Korean petrochemical industry looks to shipbuilding playbook for survival

SEOUL, September 09 (AJP) - LG Chem’s new partnership with Toyota Tsusho Corporation is being hailed by industry analysts as a blueprint for South Korea’s petrochemical sector, which is struggling to withstand a flood of low-cost Chinese competition. Announced Tuesday, the agreement gives Toyota Tsusho a 25 percent stake in LG Chem’s cathode materials plant in Gumi. Analysts say this will help restructure the joint venture in a way that allows the facility to compl

September 9, 2025

Korea's largest chemical firm bets on next-generation materials to escape prolonged slump

SEOUL, September 09 (AJP) - LG Chem is drawing on its most valuable holdings and accelerating restructuring as South Korea’s largest chemical company struggles with an unprecedented downturn in its business, which has delivered four straight quarters of losses. The company is exploring ways to raise as much as 3 trillion won, or about $2.15 billion, through a financing arrangement tied to its majority stake in battery maker LG Energy Solution and a series of divestitures, acco

September 9, 2025

Lotte Chemical's struggles mirror South Korea's petrochemical crisis

SEOUL, September 09 (AJP) - Lotte Chemical, once seen as a pillar of South Korea’s industrial strength, is now grappling with a series of setbacks that mirror the broader malaise in the country’s petrochemical sector. The company’s Malaysian unit, Lotte Chemical Titan, has recorded losses for 10 consecutive quarters, culminating in a roughly 1 trillion won ($721 million) impairment charge late last year. Once a reliable profit engine, the subsidiary has become a

September 9, 2025

US Homeland Security chief says detained Korean workers will be 'deported'

SEOUL, September 09 (AJP) - U.S. Homeland Security Secretary Kristi Noem said Korean workers detained in an immigration raid in Georgia last week will be "deported" — a statement that appears to contradict what South Korean officials say they had already negotiated. Speaking Monday (local time) in London during a meeting of security ministers, Noem said the workers caught in the raid “are going to be deported,” adding that some also face additional charge

September 9, 2025

Reliance on short-term visas exposes weak link in Korean projects in US

SEOUL, September 08 (AJP) - Korean companies building some of the largest industrial facilities in the United States are bracing for construction delays that could stretch up to two years, after stepped-up immigration enforcement exposed widespread reliance on short-term business visas for technical staff. Industry data compiled in the aftermath of last week’s raid on a Hyundai–LG Energy Solution battery plant in Georgia show that 22 projects worth about 145 trillion w

September 8, 2025

Trump administration's immigration crackdown puts Korean firms in US on edge

SEOUL, September 08 (AJP) - Korean companies with sprawling manufacturing projects in the United States are bracing for major disruptions as the Trump administration intensifies its immigration crackdown, now extending its reach to foreign-led construction sites. The detention of hundreds of workers last week at a Hyundai Motor–LG Energy Solution battery plant under construction in Bryan County, Ga., has jolted South Korean executives and policymakers. Though officials in

September 8, 2025

Defense company LIG Nex1 establishes European hub in Munich

SEOUL, September 08 (AJP) - South Korean defense firm LIG Nex1 said Monday that it has opened a representative office in Munich, establishing its first operational hub in Europe. The office was inaugurated on Sept. 4 with a ceremony attended by LIG Nex1’s chief executive, Shin Ick-hyun, along with German officials and executives from European defense firms. The company said the Munich office will serve as a platform for deeper collaboration with European partners in resea

September 8, 2025

E-cigarette users show higher nicotine addiction than traditional smokers, study finds

SEOUL, September 08 (AJP) - Users of electronic cigarettes and heated tobacco products may be more dependent on nicotine than conventional cigarette smokers, according to a government-commissioned study released Monday, challenging industry claims that the alternatives are less addictive or less harmful. The research, conducted by the Korea Association on Smoking or Health at the request of the Ministry of Health and Welfare, surveyed 800 smokers between the ages of 20 and 69 nation

September 8, 2025

Labor strife deepens at GM Korea amid speculation over company's future

SEOUL, September 08 (AJP) - General Motors Korea resumed formal wage negotiations with its labor union on Monday, the first such talks in nearly two months, as disputes over restructuring and persistent speculation about the automaker’s long-term presence in South Korea add to rising tensions. Talks began at 2 p.m., marking the 14th round of bargaining this year and the first since July 15. In the interim, the two sides had engaged in lower-level discussions without reaching

September 8, 2025

Korean firms experiment with four-day workweek amid fierce debate

SEOUL, September 08 (AJP) - Some of South Korea’s biggest corporations are experimenting with shorter workweeks and flexible schedules, as the nation debates sweeping labor reforms that include cutting the workweek to four days and extending retirement ages. President Lee Jae Myung has pledged to phase in a 4.5-day workweek as a first step toward a four-day schedule without a reduction in pay. Labor unions have embraced the idea: both the Korean Confederation of Trade Unions a

September 8, 2025