Press Release 1 Page

On May 26, 2025, the CEO Jin-Seok Park and other executives of Chemirex Co., Ltd., a domestic materials importer, and the CEO and executives of Fujian Weiyuan Minerals, a Chinese raw material company, visited our company. 

Korea's first successful domestic production of ferroalloy powder, a raw material for welding rods, in the early 2000s.Overtaking leading countries Japan and Canada to dominate the domestic market.Joint venture proposals from overseas companies, including China, are pouring in.Aiming for a KOSDAQ listing in the second half of 2027.Located in the Dasan 2 General Industrial Complex in Dasan-myeon, Goryeong-gun, Gyeongsangbuk-do, Bonghwa Industry specializes in the processing and production of strategic mineral and special metal alloys. It is growing into a supplier of critical raw materials to key national industries such as shipbuilding, secondary batteries, steel, defense, and automotive. In the early 2000s, Bonghwa Industry became the first in Korea to successfully domestically produce welding flux powder, surpassing leading countries Japan and Canada to dominate the domestic market. At a time when self-reliance was crucial for growth, Bonghwa Industry overcame technological limitations and emerged as the leading domestic company in special alloy processing. The next step is to expand into overseas markets. Leveraging the technology accumulated over 30 years of experience, the company aims to diversify its business portfolio to include titanium secondary batteries and rare earth metal recycling. Bonghwa Industry has set its sights on the KOSDAQ as its ultimate destination. It is currently preparing for the initial public offering (IPO) technology review to achieve sales of 100 billion won within five years.Bonghwa Industry CEO Baek Jun-ki is confident of an IPO. He believes that having conquered the nation with welding rods, the company has sufficient momentum to achieve this goal. The consulting firm's evaluation was also very positive. Bonghwa Industry aims to list on the KOSDAQ in the second half of 2027.CEO Baek Jun-ki stated, "We have received an excellent rating from the lead underwriter after applying for the technology review, and we are currently in discussions with several investors." He added, "We are actively pursuing technological partnerships with domestic and international research institutes. This month, we signed a memorandum of understanding (MOU) with Kyungpook National University's Advanced Information and Communication Convergence Technology Institute to collaborate on research on biocompatible titanium alloys for 3D printing."Bonghwa Industry is also focusing its efforts on the manufacturing of strategic mineral special alloys. They are also accelerating their efforts in recycling nickel scrap for secondary batteries and processing titanium, a strategic mineral.Recently, they were selected for a support project for the strategic mineral special alloy manufacturing sector, hosted by the Daegu-Gyeongbuk Branch of the Korea Institute of Science and Technology Information (KISTI), and are currently working on follow-up projects.In particular, they have completed patent registration for special processing technologies related to crushing and melting. Using these technologies, Bonghwa Industry supplies special alloys that meet their physical and chemical requirements to various clients, utilizing equipment designed and manufactured in-house.The primary reason CEO Baek decided to go public was to improve employee welfare. He emphasized, "I have always prioritized improving the treatment of our employees, who are like family to me. As someone who has worked half my life and struggled with paychecks, I understand that feeling well."Before founding Bonghwa Industry in 1998, he had been employed for over 30 years. He graduated from Seongeui Commercial High School in Gimcheon (now Seongeui High School) and worked in accounting at a mid-sized company. Meanwhile, CEO Baek took the vacant position of General Production Manager. He rose from a low-level accounting position to executive level. Having experienced a demanding career, he has developed a deeper understanding of his employees than anyone else.Currently, Bonghwa Industries employs around 30 people. Despite its small size, its workforce is exceptional. Thanks to everyone's collaborative efforts, the company achieved sales of 26.4 billion won last year and is growing by over 5% annually. CEO Baek stated, "Since founding the company, my goal has been to create a family-friendly company where employees can build long-term relationships. After listing on the KOSDAQ, I want to distribute treasury stock to employees and create a better welfare system."Recent joint venture offers from several international companies have also contributed to CEO Baek's decision to go public. Bonghwa Industries' future growth strategy is to expand its business into global raw material processing and distribution by domestically producing special alloys of rare earth strategic minerals, which had previously relied on imports.CEO Baek Jun-ki emphasized, “We aim to grow into a trusted leading company in domestic and international markets through the stable production and supply of high-quality strategic minerals and advanced functional alloy products.” He added, “We will do our best to respond to the diversifying industrial environment through continuous technological innovation and quality improvement, and to provide value that exceeds customer expectations.”

"Actively striving for employment stability and fostering community adaptation skills"Goryeong County is promoting the stable settlement of foreigners in the region through the Ministry of Justice's Social Integration Program for foreigners.The Social Integration Program began in January of this year after the Goryeong 2nd General Industrial Complex Management Corporation was designated by the Ministry of Justice as the operating agency for 2025-2027. As a result of the first semester (January 26 - April 27), 24 students enrolled in the program, of which 18 passed the Level 3 (Intermediate 1) assessment test.The 2025 program will consist of three semesters of the Level 3 Social Integration Program. The second semester will run for 13 weeks from May 11 to August 10, with Korean language and culture classes held every Sunday from 10:00 AM to 6:30 PM (8 hours). The third semester is scheduled to run from August to November.In particular, as we trained those who completed the Level 3 course, demand for the Level 4 Social Integration Program has increased. Therefore, a new Level 4 course will be launched via online video training starting on the 18th. The course will be held for four hours each Saturday and Sunday from the 18th to August 17th, requiring 100 hours of completion.Sunari (Nepal, working at Central Casting), a foreign worker who passed the Level 3 exam through the program, shared, "Working the night shift and then attending eight-hour classes on Sundays was incredibly challenging, but I studied hard with hope. I hope to obtain a long-term visa, secure a stable job, and continue living in Korea."Baek Jun-ki, Chairman of the Goryeong 2nd General Industrial Complex Management Corporation, the operator of the Social Integration Program, stated, "This is the first time in Korea that an industrial complex has been designated as a Social Integration Program operator and will provide training. We will actively strive to operate a step-by-step training program for foreign workers in the region, fostering employment stability and fostering community adaptation."

Visit to China's Xu Zhenjiang Temple 

Visit to the Korea Institute of Materials Science in Changwon

Although it is a traditional seasonal custom, we performed the Jisinbapgi ritual with the local residents to subdue the local god, drive away evil spirits, and pray for the well-being and prosperity of the residents and the company.

It refers to a technology-intensive small and medium-sized enterprise (SME) that develops cutting-edge new technologies and ideas and pursues business ventures.In Korea, "venture enterprises" are defined as companies that meet the requirements stipulated in the "Special Measures for the Promotion of Venture Enterprises."Our company, recognized as an "innovative growth type," has met certain requirements stipulated in the "Special Measures for the Promotion of Venture Enterprises" and has been certified as a venture enterprise for its outstanding technological innovation and business growth potential.

On December 13, 2024, the Future Strategy Office (Technology Research Institute) was established at SW Tower in Sangyeok-dong, Daegu Metropolitan City.

Goryeong County (Governor Lee Nam-cheol) selected nine companies for the "2024 Goryeong County Star Companies and Outstanding Entrepreneurs" and held an award ceremony at the Daegaya Hall in the county office on the 2nd.To instill pride in companies and entrepreneurs who have contributed to the local economy and social development, the county annually discovers and awards Star Companies and Outstanding Entrepreneurs. This year, six companies were selected as Star Companies: Daechang Metal Heat Treatment Engineering Co., Ltd., Jeonjin Industry Co., Ltd., Daegyeong Casting Co., Ltd., Bonghwa Industry Co., Ltd., DH Chemical Co., Ltd., and Daejung Co., Ltd., while the representatives of three companies, Daedong Industry, Dalseong Food Industry Co., Ltd., and Ssanglim Stone Co., Ltd., were selected as Outstanding Entrepreneurs.The selected companies will receive preferential support for SME operating funds, priority recommendations for various SME support programs, and support programs to further support their growth.Goryeong County (Governor Lee Nam-cheol) said, “Goryeong County’s start-up companies with excellent technology and innovation are driving the local economy and creating quality jobs,” and added, “We will prepare various support measures to ensure that start-up companies can become the center of innovation in Goryeong County.”

[▲ Baek Jun-ki, CEO of Bonghwa Industry, succeeded in domestically producing welding powder, a product previously dominated by imports, and now exports to the US, Japan, and other countries. [Photo = Bonghwa Industry]]An Accounting Professional's Perseverance Overtakes the Leading Country in Welding PowderAt one time, "replacing imported products" was a national mission. For a country with limited resources, self-reliance was absolutely crucial. The process was not easy. Japan, in particular, outperformed us in many areas.However, there are entrepreneurs who have overcome these limitations. Baek Jun-ki, CEO of Bonghwa Industry, is one of them.He is a perfectionist who knows no bounds. He never gives up. With his unwavering determination, he overtook Japan and Canada, the leading countries in the welding powder market, and dominated the domestic market. Now, he is penetrating advanced markets.CEO Baek has accelerated his efforts to develop overseas markets, setting a goal of "50 billion won in exports and 100 billion won in sales within five years."●Promotion from Accounting Manager to Factory Manager = CEO Baek graduated from a commercial high school. He joined a mid-sized textile machinery company and worked in accounting for 30 years. He quietly expanded his workload. Using "accounting" as a weapon, he pressured key departments. Using numbers, he demanded greater efficiency and lower costs.CEO Baek said, "If you look at the financial statements, you can see the cash flow at a glance. Some people tried to do it manually, but I wouldn't tolerate that."During his weekly report to the chairman, he would bluntly declare, "We can produce more" and "We can sell more." This was the booming textile industry of the 1980s. If you make something, it sells. It was a time for moderate work and moderate enjoyment.Accounting was also a lot of work. Did he have the leisure to do it? CEO Baek said, "Accounting is about order. Order is established over time. From then on, I moved around to other departments."His employees were not happy. He had particularly intense conflicts with his superiors. He failed to be promoted to executive for three consecutive years. CEO Baek described the situation, saying, "The chairman called me in and said, 'I'm trying to promote you to executive, but all the executives are against it.'"Then, an opportunity arose. A vacancy arose for the position of plant manager in charge of production, and the chairman recommended CEO Baek, then the accounting manager, to the position at an executive meeting. He made the bombshell announcement, "It's urgent, so I'll give it a shot. If it doesn't work out, I'll find someone else." People recognized CEO Baek's sincerity.CEO Baek, who also served as the accounting manager, demonstrated his talent for discovery as a plant manager. He improved upon the situation and secured his first major sales contract. In just a few years, he grew the company from 60-70 billion won in sales to 100 billion won.●After leaving the company due to the IMF crisis, he developed powder = CEO Baek is either upright or not. In 1997, when a string of partner companies went bankrupt due to the foreign exchange crisis, the bank demanded that he, as the factory manager, jointly guarantee a 50 million won promissory note.CEO Baek protested, "I can't agree." A bank official then contacted the company's chairman, who dismissed him, saying, "You're not part of our family."After retiring, CEO Baek decided to start his own business. The results of his dedication to the company were disappointing. While considering new products, the raw materials import and sales market caught his eye. With the added benefit of foreign exchange gains, he could reap significant profits.Leveraging his previous experience, he decided to supply ferroalloy powder to a welding rod manufacturer. This involved importing raw materials, processing them, and supplying them. The UK raw materials market prices made this a viable option. Approximately 80% of domestic powder was imported from Japan and Canada.Using his 37 million won severance pay and a bank loan, he spent 85 million won to acquire a factory in Gimcheon, Gyeongbuk Province. It was a bargain, sold at a bargain price due to the IMF crisis.●Experienced frustration = No sales for two years. Importing 20 tons of ore from the Netherlands and turning it into powder proved to be more challenging than expected.CEO Baek said, "With the unwavering belief that 'we can do it,' I hired seven people and jumped in, but challenges piled up." After three years, they laid off all of their employees.Then, they found an easy-to-develop product. They hired a retired welder and together, they developed a powder for coated welding rods (Fe-Si 45%). Three years after founding the company in 1998, they generated their first sales.●Challenge to Localize Powder = Understanding Powder: This time, we tackled ferrochrome (FeCr). At the time, it was 100% imported. The development period, which was expected to take one to two years, ended up taking three.CEO Baek confessed, "It wasn't easy to produce particles that exceeded the customer's desired standards. Even when the particles were produced, the equipment would break."Nevertheless, we mastered the know-how and ultimately succeeded.Ferrochrome is a profitable product for Bonghwa Industries. Demand surged immediately after its introduction, leading to sales of 6 billion won in 2009. It replaced powders from Japan and Canada.CEO Baek wasn't satisfied. In 2009, he relocated to Goryeong, North Gyeongsang Province, securing a 3,000-pyeong (approximately 10,000 square meters) factory to expand beyond the domestic market and into the global market.●Using Quality as a Weapon to Open the Chinese and US Markets = Let's Replace Imported Products in Korea One day in 2010, a Japanese company visited. They wanted to verify the quality. The quality was consistent, and the price was excellent. The Japanese company immediately decided to import.CEO Baek said, "It must have been at least 10% cheaper than Japanese products."We focused on expanding overseas, but it wasn't easy. Promoting our company and products was challenging.CEO Baek said, "There was a global welding exhibition, but they wouldn't allow us to exhibit there."While we were tapping overseas markets, we received a request for sample testing from China. They wanted to see our FeCR and FeSi powders, which are chromium compounds.The results were positive. CEO Baek explained, "At that time, there were no products of our quality in China."In 2021, we successfully entered the US market. We emailed the top three global welding rod manufacturers and requested sample tests, and orders came in.After some time, five quality managers from an American company visited Bonghwa Industries in person to inspect the quality of the products and the condition of the production facilities. The results were "passed."CEO Baek said, "After thoroughly inspecting the company, they praised it, saying, 'It's well-managed. It's excellent.'"Afterwards, orders skyrocketed. Initially, annual exports were around 600 million won, but CEO Baek predicted that this year's figure would reach 2.6 to 2.7 billion won.[▲A US importer visits Bonghwa Industries in Goryeong, Gyeongbuk, to take a commemorative photo before placing a large order. [Photo = Bonghwa Industries]] [▲Bonghwa Industry received the Million Dollar Export Tower Award last year. [Photo = Bonghwa Industry]]●Expecting to Exceed KRW 100 Billion in Sales in Five Years = Bonghwa Industry is the only company in Korea with integrated welding rod powder facilities. CEO Baek described the company as "Asia's best" in terms of integrated equipment.Last year, sales reached KRW 27 billion, with exports accounting for approximately 15%. CEO Baek stated, "The domestic market is somewhat saturated, so now we need to expand overseas. We are aiming for KRW 50 billion in exports and KRW 100 billion in sales within five years."Bonghwa Industry is also preparing to enter the secondary battery sector to expand sales.Bonghwa Industry employs less than 25 people. However, its workforce is formidable.CEO Baek stated, "Employee turnover is a significant loss for the company. We will create a family-friendly company where employees who have gained experience can continue to work together for a long time."The company's name, "Bonghwa," comes from fires used as signal fires in the past. CEO Baek stated, "Like a beacon, we will continue to burn brightly and grow as a company."

In accordance with Article 15 of the Act on Promotion of Creation of a Family-Friendly Social Environment, this system grants certification through examination to companies and public institutions that operate family-friendly systems in an exemplary manner. Our company was certified as a family-friendly company for 24 years.

Bonghwa Industrial Co., Ltd. CEO Baek Jun-ki[Sisa Today Reporter Jeong Myeong-ung] Plan is an international children's support organization that operated under the Korean name "Yangchinhoe" (養親會), a Korean translation of the "Foster Parents Plan" from 1953 to 1979, following the Korean War.To help children struggling with hunger and cold amidst the devastation of war, Plan solicited support from donors around the world. With donations from various countries, Plan helped over 25,000 Korean children annually.At the time, Yangchinhoe focused its activities on Busan and Seoul, where many wartime immigrants gathered, and expanded its reach to Geoje Island.Since then, Korea's economic growth has enabled it to overcome poverty and achieve self-sufficiency. In 1996, with Korea's accession to the OECD, it transitioned from a recipient country to a donor country. Through Plan Korea (Plan Korea Committee), it has been sharing its love with children in need around the world.Amidst this, a Plan Korea member who has been active for over 30 years, delivering a "message of hope so children in need can dream of a better tomorrow," is making headlines.He is Baek Jun-ki, CEO of Bonghwa Industry Co., Ltd. (Chairman of the Goryeong 2nd General Industrial Complex Management Corporation) and former President of the Jaegu Sangju Association.CEO Baek stated, "As a young member of Plan Korea, I began by helping one child escape poverty. Currently, I provide active care support to nine children, and I also contribute to scholarships, child protection, emergency relief, water supply, and restroom improvement projects in beneficiary countries. Through my regular monthly donations, I am committed to instilling hope in the children I support, empowering them to dream for themselves."In particular, CEO Baek, the first of Sangju City's hometown donations, is the former president of the Sangju Association (2022-2023). He aims to foster unity among members. He possesses a remarkable sense of hometown pride and a strong sense of mission. He actively takes the lead in all kinds of difficult tasks for the association's development, earning him a favorable reputation from members.Regarding this, CEO Baek stated, "Hometown is where you were born, raised, and lived. It's like the embrace of a mother deeply rooted in your heart." He emphasized, "For those living away from home, it's a place where you can find comfort, a place where you can reminisce about your past and find comfort when you miss your family or your hometown."Furthermore, CEO Baek is actively supporting local talent development scholarships and recently working as a facilitator to foster Korean language education and community adaptation skills for foreign workers in industrial complexes.629e6461c8db702e5e47d5fbc953367f_1749730914_9839.jpgIn this way, CEO Baek considers Goryeong his second home and is leading by example in its development.Founding Bonghwa Industry Co., Ltd. in 1998, CEO Baek specializes in the production and technology development of welding rod powder (pulverized, sintered, and sorted) under the management philosophy of "honesty, sincerity, and creativity." Through this, he has established a domestic distribution network system and exports to overseas markets such as China, Japan, and the United States, ensuring customer satisfaction and exceptional service.629e6461c8db702e5e47d5fbc953367f_1749730935_2167.jpg629e6461c8db702e5e47d5fbc953367f_1749730935_3044.jpgCEO Baek Lee was honored in the local category of the 15th New Korean of the Year Awards (hosted and organized by Sisa Today) for his contributions to the non-metallic mineral crushing industry, domestic technology development, quality production, environmental safety, and trustworthy management practices, as well as his contributions to the local community and volunteer work.

Baek Jun-ki, CEO, won the 2024 New Korean Award hosted by Sisa Today.As the current Chairman of the Goryeong 2nd General Industrial Complex, he is a driving force behind the complex's development and regional development, serving as a beacon of hope for a brighter future.

On January 13, 2013, our main customer, “Sea ESAB” US subsidiary, visited us, where our partners and buyers from related industries showed great interest and showed the possibility of importing.

The Daegu-Gyeongbuk Regional Headquarters of the Korea International Trade Association (KITA) held the "61st Daegu-Gyeongbuk Trade Day Ceremony" at Hotel Interburgo (Manchon) on December 17th. The ceremony honored companies that achieved export milestones and those who received awards for their contributions to exports.On that day, our company received the $1 Million Export Tower Award.

In recognition of his deep affection and interest in Goryeong-gun and his contributions to the development of the region, CEO Baek Jun-ki of Bonghwa Industry Co., Ltd. was inducted into the Hall of Fame. 

"Give yourself value through donations, give Goryeong value!"Goryeong County, Gyeongsangbuk-do Province, held a fundraising event for the "Hope 2024 Sharing Campaign" at the county office plaza on the 4th.Goryeong County's Hope Sharing Campaign received a donation of 10 million won.

Bonghwa Industry CEO Baek Jun-ki Contributes to Enhancing Local Arts and Cultural Value(Daily Daegu Gyeongbuk News = Reporter Hwang Ji-hyun) Baek Jun-ki, CEO of Bonghwa Industry and a member of the Dasan Miracle Choir, is leading the way in the development of the local arts through donations.The Dasan Miracle Choir, which will hold its inaugural concert on November 25th, is a newly formed choir centered around residents of Dasan-myeon. It was founded to promote the values of art and music and to host diverse performances and activities in the Goryeong area.CEO Baek Jun-ki recently joined the Dasan Miracle Choir and donated 5 million won to the Goryeong Cultural Center to support the passionate members who find vitality in their lives through choral singing, and to foster mutual growth between the company and residents.CEO Baek expressed his desire to make this donation to support the activities of the Dasan Miracle Choir, which serves as a soothing voice to the community's suffering and connects with people through music.These efforts are expected to play a significant role in enhancing the local arts and cultural value of our society.Shin Tae-woon, Director of the Goryeong Cultural Center, said, "I hope this valuable donation will expand contributions to the local arts and culture sector. I would like to thank Director Baek Jun-ki for his support."

On June 13, 2023, the “Daegu Gyeongbuk Small and Medium Business Competition” was held at the Happy Hall of Hotel Interburgo.On this day, Bonghwa Industry Co., Ltd. received the “Minister of SMEs and Startups Award.” 

Bonghwa Industries also operates a vocational college degree program (P-Tech) for employees with less than one year of experience. This program selects trainees from among those employed by the company. It supports their on-the-job training and helps them quickly adapt to the company and develop their careers.This industry-focused training program allows the company to establish a workforce development system and reduce retraining costs.

He received a commendation from the Commissioner of the National Tax Service as a model taxpayer in 2023.This commendation is given to model taxpayers who faithfully comply with tax laws and play a vital role in contributing to national finances and social development. The criteria for this award are transparent accounting practices, accurate tax returns, and a proven payment history.

He received a commendation from the Commissioner of the National Tax Service as a model taxpayer in 2023.This commendation is given to model taxpayers who faithfully comply with tax laws and play a vital role in contributing to national finances and social development. The criteria for this award are transparent accounting practices, accurate tax returns, and a proven payment history.

Donating 5 Million Won to Small Businesses in Goryeong, Benefiting from 808,500 Won in Tax Credits[Herald Economy (Sangju) = Reporter Kim Seong-kwon] Baek Jun-ki, chairman of the Sangju Association and owner of a small business in Goryeong, Gyeongsangbuk-do, has donated 5 million won to Sangju City, becoming the city's first donor. According to Sangju City on the 4th, Baek Jun-ki made the first donation to the city's Hometown Love Donation Program, which began on the 1st, by donating 5 million won online (Hometown Love e-um), the maximum annual donation per person.A native of Gongseong-myeon, Sangju City, he operates "Bonghwa Industry," a company in Goryeong County that produces welding rods and other products.Baek is known for his generous support for the development of his hometown, both materially and spiritually.Representative Baek said, "I've always thought about how I can contribute to local development beyond my hometown. I hope the Hometown Love Donation Program becomes widely known and leads to many donations to my hometown."For his donation, Baek received a tax deduction of 808,500 won and a gift package of local specialties, including dried persimmons and Korean beef.The Hometown Love Donation Program allows individuals to voluntarily donate to any local government or local authority nationwide, excluding their address. Local governments then provide tax deductions and gifts, including local specialties, to donors.Individuals can donate up to 5 million won annually. Receiving local governments provide gifts equivalent to 30% of the donation amount.Funds raised through the Hometown Love Donation Program are used to support local culture and arts, youth development and protection programs, community revitalization projects, and projects that enhance the well-being of residents.Sangju City plans to expand a nationwide culture of voluntary giving by identifying and promoting projects tailored to the region's unique characteristics, enabling donors to experience tangible changes in the region.Sangju Mayor Kang Young-seok stated, "I am grateful that our hometown donor, Baek Jun-gi, has become Sangju's first donor. This is a meaningful and significant donation." He added, "I hope that the successful establishment of the Hometown Love Donation System will serve as a cornerstone for building a future Sangju, a vibrant historic city that will revitalize by bolstering local finances and enhancing resident welfare."