Dong-yeong Industries, based in Suncheon, South Jeolla Province, filed for corporate rehabilitation in January 2017 amid a liquidity crisis stemming from the burden of guaranteeing affiliate debts. Despite the difficult circumstances, Dong-yeong Industries did not ease its pace of developing new technologies and built a stable supply chain centered on major construction firms. As a result of these efforts, the company completed its rehabilitation proceedings early in February 2020. Standing at a new starting line, Dong-yeong Industries is now dreaming of a fresh leap forward, using the Korea Technology Finance Corporation's (KOTEC) "second-chance recovery support guarantee program" as a springboard.
In a meeting with Seoul Economic Daily on the 2nd, Cho Hyun-sik, CEO of Dong-yeong Industries, said, "KOTEC's support was a great help at a time when the burden of working capital grew due to recent rises in raw material prices and increased orders," adding, "We plan to channel the secured funds into raw material purchases and capacity expansion to strengthen our growth foundation."
The program provides debt restructuring and new funding to companies with excellent technology that still owe debts to KOTEC. It helps the recovery of firms that failed in good faith by waiving up to 75–90% of existing debt and providing new funds.
Dong-yeong Industries is a fire door manufacturing specialist founded in 1994. Holding numerous patents related to fire doors, the company supplies building materials to major domestic and international construction firms, based on its experience exporting to Japan, which has stringent safety standards.
KOTEC highly valued the fact that Dong-yeong Industries built a stable business foundation through improved production capacity and an expanded base of quality clients following the completion of its rehabilitation proceedings, and in March of this year provided the working capital needed for product development.
Having established a foundation for growth, Dong-yeong Industries is commercializing a "flame and heat-blocking structure" fire door that effectively blocks the heat transferred to a fire door during a fire and the flames flowing in through the gap between the fire door and its frame.
The company explained that this product applies high-value-added technology that delays the rise in heat transferred through the joint between the front and rear plates of the door section of the fire door.
The company also plans to accelerate the expansion of its pipe duct (PD) cover business, a new growth engine. PD covers are metal covers that cover piping inspection openings in the corridors of apartments or officetels. Cho said, "Demand for PD covers has increased recently due to the rise in multi-unit housing," adding, "We will build competitiveness through facility expansion that can boost productivity and reduce raw material use."
Steady investment in technology development and active sales activities have sustained the company's growth. Dong-yeong Industries' revenue increased about 24% over two years, rising from 22.346 billion won in 2023 to 26.776 billion won in 2024 and 27.748 billion won in 2025.
