Taewoong

What Taewoong does

Taewoong Co., Ltd. is a South Korea-based, KOSDAQ-listed integrated steelmaker and open-die forger founded in 1981 and headquartered in Busan. The company operates two divisions: a steelmaking facility at Hwajeon (120-ton electric arc furnace, VD/VOD refining, vacuum/atmosphere ingot casting, and continuous casting of round blooms up to Ø1000mm, with 700,000 tons of annual steelmaking capacity) and a forging division at Noksan that runs the world's largest Ø9500mm ring rolling mill, a 15,000-ton open-die forging press with 400MT manipulator, additional presses from 1,500 to 8,000 tons, heat treatment furnaces, machining, and integrated painting/logistics via wholly-owned subsidiaries (S&T, S&T Process Division, TAEWOONG EXPRESS, TAEWOONG P&C). Taewoong supplies large forged steel components to wind power OEMs (30% global market share in generator key components: main shafts, tower flanges, pitch/yaw bearing rings, gear rims, slewing rings), oil & gas (BOP components, Christmas trees, connectors), petrochemical (large shells, girth flanges, nozzles), nuclear and conventional power (closure lids, rotor shafts, diaphragms, nuclear shells), marine engine (MAN Diesel & Turbo approved cylinder covers, piston rods, connecting rods), shipbuilding (propeller shafts, rudder stocks, stern posts), industrial machinery (kiln tyres, backup/work rolls), and defense (titanium and aluminum rings).

The business model is direct B2B enterprise sales: Taewoong operates as a certified, qualified supplier to global tier-one OEMs (Siemens Wind Power, Vestas, GE Renewable Energy, TMEIC, EIL, MAN Diesel & Turbo) under multi-year framework agreements and individual contracts, with quote-based pricing tied to specifications, quantities, and material requirements. Revenue is generated primarily through hardware sales of custom forged components (10-ton to 160-ton individual pieces) and steelmaking products (ingots 10-700 tons, round blooms Ø310-Ø1000mm), supplemented by painting/coating services through TAEWOONG P&C. Distribution is direct OEM supply with no intermediary channels, and customer engagement is driven by long-cycle supplier qualification, recurring contracts, and OEM-specific approvals (DNV, ABS, LR, BV, CCS, NK, KR, RINA, RS, ASME, KEPIC, PED, AD 2000). Disclosed 2022 revenue was KRW 393.9 billion with total assets of KRW 758.9 billion, and the financials table indicates a revenue peak in 2023 followed by material contraction through 2025.

Name

Taewoong

Legal name

주식회사 태웅

Website

https://taewoong.com

Company type

Public

Founded year

1981

Operating status

Operating

Headcount range

1–10 employees

Short description

Taewoong is a South Korea-based, KOSDAQ-listed integrated steelmaker and open-die forger supplying large forged steel components (wind power main shafts, tower flanges, oil & gas, nuclear, marine engine, petrochemical, shipbuilding, and defense parts) to global tier-one OEMs including Siemens, Vestas, and GE.

Ownership category

akta.pro rank

Product category

Heavy Forged Steel Components

NAICS

Iron and Steel Forging (332111), All Other Fabricated Metal Product Manufacturing (33299)

SIC

Fabricated Plate Work (Boiler Shops) (3443), Steel Works, Blast Furnaces & Rolling & Finishing Mills (3310)

akta.pro primary industry

Steel Plate, Sections & Welded Assemblies (IMADACAD)

akta.pro secondary industries

Integrated Steelmaking (BF-BOF) (IMAKABAA), Coated & Plated Steel (Galvanized, Galvalume, Tinplate, Electrogalvanized, Color-Coated) (IMAKABAG), Specialty & Alloy Steel (Stainless, Tool Steel, Electrical Steel, High-Strength/HSLA) (IMAKABAJ)

Keywords

• Heavy forged steel components
• Wind power forgings
• Oil and gas forgings
• Marine engine forgings
• Steel ingot production

Headquarters

HQ city

Busan

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Steel Forging Products: Manufactures and sells custom open-die forged steel components including main shafts, tower flanges, rings, shells, and structural forgings for industrial applications. Products range from 10-ton to 150-ton individual pieces.
2. Steelmaking Products: Produces and sells ingots and round blooms as raw materials for internal forging operations and external sales to steel distributors and manufacturers.
3. Painting and Coating Services: Subsidiary TAEWOONG P&C provides painting and coating services for wind power and nuclear power generation components including main shafts and bed plates.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Taewoong manufactures heavy forged steel components for industrial end-use, producing steel ingots and round blooms in-house via Electric Arc Furnace steelmaking and shaping them through a 15,000-ton forging press and Ø9,500mm ring rolling mill. Its finished goods include forged components for wind power (tower flanges, hollow shafts), oil & gas, shipbuilding (stern posts, marine engine parts), power generation, industrial machinery, petrochemistry, and defence. The company also operates integrated subsidiaries for painting/coating (TAEWOONG P&C), steel trading and machining (S&T), and logistics (TAEWOONG EXPRESS).

Product overview

Taewoong is a global integrated steel manufacturer offering a comprehensive portfolio of forged metal components and steel products across multiple industry sectors. The company operates two main business divisions: Steelmaking (producing ingots from 10-500 tons and round blooms up to Ø1000mm, the world's largest) and Forging (manufacturing components via open-die forging and ring rolling). Forging products serve Wind Power (main shafts, tower flanges, bearings), Oil & Gas (BOP components, connectors), Industrial Machinery (kiln components, rolls), Power Plant/Nuclear (closure lids, rotor shafts, nuclear shells), Marine Engine (connecting rods, piston components), Petrochemistry (large shells, flanges), Defence (titanium/aluminum rings), and Shipbuilding (stern posts, propeller shafts). Taewoong holds 30% of global wind power generator key component market share and operates world-class manufacturing equipment including a 15,000-ton forging press and Ø9500 ring rolling mill. The company also maintains affiliated operations for steel service center, machining, logistics, and painting/coating services.

Differentiator

Problem solved

Functional benefit

Products and services

• Steel Ingots In-house-produced steel ingots (up to 600 tons per casting) manufactured via Electric Arc Furnace steelmaking; supplied as feedstock for downstream forging operations and sold to external customers.
• Round Blooms (up to Ø1,000mm) Large-diameter round blooms rolled from ingots, with capability up to Ø1,000mm, used as feedstock for forging rings, shafts, and other heavy components; sold to forging shops and OEM supply chains.
• Wind Power Forged Components Heavy forged steel parts for wind turbines, including tower flanges, hollow shafts, and shrink discs, supplied to global tier-1 wind turbine OEMs to support multi-MW onshore and offshore wind projects.
• Oil & Gas Forged Components Forged steel components for oil & gas applications, including flanges and fittings for pressure vessels and pipelines; supplied to EPC contractors and OEMs serving upstream, midstream, and downstream oil & gas projects.
• Shipbuilding and Marine Forged Components Heavy forged components for shipbuilding and marine engines, including stern posts and large marine engine shafts; supplied to shipyards and marine engine manufacturers for large vessel and propulsion applications.
• Power Generation Forged Components Forged steel components for power generation applications, including reactor parts and large rotating equipment shafts; supplied to power generation equipment manufacturers and nuclear power plant builders.
• Industrial Machinery Forged Components Forged steel components for general industrial machinery, used as heavy-duty shafts, gears, hubs, and similar structural parts; sold to industrial machinery manufacturers.
• Petrochemistry Forged Components Large forged steel components for petrochemical plants, including reactor shells and heavy process-equipment parts, supplied to petrochemical plant builders and EPC contractors.
• Defence Forged Components Forged steel components used in defence applications, supplied to defence contractors requiring heavy, certified-grade forged parts.
• Painting and Coating Services (TAEWOONG P&C) Industrial painting and coating services for forged steel components, delivered through subsidiary TAEWOONG P&C; offered to OEMs that require finished, coated forged parts as a single supplier deliverable.
• Steel Material Sales and Machining Services (S&T) Steel material trading and value-added machining and processing services delivered through subsidiary S&T's Process Division; supplied to industrial buyers requiring cut, machined, or otherwise processed steel stock.
• Logistics and Shipping Services (TAEWOONG EXPRESS) Logistics and shipping services for heavy forgings and finished components, delivered through subsidiary TAEWOONG EXPRESS to manage oversized, heavy industrial deliveries for OEM customers.

Quantifiable outcome

• 30% global market share in wind power generator key components
• +4 more outcomes

Named customers7 records

Segments8 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Six partnerships are on record, tiered core and minor.

• European Wind Power Foundation Component ProducercoreStrategic or Co-development Partner · 1 March 2021Signed MOU for supply partnership with European performance wind power foundation production company for tower components.
• EIL (Engineers India Limited)minorChannel Partner/ Reseller/ Distributor · 1 January 2020Registered as approved supplier with EIL, an Indian state enterprise engaged in providing engineering consultancy services.
• TMEICminorStrategic or Co-development Partner · 1 October 2018Selected as excellent partner of TMEIC, a global industrial automation and power conversion company based in Japan.
• VestascoreStrategic or Co-development Partner · 1 October 2007Major supply partnership for wind power generation tower flanges. Signed $400 million contract for wind power tower flange supply. Vestas is one of the world's largest wind turbine manufacturers.
• Siemens Wind PowercoreStrategic or Co-development Partner · 1 March 2007Long-term strategic supplier for wind power components. Signed 220 billion KRW contract for wind power parts. Received Siemens Best Overall Supplier Award 2012 and Global Value Sourcing Award.
• GEcoreStrategic or Co-development Partner · 1 December 2001Approved vendor for GE supplying wind power main shafts. Signed $100.85 million KRW contract for wind power main shafts.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Aubert & Duval (Eramet): French specialist in open-die and closed-die forgings for aerospace, energy (oil & gas, nuclear) and defense — comparable high-grade steel forging capacity, similar multi-decade qualification moats, and direct overlap in large ring and rotor forgings.
• Korea Heavy Industries & Development (KHi): Korean integrated specialty steelmaker and forger producing heavy forgings for shipbuilding, marine engines and power plant markets — closest domestic peer and direct competitor in marine and power-generation forgings.
• Scot Forge: US leader in custom open-die forging for defense, power generation and oil & gas — similar open-die process focus and project-driven customer model, though capacity is below Taewoong's on largest ring and shaft dimensions.
• Jiangsu Honggang Heavy Industries (Honggang Forging): Chinese large-die forging specialist supplying wind power shafts and rings, marine shafts and petrochemical shells — comparable product portfolio to Taewoong's non-wind industrial lines with structural cost advantage.
• Ellwood Group: US specialty steelmaker and forger with integrated steelmaking-through-forging — analogous vertical structure to Taewoong and overlap in tool steel, alloy steel, and large industrial forgings for energy and heavy equipment.
• China First Heavy Industries (CFHI): China's largest heavy forging complex with forging presses up to 16,000 tons — direct competition for nuclear, marine, petrochemical and wind forgings globally and the most likely disruptor on cost.
• Japan Steel Works (JSW): Japan's largest heavy steelmaker-forger with 14,500-ton open-die press capability, serving aerospace, power generation, nuclear and marine — direct competitor for large ring and shaft forgings globally, including wind power main shafts.

Broad incumbents

• Doosan Enerbility (formerly Doosan Heavy Industries): Korean conglomerate with integrated steelmaking and forging for power generation turbines, wind towers and nuclear components — overlapping customer set (Korean and global utilities) and product overlap in heavy forged rotor shafts and shells.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/taewoong-co-ltd

Compliance34 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Taewoong