Poongsan Corporation

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Poongsan Corporation
Native name
주식회사 풍산
Company typePublic
KRX: 103140
Industry
Founded22 October 1968; 55 years ago (1968-10-22)
Founder
  • Ryu Chan-woo
HeadquartersPoongsan Bldg., 23, Chungjeong-ro, Seodaemun-gu,
Seoul
,
South Korea
Area served
Worldwide
Key people
Products
RevenueDecrease ₩4.1253 trillion[1] (2023)
Decrease ₩228.6 billion[1] (2023)
Decrease ₩156.4 billion[1] (2023)
Total assetsIncrease ₩3.6606 trillion[1] (2023)
Total equityIncrease ₩1.9660 trillion[1] (2023)
Owner
Number of employees
244 (March 2024)
ParentPoongsan Holdings
WebsiteOfficial website in Korean
Poongsan Corporation
Hangul
풍산
Hanja
豊山
Revised RomanizationPung-san
McCune–ReischauerP'ungsan

The Poongsan Corporation (Korean: 풍산; Hanja: 豊山; RR: Pung-san) is a South Korean manufacturer of copper and copper alloy materials, ammunition and precision forging products founded in 1968. The company's main business areas are non-ferrous metal processing, such as bi-metallic coins and copper alloy products, which account for 70% of sales, and it also manufactures various military ammunition, gunpowder, and propellants.[2][3] As of 2023, bimetallic coin products produced in Poongsan are exported to more than 70 countries and account for more than 50% of the global coin blank market.[4]

History

Non-ferrous metal industry

The Poongsan was established as Poongsan Metal Industry Co., Ltd. (Korean: 풍산금속공업; Hanja: 豊山金屬工業; RR: Pungsan Geumsok Gongeop) in October 1968, and began producing copper alloy products after completing the Bupyeong plant in 1969. The company began supplying brass coin blanks to Korea Minting and Security Printing Corporation in 1970, and in 1973, it entered the export market by winning a contract to supply coin blanks worth $3.5 million to Taiwan.[2]

Starting with the first overseas supply, in 1985, it won a contract to supply 7,500 tons of coin blanks to India. By the late 1980s, coin blanks produced in Poongsan had been supplied to 30 countries, and manufactured commemorative coins for the 1986 Asian Games and the 1988 Seoul Olympics.[2]

In the 1990s, the company developed its own bimetallic coin for euro currency made of copper alloy materials and began supplying it to the Netherlands and Italy in 2001.[2]

The company's revenue in the coin blank market has been declining annually since 2013 due to the decline in the use of money with the spread of electronic payment systems.[5]

Defense industry

In 1970, it was designated as one of the five key companies for South Korea's industrialization policy and became the first private company to enter the defense industry. Later, in 1973, the Angang Ammunition Plant was completed in Gyeongju, Gyeongsangbuk-do, and it was also South Korea's first defense industry facility.[2]

As a result of accelerating the industrialization of import substitution by research and development from 1973, in the late 1970s, all kinds of small, medium, and large-caliber rounds used in the Korean military began to be produced, and the localization rate of parts was 95 percent.[2]

In 1982, after acquiring the 1st armory in Busan, it established a subsidiary, PMC, to produce various military and sports rounds based on small-caliber ammunition manufacturing technology.

The impact of the Russo-Ukrainian war has sent demand and prices for military ammunition soaring, and exports of various large-caliber rounds abroad boosted sales in the company's defense division in 2023.[6]

Businesses

Non-ferrous meterial

Copper applications are Poongsan's main area of expertise. The company produces copper and copper alloy sheets and strips, tubes, rods, and wires for use in various industries. Poongsan is one of the world's largest suppliers of coin blanks. It was Korea's sole coin manufacturer in 1970, and it first exported coin blanks to Taiwan in 1973, then to other countries, including the EU and the U.S.[7][8][9]

Defence

Poongsan ammunition

Poongsan produces a variety of ammunition types, such as 5.56-millimeter rifle bullets, 155 mm howitzer shells, anti-aircraft shells, mortar shells, tank shells, and naval artillery shells. The U.S. is Poongsan's largest ammunition export destination. The Middle East is a major market and also exports to Europe.[10][11]

Products

See also

References

  1. ^ a b c d e f g h i "POONGSAN 103140". FnGuide. December 2023. Archived from the original on 11 April 2024. Retrieved 11 April 2024.
  2. ^ a b c d e f "풍산의 역사". Poongsan. Archived from the original on 12 April 2024. Retrieved 12 April 2024.
  3. ^ "사업현황". Poongsan. Archived from the original on 12 April 2024. Retrieved 12 April 2024.
  4. ^ "[김흥길 교수의 경제이야기] 세계의 동전을 만드는 ㈜풍산". Gyeongnam Ilbo. 28 March 2023. Archived from the original on 6 May 2024. Retrieved 6 May 2024.
  5. ^ Lee Seon-a (3 May 2020). "현금 사라지자 '동전 왕국' 흔들…풍산, 11년 만에 적자". The Korea Economic Daily. Archived from the original on 6 May 2024. Retrieved 6 May 2024.
  6. ^ Bae Chang-hak (21 February 2024). "포탄값 4배 폭등...풍산 "방산 매출 1조 첫 돌파" [방산인사이드]". The Korea Economic Daily. Archived from the original on 6 May 2024. Retrieved 6 May 2024.
  7. ^ Lee, Jung-yoon (July 25, 2010). "From bullets to coins, it's more bang for the buck". Korea Joongang Daily.
  8. ^ Schaake, Marietje. "Production by South Korean company Poongsan of cluster munitions and Euro coin blanks". European Parliament.
  9. ^ Vogel, Kenneth P. (July 1, 2015). "Jeb's South Korean sugar daddy". Politico.
  10. ^ Kim, Jaewon (May 19, 2023). "South Korean ammo maker Poongsan taps into European demand". Nikkei Asia. Seoul.
  11. ^ Kim, Ik-hwan (January 24, 2023). "Poongsan's sale of ammunition, artillery shells surges on Ukraine war". Korea Economic Daily.

External links

Retrieved from "https://mdwiki.org/wiki/Poongsan_Corporation"