Journalist

Jo Seong-jun
  • South Koreas LS Cable considers Virginia site for rare earth magnet factory
    South Korea's LS Cable considers Virginia site for rare earth magnet factory SEOUL, December 15 (AJP) - South Korea's LS Cable said Monday it is considering building a rare earth permanent magnet factory in the United States. The company is currently reviewing Chesapeake, Virginia, as a potential site for the investment and is in talks with state authorities. Rare earth permanent magnets are critical components in advanced industries, including electric vehicles, wind turbines and defense systems such as fighter jets. China accounts for about 85 percent of global production, while manufacturing capacity in the United States remains limited, making supply chain diversification a growing priority. The proposed factory would likely be located near LS Cable’s submarine cable plant currently under construction in the United States, according to the company. The facility would aim to supply major automotive and electronics manufacturers. “If realized, this project would expand our business from cables into strategic materials and strengthen our position in the global mobility supply chain,” an LS Cable spokesman said. LS Cable is seeking to build an integrated value chain covering rare earth oxide procurement, metalization and magnet production. Through its subsidiary LS Eco Energy, the company is securing supplies of refined rare earth oxides from Vietnam and Australia, it said. The company is also considering producing high-grade copper materials in the United States. With existing supply ties to automakers such as General Motors and Hyundai Motor, LS Cable said the addition of rare earth magnet production could enhance its competitiveness in key mobility-related materials. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 09:53:45
  • South Korea expected to top $700 billion in exports for first time: KITA
    South Korea expected to top $700 billion in exports for first time: KITA SEOUL, December 05 (AJP) - South Korea’s exports are on track to surpass $700 billion for the first time this year, with momentum expected to continue into 2026, the Korea International Trade Association (KITA) said on Friday. KITA forecasts exports will climb 3 percent from last year to $704 billion, while imports are projected to edge down 0.3 percent to $630 billion, producing a $74 billion trade surplus. The report cites strong performances in semiconductors and shipbuilding as the main drivers of the record export tally. Demand for AI-related chips, including high-bandwidth memory, has surged amid tight production capacity, pushing up prices. Ship exports are expected to jump more than 22 percent as deliveries accelerate for high-value vessels such as LNG carriers ordered in 2022 and 2023. Automobile exports have been dented by higher U.S. tariffs, but diversification into other markets — including the European Union — has helped stabilize shipments. Exports to the United States rebounded 13.7 percent in November following expectations of tariff easing in recent U.S.–Korea discussions. By contrast, steel and petroleum product exports continue to lag, weighed down by elevated tariffs and falling oil prices. For 2026, KITA projects exports will rise a further 1 percent to $711 billion, with imports increasing 0.5 percent to $633 billion, maintaining a trade surplus of around $78 billion. Growth is expected to be led by IT products, notably semiconductors and solid-state drives (SSDs). Semiconductor exports are forecast to expand 5.9 percent, supported by AI-driven demand, while SSD shipments could grow 10.4 percent amid rising global storage needs. “AI-related demand will remain a key engine for semiconductor and IT exports next year,” said Jang Sang-sik, head of KITA’s research institute. “But with global trade growth still limited and uncertainties such as the U.S. midterm elections ahead, Korea must diversify export markets to the Middle East and ASEAN and expand exports of K-content and consumer goods.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-05 09:49:32
  • South Koreas LS Electric to co-develop power systems for UK data centers
    South Korea's LS Electric to co-develop power systems for UK data centers SEOUL, October 30 (AJP) - South Korea’s LS Electric is accelerating its push into the global data center market, forming new international partnerships to strengthen its foothold in advanced power infrastructure. The company said on Thursday that it had signed a memorandum of understanding with Elecsis, a British manufacturer of low-voltage switchboards, to co-develop power systems tailored for data centers in the United Kingdom. Founded in 2001 and based in Bristol, Elecsis specializes in the design and production of low-voltage switchboards, which are critical for managing electricity in large-scale facilities. The collaboration will combine LS Electric’s expertise in power equipment and testing with the British firm's local engineering and manufacturing capabilities to develop high-capacity, safety-focused switchboard solutions. By partnering with Elecsis, LS Electric aims to tap into Europe’s fast-growing data infrastructure market, using local production and service networks to deliver customized power solutions for clients across the region. The agreement follows a similar partnership earlier this month with Honeywell in the United States to jointly develop next-generation power management systems for North American data centers. The U.K. data center market, projected to reach $15.2 billion this year and expand at an annual rate of more than 13 percent through 2030, has become a major target for infrastructure and technology companies racing to meet the surging power demands of artificial intelligence and cloud computing. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 14:15:21
  • Hanmi Semiconductor chairman increases stake in sign of confidence
    Hanmi Semiconductor chairman increases stake in sign of confidence SEOUL, October 29 (AJP) - Hanmi Semiconductor said Wednesday that its chairman, Kwak Dong-shin, will buy 5 billion won (about $3.7 million) worth of company shares using his own funds. The purchase, expected to be completed by Nov. 26, will bring Kwak’s total personal investment in Hanmi shares since 2023 to 47.3 billion won, raising his stake from 33.47 percent to 33.50 percent. Hanmi Semiconductor is a global leader in TC bonder equipment — technology critical to the production of high-bandwidth memory, or HBM, a component increasingly vital to artificial intelligence chips. The company has focused heavily on intellectual property since 2002, filing more than 120 patents related to HBM manufacturing tools. Analysts say that confidence in Hanmi’s technological edge likely underpins Kwak’s decision to expand his holdings. Founded in 1980, Hanmi Semiconductor supplies roughly 320 clients worldwide. The company recently established a subsidiary, Hanmi Singapore, in the Woodlands district to provide enhanced local support for Micron Technology and other customers in Southeast Asia. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-29 14:15:10
  • South Koreas LS Buildwin wins high-voltage power project in Singapore
    South Korea's LS Buildwin wins high-voltage power project in Singapore SEOUL, October 24 (AJP) - South Korea's LS Marine Solutions said on Friday that its subsidiary, LS Buildwin, has been awarded a contract worth about $60 million to build a high-voltage underground power network in Singapore. The project, undertaken in partnership with LS Cable, will involve the construction of a 230-kilovolt underground power network designed to strengthen Singapore’s national grid amid surging electricity demand from artificial intelligence and data centers. LS Buildwin will handle the cable installation, while LS Cable will supply the cables. Under the arrangement, LS Marine Solutions will oversee the submarine cable work, creating what the company described as an integrated “manufacturing-to-construction” value chain that enhances its global competitiveness. The new contract adds to a growing order book for LS Marine Solutions, which now totals about $525 million — roughly five times its revenue from a year earlier — as the company wins major power infrastructure projects across Asia, including in Singapore and Taiwan. “As the only domestic specialist in both submarine and underground cable installation, LS Marine Solutions is reinforcing its construction capabilities through collaboration with LS Cable,” a company spokesperson said. “We aim to drive technology-based growth in the global market.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 13:52:33
  • S&P upgrades LG Electronics credit outlook, citing India IPO
    S&P upgrades LG Electronics' credit outlook, citing India IPO SEOUL, October 22 (AJP) - Standard & Poor’s on Tuesday upgraded LG Electronics’ credit outlook to “BBB Positive” from “BBB Stable,” the company’s first improvement since October 2022. The ratings agency cited robust performances in LG’s home appliance and vehicle component businesses, stronger cash flow from its Indian initial public offering, and a rebound at its affiliate, LG Display. The move came months after Moody’s raised LG’s outlook to “Baa2 Positive" early this year. S&P’s revision signals expectations of financial improvement over the next one to two years, in contrast to the prior “Stable” rating that suggested steady but unremarkable conditions. “Despite U.S. tariff hikes, LG’s core businesses continue to show solid results,” S&P said in a statement, highlighting “a major cash influx from the India IPO and a turnaround at LG Display, where LG holds a 36.72 percent stake.” LG’s home appliance division has maintained its strong market position amid global economic uncertainty, while the company’s air conditioner business is expanding on demand for cooling systems used in data centers. Meanwhile, the vehicle component business continues to improve profitability, supported by a $100 billion order backlog and a more favorable mix of contracts. S&P said it expects LG Display’s recovery to further strengthen LG Electronics’ financial profile, as the company recognizes those gains through the equity method. According to LG, the India IPO will generate more than 1.8 trillion won ($1.3 billion), providing additional funds for debt reduction. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-22 08:16:13
  • Battery materials plant opens in Saemangeum complex
    Battery materials plant opens in Saemangeum complex SEOUL, October 01 (AJP) - LS-L&F Battery Solution, a joint venture between LS Corp. and battery materials maker L&F, inaugurated a precursor plant on Tuesday in the Saemangeum National Industrial Complex in Gunsan, North Jeolla Province. The 1 trillion won ($730 million) facility, spanning about 40,000 square meters, is expected to employ roughly 1,000 people, underscoring the government’s efforts to strengthen domestic supply chains in the fast-growing battery sector. The opening ceremony was attended by senior executives from LS Group and L&F, along with regional officials including North Jeolla Governor Kim Kwan-young. “This plant will be a key hub for K-battery materials, reducing reliance on China and accelerating our path to global leadership,” said LS Group Chairman Koo Ja-eun, noting that China currently controls about 80 percent of the global precursor market. The plant began trial operations in April and aims to gradually scale up production to 120,000 tons of precursor by 2029, a volume sufficient for about 1.3 million electric vehicles. LS-L&F Battery Solution was formed in October 2023 as part of LS Group’s push beyond its traditional businesses in electricity and materials into growth areas such as batteries, electric vehicles, and semiconductors. The expansion is supported by LS MnM, the group’s non-ferrous metal unit, which plans to invest 1.8 trillion won in new plants in Ulsan and Saemangeum by 2029 to produce nickel sulfate, a critical raw material for precursors. That output will feed into LLBS, which will then supply L&F for cathode manufacturing, creating what the company describes as a fully domestic battery materials value chain. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 13:55:32
  • LG Electronics pushes ahead with delayed India IPO, seeking fresh cash flow
    LG Electronics pushes ahead with delayed India IPO, seeking fresh cash flow SEOUL, September 30 (AJP) - LG Electronics said Tuesday it will complete the long-awaited listing of its Indian unit by year’s end, in a move aimed at both raising funds and positioning the company as a household name in one of its most dynamic markets. The company’s board approved the sale of a 15 percent stake in the Indian unit, or more than 101 million shares, and intends to file final documents with India’s market regulator, the Securities and Exchange Board of India, in the coming weeks, company officials said Tuesday. Pricing details and the timing of the sale will be determined once regulators give the green light. The offering, which will not involve issuing new shares, ensures that all proceeds return to LG’s headquarters in Seoul. Analysts said the move could strengthen the company’s financial position at a time when consumer electronics demand has softened globally. IBK Securities noted that while the final quarter of the year is usually a slow period, the IPO is likely to improve cash flow, and Moody’s has flagged the deal as a potential boost to LG’s credit profile. The initiative has been led by Chief Executive Cho Joo-wan, who has pushed to elevate LG’s brand identity in India. “LG’s brand is highly regarded in India, and we aim to become a beloved national brand,” he told shareholders in March. LG began laying the groundwork for the offering late last year and received preliminary approval from the Indian regulator in March, though the listing was delayed by market volatility. The IPO, expected to be one of the largest by a consumer electronics company in India, is projected to raise about 115 billion rupees, or $1.8 billion. Global corporations from Whirlpool to Nestle have tapped India’s capital markets in recent years to fuel local growth. For LG, India has become a critical battleground for sales of appliances, televisions and smartphones, as the country’s middle class expands and competition with local and Chinese brands intensifies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 13:52:21
  • Samsung heir begins naval officer training to become ensign
    Samsung heir begins naval officer training to become ensign SEOUL, September 23 (AJP) - Lee Ji-ho, the son of Samsung Electronics chairman Lee Jae-yong, began his military service as a naval officer candidate with a ceremony in Jinhae, South Gyeongsang Province on Tuesday. Of the 84 candidates who enrolled last Monday, 83 attended the ceremony after one male candidate withdrew. They will undergo 10 weeks of combat training, including marksmanship, chemical, biological, and radiological (CBR) defense drills as well as exercises involving inflatable boats, before being commissioned as ensigns in late November. Tuesday's ceremony was open only to the press, with no family or friends in attendance. Lee, set to serve as an interpreter officer, gave up his U.S. citizenship to carry out his military duty in South Korea. Earlier in 2014, Chey Min-jung, the daughter of SK Group chairman Chey Tae-won, drew attention by enrolling as a naval officer candidate, a rare move for a woman from a conglomerate family. Chey's case has sent a refreshing jolt through a world of privilege, where most scions of chaebol families are mysteriously exempt from mandatory military service. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-23 16:20:41