Something of an oddity in that might be the only North Korean creature feature ever made, although the director was a South Korean kidnapped by Kim Jong-Il! In light of this, it might be tempting to think it's a propaganda film, with the beast representing the scourge of Capitalism, but I didn't see much evidence of that. For me, it's just a fun Kaiju flick in the Godzilla mould about an iron-eating monster made by a blacksmith from a ball of rice, who helps defend the peasants against their feudal overlords. The government actually come out of it with no credibility; the army general doing his best impression of Wile E. Coyote, cooking up one hair-brained scheme after another to bring down Pulgasari.
Hilariously bad acting, visual and sound effects (high pitched synth stabs for sword fights, localized echo chambers) all just add to the enjoyment.