication. By integrating our core business of stainless steel manufacturing with high value-added businesses such as semiconductors, solar energy, and ESS, we have secured exceptional price competitiveness.”

This content was produced with the assistance of AI translation services.