Formetal
Formetal is a South Korean precision forging manufacturer (founded 1969, KOSDAQ-listed) producing gears, shafts, flanges, and large forged components for automotive, aerospace, defense, and heavy machinery customers including Hanwha Aerospace and Hyundai Group affiliates.
- Company typePublic
- Founded1969
- HeadquartersSeosan, South Korea
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Formetal does
Formetal is a South Korean precision forging manufacturer founded in 1969 and headquartered in Seosan, South Chungcheong Province. The company operates a single manufacturing facility equipped with heavy forging presses including a 6,500-ton press and a ring rolling mill, producing forged components for industrial machinery, automotive, robotics and wind power, defense, agricultural machinery, and aerospace applications. Its end products include gears, shafts, flanges, rings, and large near-net-shape components that serve as critical inputs to engines, transmissions, construction equipment, and aerospace structures.
The company generates revenue primarily through B2B contract manufacturing under long-term qualification with limited named Tier-1 customers, including Hanwha Aerospace, Hyundai Motor Group, and Hyundai Construction Equipment. Its go-to-market is heavily weighted toward Korean industrial conglomerates, with the company holding a stack of certifications — IATF 16949, AS9100, ISO 9001, ISO 14001, Smart Factory Level 2, and nine classification society certifications — that act as prerequisites for participation in aerospace, defense, marine, and Tier-1 automotive supply chains. The company is listed on KOSDAQ (ticker 119500) since 2010, has 101–250 employees, and holds 4 registered patents.
Formetal's business model is essentially an industrial supplier model: pricing is contract-based and tied to raw material (steel) pass-through, with margins driven by press utilization, scrap yield, and qualification premium on safety-critical parts. Revenue has been roughly flat in the ₩44–55 billion range over 2021–2025, with a contraction in 2024 partially recovered in 2025. Strategic direction has shifted toward higher-mix verticals (aerospace, defense, robotics/wind) where AS9100 certification and 6,500-ton press capability allow premium pricing relative to commodity forging.
Formetal firmographics
Firmographics- Name
- Formetal
- Legal name
- FORMETAL INC.
- Website
- https://formetal.co.kr
- Company type
- Public
- Founded year
- 1969
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Formetal is a South Korean precision forging manufacturer (founded 1969, KOSDAQ-listed) producing gears, shafts, flanges, and large forged components for automotive, aerospace, defense, and heavy machinery customers including Hanwha Aerospace and Hyundai Group affiliates.
- Ownership category
- akta.pro rank
Formetal industry classification
Industry- Product category
- Precision Forged Components
- NAICS
- Forging and Stamping (3321), Forging and Stamping (33211)
- akta.pro primary industry
- Metal Forming & Fabrication Machines (Presses, Bending, Shearing, Stamping) (IMAHADAC)
Keywords
Where Formetal is headquartered
LocationHeadquarters
- HQ city
- Seosan
- HQ country
- South Korea
- HQ region
- Asia
Offices1 record
Markets served
Formetal business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Forged Parts Manufacturing and Sales: Formetal generates revenue through the manufacture and sale of precision forged machinery parts. The company supplies components to industrial machinery, automobile, robotics/wind power, defense, and agricultural machinery sectors. Revenue is generated through direct B2B sales of custom-forged components.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Formetal product offering
Product offeringCore offering
Formetal manufactures and sells precision forged machinery parts produced through die forging, free forging, complex forging, and aluminum forging processes. The company supplies these components—spanning suspension, steering, axle, reduction gear, undercarriage, and structural parts—to industrial machinery, automotive, robotics/wind power, defense, agricultural machinery, and aerospace customers, with in-house heat treatment, machining, and quality inspection completing the production cycle.
Product overview
Formetal is a precision forged machinery part specialist offering a comprehensive portfolio of forged components across six industry categories: Industrial Machinery, Automobile, Robot & Wind Power, Defense, Agricultural Machinery, and Aerospace/Other Industries. The company operates as a full-service forging manufacturer equipped with die forging, free forging, complex forging, and aluminum forging facilities, complemented by heat treatment, machining, and quality inspection services. Their product portfolio includes precision parts such as suspension components, steering parts, axle parts, reduction gear components, and structural components, serving both domestic and global enterprises.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Smart Factory Level 2 Certification achieved through SAP ERP and MES integration
- +2 more outcomes
Companies that use Formetal
Customer profileNamed customers3 records
Segments6 records
Ideal customer profiles6 records
Formetal technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Formetal partnerships and signals
Strategic signalScale indicators4 records
Recent moves11 records
Expansion highlights5 records
Formetal competitors and assessment
Company assessmentBroad incumbents
- Bharat Forge: India's largest forging company and one of the world's largest chassis component makers, serving automotive, industrial, defense, and aerospace end markets. Directly comparable to Formetal as a multi-segment precision forger with global OEM relationships, though at dramatically larger scale.
- Sumitomo Heavy Industries: Japanese industrial conglomerate with significant forging and metalworking capabilities serving industrial machinery, shipbuilding, and automotive markets. Comparable to Formetal in heavy forging but as a much larger diversified incumbent.
- ThyssenKrupp (Marine & Forged Products): German industrial major with large-scale forged and machined components for automotive, industrial, and marine applications. Comparable to Formetal as a multi-market forger but with global scale and broader product portfolio.
Direct peers
- SIFCO Industries: US producer of forged and machined components for aerospace, defense, and industrial markets. Comparable to Formetal's aerospace/defense focus and AS 9100-type certification footprint, though with greater commercial aerospace exposure.
- Scot Forge: US-based custom open-die and closed-die forging manufacturer serving industrial, aerospace, defense, and power generation markets. Comparable to Formetal in multi-market precision forgings and defense/marine classification society certifications.
- Ellwood Group: US-based producer of large open-die steel forgings and iron castings for heavy industrial, defense, and marine customers. Comparable to Formetal's heavy industrial and defense forging mix, with similar end-market concentration.
- Fukai Manufacturing: Japanese precision forging company producing hot and cold forgings for automotive, construction, and industrial machinery customers. Closely comparable to Formetal in product mix, precision forging capability, and customer profile.
- Aichi Steel: Japanese specialty steel and precision forging manufacturer producing automotive and industrial forged components. Comparable to Formetal as a precision/closed-die forger with automotive and industrial OEM exposure, particularly in Asia-Pacific.
Regional players
- KPF (Korea Precision Forging): Korean precision forging manufacturer supplying automotive and construction equipment customers. Directly comparable to Formetal as a Korean domestic precision forger with overlapping customer base in Hyundai supply chains.
- Korea Flange: Korean industrial flange and forging manufacturer serving shipbuilding, construction, and industrial customers. Comparable to Formetal as a Korean forging peer with classification society certifications and regional industrial customer base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Formetal social profiles
Digital presenceFormetal compliance and trust
Trust signalCompliance15 records
Formetal financial estimates
Financial estimateRevenue estimate
Valuation estimate
Formetal leadership team
Management profileNumber of profiles
Profiles1 record
Formetal funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Formetal M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Formetal
What does Formetal do?
Formetal manufactures and sells precision forged machinery parts produced through die forging, free forging, complex forging, and aluminum forging processes. The company supplies these components—spanning suspension, steering, axle, reduction gear, undercarriage, and structural parts—to industrial machinery, automotive, robotics/wind power, defense, agricultural machinery, and aerospace customers, with in-house heat treatment, machining, and quality inspection completing the production cycle.
Is Formetal a public or private company?
Formetal is a public company. It is classified as public and is currently operating.
When was Formetal founded?
Formetal was founded in 1969. It employs 101 to 250 people.
Where is Formetal based?
Formetal is headquartered in Seosan, South Korea, in the Asia region.
How does Formetal make money?
One revenue line is on record: forged Parts Manufacturing and Sales.
Who are Formetal's main competitors?
Broad incumbents on record are Bharat Forge, Sumitomo Heavy Industries and ThyssenKrupp (Marine & Forged Products). Direct peers are SIFCO Industries, Scot Forge, Ellwood Group, Fukai Manufacturing and Aichi Steel. Regional players are KPF (Korea Precision Forging) and Korea Flange.
Does Formetal have an API?
No public API is recorded for Formetal.
What industry is Formetal in?
Formetal's product category is Precision Forged Components. Its primary akta.pro industry code is IMAHADAC, Metal Forming & Fabrication Machines (Presses, Bending, Shearing, Stamping). Its NAICS code is 3321.