This teaching case aims at showing the effect of the industry competitive structure on a firm’s strategy and performance. FineTec entered the LNG insulation industry in 1996 and soon became the leader of the industry by successfully developing polyurethane insulation panels for both land storage tanks and carrier ships. The LNG insulation industry was attractive in the sense that barriers to entry were high and rivalry among existing firms was moderate. With growing revenues from this profitable business, FineTec entered a series of new business areas; sandwich panel and seamless gas cylinder (SGC) businesses in 2003 and a refrigeration & air-conditioning business by acquiring a bankrupt firm, Century Corporation, in 2004. However, the global economic crisis in 2008 put its main business into deep trouble and the rising value of the US dollar caused a huge loss from foreign exchange derivative contracts. In addition, the new businesses it entered proved to be a failure too. FineTec failed to make a profit from them because their industries were commonly characterized by low entry barriers and strong rivalry among incumbents. After struggling in vain to overcome the financial crisis, FineTec was finally acquired by Dongsung Group in 2009. Soon after the acquisition, Dongsung Group sold many of FineTec’s businesses including gas cylinder and refrigeration & air-conditioning in order to refocus the company on the main business. Now called ‘Dongsung FineTec’, the company has successfully rebuilt and strengthened its competitive advantage within the umbrella of the group by responding quickly and effectively to changing threats and opportunities that the LNG insulation industry has provided. For example, procurement of materials became centralized to the group level in order to strengthen its bargaining power over suppliers, and marketing efforts have been focused on ship owners (end users) as well as shipbuilders in order to manage the heavy dependence on a few powerful shipbuilding companies. Now FineTec is also moving fast to exploit the opportunities of shale gas and LNG fuelled ships by establishing a U.S. subsidiary in Louisiana and developing a LNG fuel tank for ships.