Exclusive: IPO-Bound Woojin Industrial Systems Buys ₩32 Billion in Parts From Chairman’s Daughter’s Firm as Interest Costs Eat Up 57% of Operating Profit

Woojin Industrial Systems, the South Korean railcar maker led by Chairman and CEO Kim Young-chang, spent 57% of its operating profit on interest last year as it prepares for a stock market listing in the first half of 2027. The 150 billion won in convertible bonds it raised ahead of the listing carries an effective interest rate of 13 to 15% a year. In the same year, the company bought 32 billion won worth of parts from Woojin Kijeon, a supplier 80% owned by the chairman’s third daughter.