In the fall of 1969,
my father, James Nance came home from one of his sales visits to a local coalmine in Western Kentucky and asked if I would like to earn some money recovering tungsten carbide from mine drill bits; at the time I was only 16 years of age. Today, some 45 years later, Tungco now stands as one of the largest Tungsten Secondary Raw Materials supplier in the world.
Through the seventies, the business primarily recycled tungsten from mining and drilling bits. Tungco was incorporated in 1977 and moved to a new, larger facility in Hanson Kentucky that same year. After a big slump in the economy in the early eighties, tungsten prices and demand declined and I began manufacturing drill bits in 1987 in addition to recycling tungsten scrap. Over the next decade both of these businesses grew, and in 1996 the bit manufacturing was spun off to allow Tungco to concentrate on the core business of tungsten.
The new Millennium brought with it new levels for Tungco. In 2000 new acreage was purchased with an office complex and additional warehousing. In 2002, a neighboring 10,000 square foot production plant was purchased. In 2007 we added a 19,000 square foot production facility to accommodate additional production lines. Our most recent facility was finished in 2012 and provides over 6,000 square feet of office space and 19,000 square feet of warehouse. These additions have enabled us to produce higher volumes of tungsten in shorter time frames, thereby enabling us to provide better pricing and pay-terms to our suppliers.
Who would have thought that my fathers curiosity would lead us to where we are today. I am proud to say as I write this, Tungco will celebrate its 45th year in the Tungsten business. My hope is to give assurance to potential suppliers and customers that Tungco is in Tungsten for the long haul.
– Steve Nance, Founder and CEO