Journalist

Lee Hugh
  • SeAH Steel Profit Plunges 74.3% in 2025 on Impact of High U.S. Tariffs
    SeAH Steel Profit Plunges 74.3% in 2025 on Impact of High U.S. Tariffs SeAH Steel said its 2025 results deteriorated sharply as high U.S. steel tariffs hit earnings, with operating profit plunging more than 70%. According to SeAH Steel Holdings on Thursday, SeAH Steel’s separate financial statements showed 2025 revenue of 1.3721 trillion won, down 23.2% from a year earlier. Operating profit fell 74.3% to 51.9 billion won, and net profit dropped 68.0% to 41.6 billion won. The company cited high U.S. tariffs as a key driver. With construction slowing and steel demand weakening, the spread of U.S. protectionism increased tariff burdens, sharply hurting both sales volume and profitability. SeAH Steel is heavily exposed to the U.S. market. Exports to the United States account for about 30% to 38% of total revenue, among the highest shares for South Korean steelmakers. The company relies on demand for energy-industry steel pipes such as oil country tubular goods, or OCTG, and pipeline products, selling through its local distribution unit, SSA (SeAH Steel America). That structure increases earnings volatility as U.S. energy investment and trade conditions shift. At the holding-company level, consolidated results were relatively steady. SeAH Steel Holdings posted 2025 consolidated revenue of 3.7596 trillion won, up 2.3% year over year, while operating profit slipped 2.7% to 205.8 billion won. The company said sales from its U.S. unit and overseas projects partly offset weakness in domestic operations. The company said it plans to strengthen a selective order strategy focused on profitability this year and increase the share of high value-added products. A SeAH Steel Holdings official said, “Despite uncertainty in global markets, demand for steel pipes in North America is expected to remain solid,” adding that the company will use its domestic and global manufacturing bases to meet that demand and deliver stable performance.* This article has been translated by AI. 2026-03-06 14:52:27
  • Hyundai, Kia face challenges amid EUs push for local EV production
    Hyundai, Kia face challenges amid EU's push for local EV production SEOUL, March 6 (AJP) - Auto industry workers are closely monitoring developments as the European Union unveiled its Industrial Accelerator Act (IAA) earlier this week, a proposal aimed at boosting local manufacturing by imposing stricter requirements on global automakers. In a press release out on Wednesday, the European Commission said it has "adopted a legislative proposal to increase demand for low-carbon, European-made technologies and products," adding that IAA will "boost manufacturing, grow businesses, and create jobs in the EU, while supporting industry's adoption of cleaner, future-ready technologies." The commission also said the act "sets a goal to increase manufacturing's share of EU GDP to 20 percent by 2035." Once fully implemented, the IAA would require South Korean automakers to produce at least 70 percent of their vehicles' parts in the EU to be eligible for subsidies offered for eco-friendly vehicles. The country's largest automaker Hyundai Motor Group, which manufactures more than 80 percent of its European EV exports in South Korea, now needs to adjust to comply with the new rules under the IAA. The commission indicated that these requirements would cover "selected strategic sectors" such as steel, cement, aluminum, cars, and net-zero technologies, with the possibility of being expanded to "other energy-intensive sectors such as chemicals." The IAA also sets rules on foreign direct investment. If a country controlling more than 40 percent of global production capacity invests over 100 million euros in Europe, it must ensure at least half of its workforce are EU workers, limit foreign ownership to below 50 percent, and meet other obligations such as technology transfers. "Most automakers including Hyundai and its affiliate Kia export the majority of the EVs they sell in Europe rather than assembling them locally," an industry official said. "Unlike South Korea, which provides subsidies regardless of where a vehicle is made, Europe's proposed rules would effectively disadvantage imported vehicles." Hyundai and Kia sold 183,912 electric vehicles in Europe last year, but locally produced models stood at about 31,722 units, accounting for just a 17.2 percent of the total. Hyundai currently operates two manufacturing facilities in Europe — in Nošovice, the Czech Republic and Izmit, Türkiye — while Kia has one in Žilina, Slovakia. But their production capacity remains heavily concentrated on internal combustion models, while key EVs such as the Ioniq 5 and 6 and the EV5, EV6 and EV9 are all produced in South Korea and exported to Europe. The two automakers plan to gradually expand the production of EV models in Europe. Hyundai plans to begin mass production of the Ioniq 3 in the Czech Republic in August and convert its plant in Türkiye to EV production, targeting an annual capacity of 200,000 units. Kia already began mass production of the EV4 in Slovakia in August last year, with plans to rapidly expand its EV production by 2027. "We will speed up the transition of our plants for EV production ahead of the IAA's implementation," said a Hyundai staffer. "At the same time, we aim to maintain our market share by offering a broader range of EVs tailored to European motorists." However, a long legislative road still lies ahead for the implementation of the IAA, as it must be negotiated and approved by both the European Parliament and the Council of the European Union before adoption. 2026-03-06 14:30:20
  • I Am Solo Star Mr. Kim Says He’s Dating Season 28’s Soon-ja
    'I Am Solo' Star Mr. Kim Says He’s Dating Season 28’s Soon-ja Mr. Kim from the "I Am Solo" franchise said he is dating Soon-ja from Season 28. On the 6th, a live broadcast on YouTube channel "Chonjang Entertainment TV" featured cast members from SBS Plus' "I Am SOLO, Love Continues." Mr. Kim said "many people already know," and confirmed he is "dating Soon-ja from Season 28." He said they reconnected at a pop-up event for Season 28's Young-soo, talked at length and grew closer. He said they stayed in touch, and that he was the one who first worked up the courage to speak up about his feelings. Mr. Kim also referred to comments he made during his self-introduction on "I Am Solo," saying he had said long-distance relationships and dating someone with a child could be difficult. He said he had tried long-distance dating before and found it was not easy, and that he had never dated someone with a child, calling it unfamiliar territory. He said Soon-ja may have come across as "mean" on the show, but is not like that in real life and is "pretty." He added that she is smart, cute and affectionate. He closed by saying the phrase "people date within their own circle" fits them, and asked viewers not to insult Soon-ja, saying if anyone needs to be criticized, they should direct it at him instead.* This article has been translated by AI. 2026-03-06 14:12:15
  • Korean makers bet on ultra high-nickel batteries to challenge Chinas supremacy
    Korean makers bet on ultra high-nickel batteries to challenge China's supremacy SEOUL, March 06 (AJP) - South Korea is positioning ultra high-nickel batteries as its trump card in the global battery war, betting that a widening technology gap with China and fresh regulatory tailwinds from Europe will reshape the competitive landscape for premium electric vehicles and humanoid robots. The push comes at a pivotal moment, with the European Union this week unveiling its Industrial Acceleration Act (IAA) — a policy framework that effectively erects a double-layered protective barrier around Europe's clean-technology industries. The Middle East conflict, now entering its second week, has also introduced an unexpected variable. Brent crude has surged more than 36 percent this year, a shock that could accelerate the global shift toward electrification and sharpen demand for the high-density batteries in which Korean manufacturers specialize. The technology gap At the center of Korea's strategy is ultra high-nickel cathode technology — batteries in which nickel content exceeds 94 percent. These cells deliver 30 to 40 percent higher energy density than the widely used NCM 811 standard, translating into longer driving ranges for electric vehicles and extended operational hours for robots. South Korean cathode maker L&F became the first company in the world to mass-produce cathode materials with 95 percent nickel content late last year, and is now pushing toward 97 percent. Chinese battery giants CATL, CALB and EVE Energy, by contrast, have yet to overcome yield challenges above 90 percent nickel. Korean battery executives estimate the technology gap at more than two years — a margin that widens further when combined with Korea's head start in 46-series cylindrical cell formats. Tesla and the humanoid robot catalyst Tesla's decision to adopt ultra high-nickel cells for its premium lineup has handed Korean suppliers a powerful tailwind. The U.S. automaker has been scaling back its in-house battery production efforts and increasingly sourcing finished cells from partners. The shift effectively ended Tesla's direct cathode procurement from L&F but redirected demand through LG Energy Solution. LG Energy Solution began shipping batteries made with L&F's ultra high-nickel cathode materials to Tesla in the second half of last year, with the cells powering the Model Y Long Range and other premium variants. Tesla also plans to equip its Optimus humanoid robot with high-nickel cells, adding a new layer of demand. The arrangement has reshaped traditional supply hierarchies. LG Energy Solution selected L&F over its own parent company LG Chem as a cathode supplier, because L&F was the only producer capable of delivering ultra high-nickel materials at commercial scale. The humanoid robot market could amplify that advantage. TrendForce forecasts global shipments of humanoid robots will exceed 50,000 units this year, representing more than 700 percent year-on-year growth, with high-nickel ternary lithium batteries expected to dominate the segment. By contrast, LFP batteries, which dominate the low-cost EV market, lack the energy density required for bipedal machines that must fit batteries into compact torso or backpack compartments. That limitation gives Korean NCM battery makers a natural advantage — even in China's fast-growing robotics market. Europe tightens the screws The EU's Industrial Acceleration Act adds another strategic dimension. Under the legislation, industries in which a single non-EU country holds more than 40 percent of global manufacturing capacity face strict investment conditions — a provision widely interpreted as targeting China. Korea's big three battery makers — LG Energy Solution, Samsung SDI and SK On — all operate production facilities in Europe, putting them in a stronger position than Chinese competitors facing dual regulatory scrutiny. Korean manufacturers once held roughly 80 percent of Europe's EV battery market in 2022, but that share has since dropped to about 35 percent. Industry observers say the IAA could trigger a supply-chain reorganization that allows Korean players to reclaim part of the lost ground. "Hyundai, Kia and Korean battery makers with European plants are expected to expand their market share, and exports from Korean factories are also likely to increase," said Chang Jung-hoon, analyst at Samsung Securities. "Unlike the U.S. Inflation Reduction Act, the IAA treats FTA partner countries on equal footing with EU members. Companies simply need to keep sourcing from any single country — namely China — below 40 percent," Chang said. "The legislation also requires EU-origin battery cells, which will pressure Chinese firms seeking to expand capacity in Europe but benefits Korean companies that have already established meaningful local production." Middle East war and the bigger picture The escalating Middle East conflict adds another layer of uncertainty. The Strait of Hormuz, through which roughly 20 percent of globally traded crude oil flows, has become an active flashpoint. China, India, Japan and South Korea together account for nearly 70 percent of shipments through the strait. Historically, rising oil prices strengthen the economic case for electrification. But the conflict may also dampen China's EV export momentum. Lithium prices in China have fallen sharply amid weakening demand expectations, even as Morgan Stanley forecasts a global lithium supply deficit of about 80,000 metric tons this year. Still, the near-term picture remains challenging for South Korea. Data released by SNE Research showed global EV battery usage reached 71.9 gigawatt-hours in January, up 10.7 percent year-on-year, but Korea's three major battery makers all recorded negative growth. Their combined global market share fell 4.3 percentage points to 12.0 percent, dragged down in part by a 30.2 percent slump in U.S. EV sales after purchase subsidies under the Inflation Reduction Act expired in late September. Supply volumes from SK On and Samsung SDI fell 21.3 percent and 24.4 percent respectively. By contrast, CATL expanded installed capacity by 25.7 percent, lifting its market share to 45.2 percent for the month. Despite China's dominance in volume, some analysts say the longer-term trajectory could look different. SNE Research argues the battery market is shifting away from a pure volume-driven competition toward a phase where price competitiveness, product value and supply-chain stability must be balanced — a dynamic that could ultimately favor Korea's strength in premium high-density batteries. Market projections point in the same direction. The global high-nickel cathode materials market is expected to expand from $7.27 billion in 2025 to $22.26 billion by 2034, according to Precedence Research. "The high-nickel market is in a bit of a lull right now. LFP still dominates segments such as energy storage, where cost and stability matter most," said Kim Ki-jae, professor of battery science and engineering at Sungkyunkwan University. "High-nickel cells could come into their own once the humanoid robot market opens up in earnest — but the real game has not started yet." 2026-03-06 14:07:01
  • BTS Ticket Scalping Persists as Free Gwanghwamun Seats and Goyang Show Listings Soar
    BTS Ticket Scalping Persists as Free Gwanghwamun Seats and Goyang Show Listings Soar BTS concert ticket scalping is surging, with seats for a free Gwanghwamun performance being resold for hundreds of thousands of won and scalped tickets for an Arirang show in Goyang approaching 1 million won. The resale market has effectively turned BTS tickets into a money-making venue, industry officials said, raising doubts about whether the government’s response is working. They argue safeguards remain weak, including what they describe as a hands-off approach to online resale platforms. On the 6th, social media was filled with posts offering BTS tickets for resale, including seats that were originally distributed for free. On X, resale activity was taking place openly. As of that day, posts claiming to transfer tickets for the Gwanghwamun comeback performance appeared in rapid succession, and simple keyword searches were enough to find sales channels. Sellers said they could hand over access through methods they called “account transfer” and “wristband transfer,” and sought buyers accordingly. Despite the visibility of these transactions on social media, enforcement appeared ineffective. Industry sources criticized what they said was a market operating in plain sight despite government crackdowns. Scalped tickets are also widespread for “BTS World Tour Arirang in Goyang,” scheduled for April 9-12. Face-value prices range from 198,000 won to 264,000 won, but resale prices have jumped severalfold. Listings were easy to find not only on social media but also on Ticketbay, described as the country’s largest ticket-transfer platform. Prices posted there ranged from 390,000 won to 999,000 won per seat — about two to three times the original price. Sellers have also exploited Ticketbay’s “price cap” introduced in January that limits the per-ticket listing price to under 1 million won, posting tickets at 999,000 won — just 1,000 won below the ceiling. Critics said a formal cap alone is unlikely to curb scalping. Industry officials said weak platform regulation and enforcement have left the scalping market effectively operating in the open, even as the government has recently declared a war on scalping. Choi has described scalping as a long-standing problem in the cultural industry and has pledged a tougher response. The government has pushed revisions to the Performance Act and the National Sports Promotion Act to sharply increase penalties, including fines of up to 50 times the amount of scalped sales and provisions allowing authorities to confiscate and recover illicit profits. But critics say the bills were prepared quickly and that detailed enforcement rules remain insufficient. On the ground, many say current measures fall short of rooting out scalping. They argue that strengthening punishment alone, while leaving online scalping platforms untouched, is unlikely to be effective. An industry official who requested anonymity said it was welcome that recent legal revisions allow scalping to be sanctioned, but called it contradictory to say authorities will crack down while tickets are traded openly on platforms such as Ticketbay. The official said the broader ticket distribution system needs an overhaul, including tougher action against resale platforms and stronger identity verification comparable to airline ticketing. 2026-03-06 11:54:23
  • BYD Unveils Second-Generation Blade Battery, Targets Near-Full Charge in 10 Minutes
    BYD Unveils Second-Generation Blade Battery, Targets Near-Full Charge in 10 Minutes BYD says it has developed an electric-vehicle battery that can charge to about 90% in 10 minutes. On the 6th, BYD unveiled its “second-generation Blade Battery” and “FLASH charging technology,” aiming to address two major EV challenges: limits on charging speed and weaker performance in cold weather. BYD said the second-generation Blade Battery can reach near full charge within 10 minutes. It can charge from 10% to 70% state of charge in five minutes, and reach 97% in nine minutes, the company said. In extreme cold of minus 30 degrees Celsius, BYD said charging from 20% to 97% takes only three minutes longer than at room temperature. Developed after six years of research and development, the company said the battery is designed to offer a charging experience comparable to refueling a gasoline vehicle. BYD Chairman Wang Chuanfu said the industry “must” solve persistent problems of slow charging and cold-weather performance, underscoring the significance of the new technology. BYD also highlighted safety measures, saying it introduced a “lithium-ion high-speed channel” and an “all-around intelligent thermal management system” to reduce internal heat and improve heat dissipation. Energy density is up 5% from the first generation, it said. The Denza Z9GT, equipped with the second-generation Blade Battery, achieved a driving range of 1,036 kilometers when combined with BYD’s lightweight body technology, the company said. BYD said it is expanding FLASH charging stations with 1,500 kilowatts of output per single connector. It plans to build 20,000 FLASH charging stations across China and to roll them out in global markets in earnest by the end of this year.* This article has been translated by AI. 2026-03-06 11:45:15
  • Asian markets ending the first war week muddled 
    Asian markets ending the first war week muddled  SEOUL, March 06 (AJP) - Asian markets finishing the first week of a new war became muddled Friday amid mixed messages from Washington and the battlefields in the Middle East about how long the conflict could continue and how large the impact on the global economy. Overnight, U.S. equities returned to declines as geopolitical risks surrounding the Iran conflict weighed on investor confidence. The Dow Jones Industrial Average fell 1.61 percent to 47,954.74, while the S&P 500 slipped 0.56 percent to 6,830.71. The tech-heavy Nasdaq Composite declined 0.26 percent to 22,748.99. Security concerns around one of the world’s most critical energy shipping routes also weighed on sentiment. Reports of tanker attacks near the Strait of Hormuz heightened fears about the safety of oil shipments through the Gulf, where hundreds of vessels carrying crude oil and liquefied natural gas are reportedly waiting for safe passage. Political uncertainty in Iran added to investor caution. Reports indicated that clerics responsible for selecting the country’s next supreme leader are considering Mojtaba Khamenei, the son of the late Ayatollah Ali Khamenei, as a potential successor, raising questions about the direction of Iran’s leadership following the conflict. Across Asia, markets showed diverging performances. Japan’s Nikkei 225 slipped 0.8 percent to around 54,860, while China’s Shanghai Composite Index edged up 0.6 percent to 4,108.6 as investors selectively bought recently weakened technology shares. In Seoul, the benchmark KOSPI briefly rebounded around 9:23 a.m. before turning lower again from about 9:30 a.m. As of 10:30 a.m., the index was down 2.6 percent at 5,437.1. The tech-heavy KOSDAQ also reversed early gains, falling 0.8 percent to 1,107.3 after touching an intraday high of 1,118.01 at around 10:16 a.m. Trading activity remained brisk, with turnover reaching about 14.3 trillion won ($9.7 billion) on the KOSPI and 7.1 trillion won on the KOSDAQ. Investor flows showed strong retail buying against persistent foreign selling pressure. On the main board, individual investors purchased 1.96 trillion won worth of shares, while institutions and foreigners sold 639.5 billion won and 1.34 trillion won, respectively. On the KOSDAQ, individuals and institutions were net buyers of 82.7 billion won and 93.3 billion won, while foreigners sold 176.7 billion won. Major blue chips traded lower. Samsung Electronics fell 4.9 percent to 182,200 won, while SK Hynix dropped 5.3 percent to 892,000 won. Automakers also declined, with Hyundai Motor down 2.6 percent at 534,000 won and Kia falling 2.5 percent to 162,300 won. Battery maker LG Energy Solution slipped 1.5 percent to 366,000 won, while biotech heavyweight Samsung Biologics declined 2.9 percent to 1.6 million won. Defense-related shares bucked the broader market trend on expectations of sustained global demand amid geopolitical tensions. LIG Nex1 surged 10 percent to 834,000 won, while Hanwha Systems gained 7.2 percent to 161,300 won and Hanwha Aerospace advanced 3.3 percent to 1,428,000 won. The dollar weakened globally, trading at 1,473.30 won. 2026-03-06 11:43:35
  • South Korea to face Japan this weekend after huge win in WBC opener
    South Korea to face Japan this weekend after huge win in WBC opener SEOUL, March 6 (AJP) - South Korea will face Japan in its second game of the World Baseball Classic (WBC) this weekend, as the quadrennial tournament's regional rounds kicked off on Thursday. South Korea, led by manager Ryu Ji-hyun, defeated the Czech Republic 11‑4 in its WBC opener in Tokyo, hitting four home runs. The dominant win boosted the team's morale ahead of a game against archrival and defending champion Japan slated for Saturday evening at the Tokyo Dome. The 20-team tournament, divided into four groups, will run until March 17 with games played at four different locations of Houston, Miami, Puerto Rico, and Tokyo. The top two teams from each group will advance to the quarterfinals in Houston and Miami, with the semifinals and finals to be held in Miami. South Korea, grouped with Australia, Chinese Taipei, the Czech Republic, and Japan, was initially expected to have dim prospects due to the absence of key players from its roster due to injuries, but got off to a strong start, raising expectations. 2026-03-06 10:27:32
  • Koreas inflation steady in Feb, but at risk as it is mostly fed by soft energy prices
    Korea's inflation steady in Feb, but at risk as it is mostly fed by soft energy prices SEOUL, March 06 (AJP) -South Korea’s inflation held steady in February despite the Lunar New Year factor - keeping consumer prices within the central bank’s 2 percent target range for a sixth straight month - but may come under pressure as the recent easing mostly came from cheaper energy prices that have reversed following the outbreak of war in the Middle East. The consumer price index rose 2.0 percent from a year earlier in February to 118.40 (2020=100), unchanged from January, according to data released Thursday by Statistics Korea. On a monthly basis, prices increased 0.3 percent, driven by gains in services, agricultural products and utilities even as industrial goods declined. Service prices rose 2.6 percent from a year earlier, with personal services climbing 3.5 percent, the fastest pace since January 2024. The increase was largely attributed to higher travel and accommodation costs during the Lunar New Year holiday. Prices for overseas package tours jumped 10.1 percent, domestic group tours 9.5 percent, and hotel accommodation 12.8 percent from a year earlier. Car rental charges surged 37.1 percent, marking the sharpest increase since related data began in 1995. Food and agricultural prices showed mixed movements. Agricultural, livestock and fishery products rose 1.7 percent from a year earlier, slowing from 2.6 percent in January. Vegetable prices dropped 5.9 percent, reflecting improved supply and a base effect from the previous year. Livestock prices rose 6.0 percent, the fastest increase in six months, with pork up 7.3 percent, domestic beef 5.6 percent, and eggs 6.7 percent. Industrial goods prices increased 1.2 percent, while processed food prices rose 2.1 percent, easing from 2.8 percent the previous month. Officials partly attributed the slowdown to seasonal Lunar New Year promotions and a base effect from last year. Petroleum prices fell 2.4 percent from a year earlier, pulling down the overall inflation rate by 0.09 percentage point as global oil prices eased. However, the recent spike in fuel prices following the outbreak of conflict in the Middle East has not yet been reflected in the February data. Gasoline prices climbed about 8 percent over the past week following U.S.-Israeli strikes on Iran that escalated into a broader regional crisis. Core inflation indicators remained slightly above the headline figure. The core CPI excluding food and energy rose 2.3 percent, while another core measure excluding agricultural products and petroleum climbed 2.5 percent. The living cost index, which tracks frequently purchased items, rose 1.8 percent, sharply lower than the near 3-percent levels seen in late 2025. The fresh food index — often referred to as “table inflation” — fell 2.7 percent from a year earlier, the sharpest decline since May last year. Officials said the stability could be disrupted by Middle East tensions that brought the Strait of Hormuz — the choke point responsible for about 80 percent of South Korea’s crude oil shipments — into focus, along with rising shipping fees from disruptions to maritime traffic. 2026-03-06 10:06:16
  • SB Electric Deploys SolarDoctorPatch Monitoring on Vietnam Rooftop Solar Sites
    SB Electric Deploys SolarDoctorPatch Monitoring on Vietnam Rooftop Solar Sites SB Electric, a solar power plant specialist, has deployed its panel-level monitoring solution, SolarDoctorPatch, at rooftop solar facilities on buildings in Vietnam’s Long An province and Ho Chi Minh City. The company said the project was carried out to apply panel-level monitoring and fire-safety technology at rooftop systems at an industrial facility and a newspaper company in Vietnam. At Songwol Towel’s factory in Long An, the rooftop solar plant, with a capacity of about 148.59 kilowatts, was upgraded from inverter-level monitoring to a panel-level control system. The site also added a rapid shutdown (RSD) function designed to cut voltage in an emergency. In central Ho Chi Minh City, the technology was piloted on one of four inverter sections at the rooftop solar plant at Tuổi Trẻ newspaper, a 17.70-kilowatt system. The building is in an environment where nearby structures create shading that reduces output. SB Electric said panel-level monitoring and booster equipment confirmed improved generation efficiency in shaded areas. “For rooftop solar plants and solar installations on urban buildings, panel-level monitoring and output-optimization technology are key factors that determine operating efficiency,” an SB Electric official said. The official added that the company plans to manage an expansion of the technology’s application to commercial and office buildings in urban areas based on the latest deployment.* This article has been translated by AI. 2026-03-06 10:03:19