Hanwha Ocean eyes Brazil oil platform deal SEOUL, June 17 (AJP) - Hanwha Ocean is preparing a bid for a major Brazilian offshore oil platform project, signaling its return to the high-stakes Floating Production Storage and Offloading (FPSO) market. The company’s participation in the Petrobras-led P-86 project marks its first FPSO tender. It also reflects a broader strategic pivot toward high-value offshore energy infrastructure as the global industry recovers from years of volatility and underinvestment. Hanwha Ocean is expected to be the sole South Korean bidder for the P-86 unit, a deepwater FPSO platform planned for deployment off Brazil’s coast. Petrobras, Brazil’s state-controlled oil company, had initially set a bid deadline of June 6 but postponed it to November 3, citing heightened oil price volatility and soaring construction costs. FPSOs are massive, mobile offshore vessels that can extract, process, store, and offload oil and gas at sea, often in deepwater fields too remote for fixed infrastructure. The platforms are complex and costly — each can exceed 1.4 trillion won (about $1.05 billion) — but offer strategic value for shipbuilders with the capacity to deliver at scale. Though rivals from China, Singapore, Malaysia and Brazil are expected to participate, Hanwha Ocean will stand alone among Korean contenders. Both HD Hyundai Heavy Industries and Samsung Heavy Industries have opted out of the bidding process, focusing instead on FLNG (Floating Liquefied Natural Gas) projects and existing vessel backlogs. Philippe Levy, head of offshore operations at Hanwha Ocean, said the company aims to build three FPSO units every two years beginning in 2027. To meet that target, Hanwha is investing in new production capacity, including an ultra-large floating dock and a 6,500-ton offshore crane, both designed to support modular construction and reduce lead times. The company has also secured basic design approval for its standardized FPSO model from the American Bureau of Shipping, with co-certification from France’s Bureau Veritas. The vessel measures 340 meters long and 62 meters wide, and is designed to process up to 190,000 barrels of oil per day while storing up to 2.38 million barrels. 2025-06-17 15:42:38

Hyundai Glovis invests $145 million to acquire Asiana Airlines' cargo unit SEOUL, June 17 (AJP) - Hyundai Glovis has stepped up its ambitions in global air logistics, committing 200.6 billion won (approximately $145 million) to a private equity fund backing Air Incheon’s acquisition of Asiana Airlines’ cargo division. The move strengthens Glovis’s position in the freight sector and grants it preemptive rights in the event of a future sale of the combined cargo carrier. The investment was disclosed in a regulatory filing on June 16 and marks an expansion of Glovis’s involvement in the private equity fund. The fund — jointly managed by Socius Private Equity and Korea Investment Partners — is spearheading the takeover of Asiana’s cargo business by Air Incheon, South Korea’s only dedicated cargo airline. With this latest infusion, Hyundai Glovis has increased its stake in the fund from 34.9 percent to 45.2 percent, becoming its largest investor. The company had initially planned to commit 150 billion won, but the expanded stake reflects a deepening strategic interest in air freight and logistics infrastructure. The acquisition structure includes roughly 350 billion won in equity and 300 billion won in acquisition financing. Of that, 470 billion won is expected to be injected into Air Incheon through a capital increase, with the remaining funds earmarked for aircraft procurement and infrastructure development post-merger. Glovis previously invested 50 billion won in a separate Socius PE fund in 2024, signaling its growing appetite for high-value logistics plays amid intensifying global demand for integrated supply chain services. The divestiture of Asiana’s cargo unit was a key condition set by the European Commission earlier this year as part of its antitrust approval for the merger between Korean Air and Asiana. Air Incheon was named the preferred buyer, with the newly integrated cargo carrier slated to begin operations on August 1, 2025. 2025-06-17 15:35:08

S. Korean companies evacuate employees from Israel amid escalating conflict SEOUL, June 17 (AJP) - As military tensions between Israel and Iran continue to escalate, South Korea’s largest technology firms are relocating employees and implementing precautionary measures to safeguard their personnel in the region. Samsung Electronics and LG Electronics confirmed Tuesday that they have withdrawn South Korean staff and their families from Israel, relocating them to neighboring Jordan in response to growing security concerns. Samsung, which maintains a semiconductor research and development center and a local marketing unit in Israel, completed the relocation over the weekend. The company has since shifted its Israeli operations to remote work until further notice. LG Electronics, which operates a smaller sales presence in Israel, enacted similar evacuation procedures for its Korean employees. The company has also issued a group-wide advisory prohibiting business travel to the Middle East. Hyundai Motor Group, which distributes vehicles in Israel through local dealerships, is continuing operations with caution, adhering to guidance from the Israeli government. While the company has scaled back active sales efforts, long-term projects — including the construction of a new manufacturing plant in Saudi Arabia slated to open next year — remain on schedule. Elsewhere in the region, Hyosung TNC, a textiles and materials company that operates a spandex production facility in Turkiye, reported that operations are proceeding normally. The company said it is closely monitoring regional developments for any potential escalation. The South Korean government is also preparing for possible economic ripple effects. The Ministry of SMEs and Startups convened a task force on June 16 to assess the potential impact of the conflict on small and medium-sized enterprises engaged in trade with the Middle East. Officials reviewed a range of scenarios, including shipping delays and interruptions to import and export flows. While some risks have been identified, the ministry has so far concluded that the direct impact on Korean SMEs remains limited. 2025-06-17 10:31:24

As energy demands soar, Korea turns to small modular reactors SEOUL, June 16 (AJP) - As global electricity demand rises at an unprecedented pace — fueled by the growth of artificial intelligence, data centers, and high-performance computing — nuclear power is experiencing a resurgence. At the center of this renewed interest are small modular reactors, or SMRs, a next-generation nuclear technology that is gaining traction across the globe. South Korea, long a major player in nuclear energy, is now moving decisively to claim a stake in this emerging market. Unlike traditional gigawatt-scale nuclear power plants, SMRs are designed to be compact, factory-fabricated, and easier to install. Typically generating 300 megawatts or less, these modular reactors require less land, offer greater construction flexibility, and are engineered with passive safety features that mitigate the risks of accidents — even in the event of a power outage. These attributes have positioned SMRs as promising solutions for regions with limited grid infrastructure or geographic constraints, including remote islands, military installations, and offshore facilities. They are also seen as a way to modernize national grids without the lengthy timelines and high capital costs associated with conventional nuclear projects. The United States, United Kingdom, Canada, China, and Russia are already jostling for leadership in the SMR sector. South Korea, for its part, is ramping up its policy and industrial efforts in earnest. On June 12, the National Assembly passed the Special Act on Promoting the Development and Support of SMR Technology, creating the country’s first dedicated legal framework for the advancement and deployment of SMRs. The legislation marks a turning point for Korea’s nuclear sector, which has often faced criticism for regulatory inertia despite its engineering prowess. While implementation details remain pending, industry experts say the new framework provides long-overdue clarity for stakeholders across the public and private sectors. Even before the law’s passage, Korean firms had begun investing in SMR partnerships abroad. Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and SK Inc. are collaborating to localize components for U.S.-based NuScale’s SMR technology. The Korea Atomic Energy Research Institute has also developed its own 100-megawatt-class SMR design, known as SMART (System-integrated Modular Advanced Reactor), aimed at dual-use applications such as electricity generation and desalination. While not yet deployed domestically, the SMART reactor has drawn interest from countries including Saudi Arabia and remains Korea’s most advanced indigenous platform. Beyond the nuclear sector, a growing number of Korean companies in steel, materials, and power systems are aligning with SMR development, suggesting the beginnings of a national industrial ecosystem. One of the most pressing obstacles facing SMR deployment is access to High-Assay Low-Enriched Uranium (HALEU), a specialized fuel enriched up to 19.75 percent U-235. While HALEU offers advantages such as longer operational cycles and higher power density, it also poses significant regulatory and geopolitical challenges due to its proximity to weapons-grade enrichment levels. At present, the only commercial supplier of HALEU is Centrus Energy in the United States. Although Russia has production capabilities, sanctions and strained diplomatic relations preclude cooperation. South Korea currently lacks domestic HALEU enrichment facilities and is exploring partnerships with the United States, France, and Canada to secure future supply. Some SMR designs require only a single HALEU load for over a decade of operation, but such fuel remains tightly controlled under international nonproliferation agreements. Developing a reliable and transparent HALEU supply chain is now considered a strategic imperative for countries investing in next-generation nuclear infrastructure. South Korea’s embrace of SMRs comes amid broader efforts to redefine energy security in a post-carbon world. The country aims to secure demonstration sites by 2026 and begin construction of its first SMR unit by 2027. However, details regarding project locations and concrete fuel acquisition plans have yet to be made public. 2025-06-17 09:48:46

LG Chem sells water treatment business to private equity fund SEOUL, June 16 (AJP) - LG Chem has agreed to sell its water treatment filter business to Glenwood Private Equity for 1.4 trillion won (approximately $1 billion), as South Korea’s largest chemical company accelerates efforts to streamline operations and sharpen its focus on high-growth sectors. The deal, signed on June 13, will transfer LG Chem’s Water Solution unit to Korea Water Solution Holdings, a special purpose entity established by Glenwood PE. The Water Solution business, built on reverse osmosis membrane technology, ranks as the world’s second-largest provider in seawater desalination. LG Chem entered the sector in 2014 through its $200 million acquisition of California-based NanoH2O. Despite its technical prominence, the unit accounted for only 0.45 percent of LG Chem’s consolidated revenue last year, generating 222 billion won in sales, with total assets of 377 billion won. LG Chem said the divestiture will allow the company to redirect capital and internal capabilities toward three strategic pillars: battery materials, eco-friendly materials, and pharmaceuticals. The move is part of a broader corporate restructuring in response to prolonged weakness in the petrochemical industry. At a recent executive meeting, LG Group Chairman Koo Kwang-mo underscored the importance of “selection and concentration,” urging affiliates to focus on areas with sustainable competitive advantages, build high entry barriers, and align capital expenditures with long-term strategy. For Glenwood PE, the acquisition represents a continuation of its carve-out investment strategy. The private equity firm plans to inject an additional 200 billion won into the business, including funding for a fourth production facility. The expansion is intended to boost global competitiveness and enhance responsiveness to increasing demand from both new and existing customers. 2025-06-16 13:50:25

Samsung raises bet on robotics with investment in US startup SEOUL, June 13 (AJP) - Samsung Electronics has invested $10 million in Skild AI, a California-based robotics software company developing artificial intelligence systems for autonomous machines, as part of a broader push into the emerging field of physical AI. The investment is part of Skild AI’s $4.5 billion Series B funding round, led by Japan’s SoftBank, which contributed $100 million. Nvidia also joined the round with a $25 million stake. Several other South Korean firms, including LG, Hanwha and Mirae Asset, participated as well, each contributing between $5 million and $10 million. In total, Korean investments in Skild have now surpassed 40 billion won, or approximately $29 million. Based in Santa Clara, Calif., Skild AI is developing general-purpose AI software to allow robots to perceive, reason and act autonomously in real-world settings. While the technology is still under development, it reflects growing interest in applying artificial intelligence to physical machines — from humanoid robots and self-driving vehicles to industrial automation. For Samsung, the investment underscores a broader strategic pivot toward robotics and intelligent machines. In recent years, the company has moved beyond passive investments, acquiring a significant stake in Rainbow Robotics, a Korean firm known for its humanoid platforms. Samsung has also backed Physical Intelligence, a robotics algorithm developer that recently raised $400 million at a valuation of $2.4 billion. Later this year, Samsung is expected to unveil Ballie, a compact, video-projecting home robot developed in collaboration with Google. The device is designed to showcase Samsung’s integration of AI with consumer electronics, positioning the company as a player in the next generation of smart, interactive home devices. 2025-06-13 13:37:54

Snap to launch lighter, smarter AR glasses next year SEOUL, June 12 (AJP) - Snap Inc., the parent company of Snapchat, is making a renewed bet on hardware with the announcement of a next-generation pair of augmented reality smart glasses, known simply as “Specs.” Set to launch in 2026, the new device represents a shift in strategy for the social media company, which has previously released AR glasses under the “Spectacles” brand, primarily targeting developers and creators. This latest iteration, however, is designed for everyday consumers — with a focus on seamless integration of augmented reality into daily life. Smaller, lighter, and more interactive than their predecessors, the Specs will project digital content directly into the user’s field of view through transparent lenses, blending immersive overlays with the real world in real time. Unlike earlier versions, the upcoming Specs will run on Snap’s proprietary Snap OS and offer advanced AI features. In a notable expansion of its platform, Snap said developers will be able to build applications using both OpenAI’s GPT models and Google’s Gemini AI, enabling a broader range of capabilities — from conversational assistants to immersive AR games. Snap has not disclosed a final retail price or specific release date. However, it confirmed the consumer launch will build on its 2024 developer edition, which was made available via a $99-per-month leasing program over 12 months. 2025-06-12 14:19:09

Hyundai Steel halts operations at Pohang plant amid falling demand SEOUL, June 12 (AJP) - Hyundai Steel has indefinitely suspended operations at its Pohang Plant No. 2, one of South Korea’s key production hubs for steel H-beams, citing deteriorating market conditions and a complete lack of production orders. The shutdown, which took effect on June 7, marks a significant retrenchment for the nation’s second-largest steelmaker. The Pohang facility had already been operating under a reduced two-shift system since late 2024 in response to weakening demand. A brief, two-day restart on June 9 and 10 at the request of the labor union failed to alter the company's course, and full suspension resumed on June 11. A labor-management council meeting scheduled for June 12 is expected to focus on the plant’s future. “We plan to proceed with future developments such as the operational suspension through smooth dialogue with the labor union,” a Hyundai Steel spokesperson said. The company had previously considered permanently closing the plant in 2024 but retreated following strong opposition from labor groups. Instead, it opted to scale back operations. Since then, however, a prolonged slump in global steel demand and sluggish domestic consumption have forced the company to take more aggressive action. Hyundai Steel has begun restructuring efforts that include a voluntary retirement program for technical staff at the Pohang complex. It is also moving to divest non-core operations, including the planned sale of its heavy machinery division located at Pohang Plant No. 1. The company’s financial performance has mirrored its operational struggles. Operating profit fell 60.6 percent in 2024 to 314.4 billion won (approximately $232 million), with consecutive operating losses reported in the fourth quarter of 2024 and the first quarter of 2025. External pressures have compounded Hyundai Steel’s challenges. The Trump administration has reinstated tariffs on imported steel, intensifying headwinds for Korean exports. In response, the company is shifting its strategic focus to North America. It recently announced plans to build a $5.8 billion electric arc furnace facility in Louisiana, a move designed to mitigate trade frictions and capitalize on local demand in the United States. 2025-06-12 10:08:21

Xiaomi to open its first offline store in Korea SEOUL, June 11 (AJP) - Chinese electronics giant Xiaomi will open its first offline retail store in South Korea later this month, the company said on Wednesday. Branded as the “Mi Store,” the retail space will be located on the second floor of the IFC Mall in Yeouido, Seoul. The store is designed to be more than a traditional retail outlet, offering product experience zones and on-site customer support services. The move signals Xiaomi’s broader ambitions in the South Korean market, where it has steadily expanded its presence since formally establishing a local subsidiary earlier this year. The company has also worked to shorten the time lag between its global product rollouts and local launches. “Xiaomi continues to focus on extending technological innovation into everyday experiences,” said Johnny Wu, chief executive of Xiaomi Korea, in a statement. “We hope Korean consumers will gain a more intuitive feel for Xiaomi’s smart ecosystem and strengthen their relationship with the brand.” In conjunction with the store opening, Xiaomi is also showcasing its latest range of products — including smartphones, tablets, smartwatches, televisions, robotic vacuum cleaners and other IoT devices — at the Smart Tech Korea 2025 exhibition, which runs through June 13 at COEX in Seoul. 2025-06-11 15:13:14

Poland set to acquire 180 more K2 tanks from South Korea SEOUL, June 11 (AJP) - Defense manufacturer Hyundai Rotem is close to finalizing a multibillion-dollar arms agreement with Poland, paving the way for the delivery of an additional 180 K2 main battle tanks. Valued at approximately 9 trillion won, or around $6 billion, the contract is expected to be signed by late June or early July, industry sourced close to the deal said Wednesday. If concluded, it would mark the largest single arms export deal in South Korea’s history and the first major defense sale under President Lee Jae-myung’s administration. The agreement constitutes the second phase of Poland’s acquisition of K2 tanks, following a 2022 contract that also covered 180 units. That earlier deal formed part of a broader framework under which Poland agreed to purchase up to 1,000 K2 tanks, along with K9 self-propelled howitzers and FA-50 light combat aircraft, in a sweeping effort to modernize its military in the wake of Russia’s invasion of Ukraine. The new contract will include two tank variants: 117 units of the K2 GF, a stopgap model based on the version currently used by the South Korean Army, and 63 units of the K2 PL, a locally customized variant tailored to meet Poland’s specific operational requirements. Under the terms of the deal, Hyundai Rotem will manufacture the K2 GF tanks in South Korea. The K2 PL units, however, will be produced domestically in Poland by the state-owned defense conglomerate PGZ, under a technology transfer arrangement. Defense officials attribute the sharp increase in the deal’s value — nearly double that of the 2022 agreement for the same number of tanks— to added costs associated with local production, maintenance and repair infrastructure, and extensive technology-sharing commitments. "The Korean and Polish governments are currently in the final stage of negotiations regarding the K2 tank implementation agreement," said Cho Yong-jin, a spokesperson for South Korea’s Ministry of National Defense. Negotiations for this second-phase deal began soon after the initial deliveries in 2022 but were slowed by political upheaval in Poland and the imposition of martial law in South Korea last December. Still, sources familiar with the talks say that technical and logistical matters have largely been resolved, and that both sides are now finalizing the legal and procedural aspects of the agreement. 2025-06-11 10:20:37