[Interview] Baek Jun-ki, CEO of Bonghwa Industry Co., Ltd.: "We are poised to become Korea's leading company in the processing and production of strategic minerals and special metal alloys, making a global leap forward." > Press Release

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.”