Korea Refractories

한국내화 · 010040

Materials Construction Materials · KOSPI

Small-cap

Market cap US$46.4M (₩64.1B)

Overview

Korea Refractories makes heat-resistant ceramic materials, called refractories, that line the furnaces and industrial equipment used in steelmaking and other high-temperature industries.

Its products are supplied to steel mills and heavy-industry operators, and it also runs a general construction subsidiary that handles residential, civil, and industrial plant projects. Listed on KOSPI, Korea's main stock exchange, the company operates two distinct business divisions: refractories and construction.

Summary is AI-generated and may contain errors · figures from DART filings

Financials

Source: DART · FY ending Dec · latest FY2025

Revenue · FY2025

US$294.5M

▼ −2.3% YoY

Operating profit · FY2025

US$2M

▼ −67.7% YoY

Net income · FY2025

−US$15.8M

Turned to loss

Revenue, operating profit and net income by fiscal year (USD; KRW in parentheses).
Metric	FY2023	FY2024	FY2025
Revenue	US$298.4M(₩411.8B)	US$301.5M(₩416B)	US$294.5M(₩406.3B)
Operating profit	−US$5.5M(−₩7.5B)	US$6.2M(₩8.6B)	US$2M(₩2.8B)
Net income	−US$10.7M(−₩14.7B)	US$4M(₩5.5B)	−US$15.8M(−₩21.8B)

Revenue

FY2023US$298.4M
FY2024US$301.5M
FY2025US$294.5M

Operating profit

FY2023−US$5.5M
FY2024US$6.2M
FY2025US$2M

Net income

FY2023−US$10.7M
FY2024US$4M
FY2025−US$15.8M

Key ratios (FY2025)

ROE

-12.5%

Debt/Eq

58.1%

Op. margin

0.7%

Net margin

-5.4%

Rev. YoY

▼ −2.3%

Why it matters

The refractory market in Korea has characteristics of an oligopoly, with high barriers to entry due to the technical know-how and capital required, and customers typically sourcing from a single supplier on long-term arrangements.

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