AJU PRESS - ASIA NEWS HUB

Journalist

Kim Dong-young davekim0807@ajupress.com

Korea Zinc emerges as key player in global battle for critical minerals Editor's Note: This article is the 33rd installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, August 27 (AJP) - As Washington scrambles to secure supplies of critical minerals, a South Korean metals giant has emerged as an unlikely player in the great-power contest — and a target of boardroom intrigue at home. Korea Zinc, the world’s largest non-ferrous metal smelter, shipped its first batch of antimony to Baltimore in June, a milestone for both U.S.-Korea ties and Washington’s efforts to cut reliance on Chinese-dominated supply chains. The mineral, essential for producing ammunition and missiles, is among the materials the Pentagon deems vital for national security. “South Korean exports of antimony to the U.S. will play an important role in diversifying supply chains away from their original dependence on China,” said Park So-young, a senior researcher at the Korea International Trade Association. Yet even as Korea Zinc positions itself as a linchpin in Western supply chains, the company faces an existential threat at home: a hostile takeover attempt by its founding partner and largest shareholder, Young Poong. The drama traces back to 1974, when entrepreneurs Chang Byung-hee and Choi Ki-ho created twin corporate empires — Young Poong, controlled by the Chang family, and Korea Zinc, run by the Chois. For nearly five decades, the arrangement held. Korea Zinc built smelters for zinc, copper and lead, then expanded globally with Sun Metals Corporation in Australia in 1996. By late 2023, it had begun building the world’s first integrated nickel smelter. The balance shifted in 2022, when Choi Yun-birm, grandson of co-founder Choi Ki-ho, became chairman and began cutting ties with Young Poong. A year later, Young Poong, backed by private equity giant MBK Partners, launched a tender offer to acquire nearly 15 percent of Korea Zinc. The battle has since spiraled into lawsuits, shareholder clashes and speculation about Chinese influence. Korea Zinc struck back in January, with its Australian unit buying a 10 percent stake in Young Poong — a countermove that all but ensured a prolonged stalemate. Despite the turmoil, Korea Zinc reported its strongest-ever half-year results in August: 7.66 trillion won (about $5.5 billion) in revenue, up 41 percent from a year earlier, and 530 billion won in operating profit. It was the company’s 102nd consecutive profitable quarter. The surge was fueled by its unique capacity to extract more than 10 types of rare metals from ore concentrates. Antimony sales alone rose nearly 30 percent in volume, with revenue more than quintupling. Silver and gold revenues also jumped, reflecting strong demand for precious and industrial metals. Betting on the future Choi has framed the company’s “Troika Drive” strategy — focused on green hydrogen, secondary battery materials and resource recycling — as essential for Korea Zinc’s survival. Speaking at the company’s 51st anniversary in August, he alluded to the takeover fight without naming names. “Last September, we faced a shocking challenge that made us reconsider our company’s reason for existence and the values we must protect,” he said. On Aug. 25, Korea Zinc announced a memorandum of understanding with Lockheed Martin to supply germanium, a key mineral used in night-vision gear and satellite systems. The company plans to invest about $100 million in a new germanium plant in South Korea, slated to open in 2028. The contest for Korea Zinc carries stakes beyond corporate Korea. In an era when minerals underpin both clean-energy transitions and national defense, the company’s independence — and its orientation toward Western supply chains — could prove as consequential as the metals it refines. 2025-08-28 09:47:28
Hyundai consolidates shipbuilding units as US defense ties deepen SEOUL, August 27 (AJP) - HD Hyundai Heavy Industries and HD Hyundai Mipo Dockyard said Wednesday they would merge by the end of the year, creating South Korea’s largest shipbuilder as the country seeks to expand its role in global naval modernization and deepen cooperation with the United States. The boards of both firms and their parent company, HD Korea Shipbuilding & Offshore Engineering, approved the consolidation, which will fold Mipo into Hyundai Heavy. Shareholders and regulators must still sign off, but the companies expect the transaction to close in December. The combination unites the world’s biggest commercial shipbuilder with a leading mid-sized yard, a move Hyundai executives say will yield economies of scale, sharper technological capabilities and stronger competitiveness against consolidated rivals in China and Japan. The merged entity will lean heavily into the global defense boom. Hyundai Heavy is already South Korea’s top naval shipbuilder, with a track record in destroyers, submarines and export contracts, while Mipo brings dry-dock capacity and facilities that are suited for warship projects. Together, the companies have set a target of 10 trillion won, or $7.15 billion, in annual defense revenue by 2035. The merger comes just days after HD Hyundai signed a memorandum of understanding on maritime investment with U.S. counterparts, part of a $150 billion initiative dubbed “Make American Shipbuilding Great Again,” or MASGA. The effort underscores Seoul’s growing role as Washington’s shipbuilding partner at a time when global navies are racing to modernize fleets. Hyundai executives also framed the consolidation as a way to accelerate development in specialized vessels such as icebreakers — tied to the Alaska liquefied natural gas project — and to scale up investment in green propulsion systems across vessel sizes. By pooling research, they said, the combined company could cut costs and shorten development timelines. To further streamline its global operations, HD Korea Shipbuilding & Offshore Engineering plans to establish an overseas investment arm in Singapore in December. The new unit will oversee Hyundai’s shipyards in Vietnam and the Philippines, and spearhead international expansion in bulk carriers and tankers, where Chinese competitors have been capturing market share. 2025-08-27 17:19:44
More babies born outside marriage in S. Korea, reflecting possible shifts in family norms SEOUL, August 27 (AJP) - South Korea recorded its highest proportion of children born outside marriage in 2024, reflecting a rapid shift in family structures in a country long defined by rigid norms around marriage and childbearing. About 13,800 babies — 5.8 percent of all births last year — were born to unmarried parents, according to data released Wednesday by Statistics Korea. While the share remains small compared with Western nations, it marks a sharp increase from just 2 percent a decade ago. The rate climbed to 3.9 percent in 2022, 4.7 percent in 2023 and now nearly 6 percent, the highest on record. The change appears to mirror evolving social attitudes. In surveys, 37 percent of South Koreans said they now support having children outside marriage, up from 22 percent in 2021. Statistics officials attributed the rise to shifting views on family and a growing acceptance of nontraditional households. Overall births in South Korea ticked up for the first time in more than a decade, totaling 238,300 in 2024 — an increase of 3.6 percent from the year before. The country’s fertility rate also inched up, to 0.75 from 0.72, halting a nine-year slide but remaining the lowest among major economies and far below the replacement rate of 2.1. Still, policymakers saw some hopeful signs. Births within two years of marriage rose for the first time since 2012, and the average age of mothers crept up only slightly, to 33.7 years, while fathers averaged 36.1. Women in their early 30s had the highest birth rate, with 70.4 births per 1,000 women. Other indicators reflected longer-term demographic challenges. Multiple births made up 5.7 percent of the total, while premature births under 37 weeks rose to 10.2 percent, the highest level since records began for single births. Although South Korea has one of the world’s lowest fertility rates, the rise in nonmarital births suggests a gradual loosening of cultural constraints. Whether that shift will translate into more children overall remains unclear — but officials say it signals that younger generations may be reimagining what family looks like. 2025-08-27 16:24:17
In Philadelphia, Korean-owned shipyard becomes symbol of renewed US maritime ambitions SEOUL, August 27 (AJP) - The clang of steel and the whistle of cranes at Hanwha Philly Shipyard carried more than the sound of shipbuilding on Tuesday (local time). For South Korea’s president Lee Jae Myung, the sprawling yard on the banks of the Delaware River has become a stage for something larger: a deepening partnership between Seoul and Washington that is being forged in steel, jobs and ships. Standing before a crowd of shipyard workers, state officials and Korean executives, Lee presided over the naming ceremony of the State of Marine, a $300 million training and emergency response vessel for the U.S. Maritime Administration. It is the third in a five-ship order that the yard is constructing — part of a broader effort by the United States to revive its struggling shipbuilding industry with foreign know-how. “Just as Korean entrepreneurs and workers created the miracle of Korean shipbuilding on barren land, let Korea and the United States join forces to make the MASGA miracle a reality,” Lee said, invoking the slogan for a $150 billion initiative known as “Make American Shipbuilding Great Again,” which Seoul advanced during trade negotiations in July. The Philadelphia yard, once a Navy facility established in 1801, had fallen into decline before being converted to civilian use in the late 1990s. Its fortunes turned again last year when Hanwha Ocean, South Korea’s second-largest shipbuilder, bought the site — the first time a Korean company has taken ownership of an American shipyard. For Lee, the acquisition represents more than a business deal. He called it the start of “a new path of challenge,” one that could bolster U.S. maritime security while showcasing South Korea’s shipbuilding prowess. Hanwha executives say they plan to scale up the yard’s annual output from fewer than two ships today to as many as 20 within a decade, aiming for $4 billion in annual revenue. The partnership has drawn praise from local leaders eager for manufacturing jobs. Pennsylvania Gov. Josh Shapiro joined Lee at the ceremony, as did Kim Dong-kwan, Hanwha’s vice chairman, who highlighted the “good jobs, advanced ships and skilled workforce” being created on U.S. soil. For a shipyard with centuries of history, the moment carried a sense of renewal. Once a cornerstone of America’s naval might, the yard is now being repositioned by a foreign owner to help Washington meet modern maritime demands. In that sense, Hanwha Philly Shipyard has become not just a factory, but a test case — a symbol of how South Korea and the United States are increasingly building their alliance not only through defense treaties and summits, but also through welders’ torches and assembly lines. 2025-08-27 14:19:17
[[K-Tech]] Shining light on brain cuts urge to drink, Korean researchers report SEOUL, August 27 (AJP) - South Korean researchers say they have found that shining near-infrared light on the brain can significantly ease alcohol cravings and dependency, opening a potential new path for addiction treatment. The Ulsan National Institute of Science and Technology (UNIST) said Wednesday that, in a clinical study, patients who received the therapy showed measurable reductions in both their urge to drink and overall dependency levels. The research, conducted jointly with Yonsei University’s Severance Hospital, Samsung Medical Center and Seoul National University, tested a technique delivering light stimulation directly to brain tissue. Over a five-week period, participants were divided into three groups: one receiving brain light therapy, another undergoing vagus nerve electrical stimulation, and a third receiving both treatments. Patients self-administered the sessions for 15 minutes a day, five times a week. Those in the light therapy groups experienced what the researchers described as “meaningful” improvements, while participants receiving only vagus nerve stimulation showed no significant change. “We have proven for the first time that this method can simultaneously reduce both alcohol cravings and dependency,” said Chung Dong-il, a professor of biomedical engineering at UNIST. The findings come as the global market for alcohol addiction treatments, projected to reach $15 billion in 2025 and grow about 7 percent annually, searches for more effective solutions. The team said it plans to develop personalized digital therapeutic devices based on the technology. 2025-08-27 10:03:55
South Korea to introduce fast-track immigration lanes for foreign executives SEOUL, August 26 (AJP) - South Korea will open expedited immigration lanes for foreign business executives at Incheon International Airport starting Aug. 31, in a pilot program aimed at strengthening the country’s appeal as a regional business hub. The lanes, which will operate through December, are intended to shorten wait times for foreign travelers using staffed immigration counters, the Ministry of Land, Infrastructure and Transport said Tuesday. On average, foreigners spend 24 to 35 minutes clearing immigration at the Incheon airport, more than 10 times longer than the two minutes it typically takes South Korean nationals using automated gates. Under the program, six major business organizations — including the Federation of Korean Industries and the American Chamber of Commerce in Korea — will nominate executives eligible to use the new lanes. The initiative follows a June meeting between President Lee Jae Myung and business leaders who called for faster entry procedures. Incheon, South Korea’s main gateway, was ranked first globally for short immigration processing times in the first two quarters of 2025 by Airports Council International. But rising passenger numbers have eroded its competitiveness against regional rivals, notably Singapore’s Changi Airport, where wait times for foreign travelers are often under 10 minutes. The government said it will review the trial program before deciding whether to expand it to other international airports, including Gimpo and Gimhae. Officials are also weighing broader reforms, such as allowing general foreign visitors to use automated immigration gates now reserved for South Korean citizens and registered foreign residents. 2025-08-26 15:53:30
South Korean consumer confidence reaches 8-year high SEOUL, August 26 (AJP) - South Korean consumer confidence rose in August to its highest level in nearly eight years, buoyed by stronger household spending and robust exports, according to central bank data released Tuesday. The Bank of Korea’s Composite Consumer Sentiment Index edged up to 111.4 in August from 110.8 the previous month, the fifth straight monthly gain. The reading was the highest since January 2018, when the index stood at 111.6. A score above 100 signals optimism compared with the long-term average between 2003 and 2024. The rebound follows a steep 12.5-point drop last December, when the economy briefly froze during the political turmoil surrounding the martial law crisis. Since April, sentiment has steadily improved as financial conditions stabilized. Assessments of current economic conditions climbed seven points to 93, while views on present living standards rose two points to 96. But expectations for the broader economy declined six points to 100, suggesting lingering uncertainty. Housing market sentiment also ticked higher, with price expectations rebounding to 111 after a sharp decline in July, when government debt-control measures unsettled the market. Additional data underscored signs of a spending revival. Korea Credit Data, a financial services firm, reported that small business card sales rose 6.4 percent year-on-year in the four weeks after the government distributed consumer vouchers. 2025-08-26 15:08:11
Lee, Trump will strengthen shipbuilding cooperation under 'MASGA' initiative SEOUL, August 26 (AJP) - South Korea’s President Lee Jae Myung and U.S. President Donald Trump and on Monday (local time) pledged to expand cooperation in shipbuilding, with Trump endorsing a sweeping South Korean proposal aimed at reviving America’s long-declining industry. At their first summit meeting at the White House, Trump voiced support for what Seoul has branded the “Make American Shipbuilding Great Again” initiative, or MASGA — a $150 billion plan advanced by South Korea during trade negotiations in July. The proposal calls for direct U.S. purchases of Korean-built vessels and expanded South Korean investment to rebuild America’s shipyard capacity. “We’re going to be buying ships from South Korea. We’re also going to have them make ships here with our people, using our people, and we’re going to go back into the shipbuilding business again,” Trump said. “We love their ships.” While calling the project promising, Trump cautioned that results would take time. “Shipbuilding is a tough one to start,” he said. “You know, it takes a while.” The plan underscores how far the U.S. has fallen behind in an industry it once dominated. Economists point to the Merchant Marine Act of 1920, better known as the Jones Act, as a key factor in the sector’s decline, entrenching monopolies and driving up costs. China, by contrast, has rapidly expanded its capacity, surpassing the United States in fleet size last year with 234 vessels to America’s 219, according to defense data. Some Republican lawmakers have pushed to roll back parts of the Jones Act, and analysts say Trump could seek executive measures to ease restrictions. But the scope of potential changes remains unclear. On the sidelines of the summit, South Korea’s HD Hyundai moved quickly to position itself as the project’s anchor partner, signing a memorandum of understanding on U.S. maritime investment. The company said it would help strengthen American shipbuilding, marine logistics and advanced maritime technology as part of the MASGA initiative. 2025-08-26 10:10:46
LocknLock sets up subsidiary in India SEOUL, August 25 (AJP) - LocknLock, the South Korean lifestyle products maker best known for its food storage containers and tumblers, said Monday it has established a subsidiary in India, part of its broader effort to deepen its reach in emerging markets. The Mumbai-based unit will focus on developing products tailored to Indian consumers, including a localized version of the company’s Metro tumbler line, which is marketed on its use of safe materials and minimalist design. LocknLock presented its product lineup at the HGH India trade show in Mumbai last month, the country’s largest home and lifestyle business-to-business exhibition. “India represents tremendous growth potential, driven by its large and youthful consumer base,” said Jeoung Jae-won, head of LocknLock India. Jeong added that the company would pair product innovation with expanded distribution through both online and offline channels to establish itself as a premium lifestyle brand in the market. Founded in 1978, LocknLock operates subsidiaries in seven countries, including China, Vietnam and the United States. The company said it intends to strengthen its presence in Europe and Latin America while broadening its product lineup in key existing markets. 2025-08-25 15:53:04
Hyundai Motor's Ioniq 9 defies slump in global EV sales SEOUL, August 25 (AJP) - Hyundai Motor’s latest electric sport utility vehicle, the Ioniq 9, has sold nearly 15,000 units worldwide in the six months since its debut, the company said Monday. The large SUV, a centerpiece of Hyundai Motor Group’s collaboration with battery maker SK On, recorded 14,391 sales across domestic and international markets through July, the company said. The vehicle was first released in South Korea in February. The performance stands out against the backdrop of what analysts have dubbed the “EV chasm,” a slowdown in consumer appetite that has forced many automakers to scale back production and delay investment plans. Hyundai sold 4,789 units in South Korea, 4,745 overseas, and 4,857 through its new Metaplant America factory in Georgia. Exports began in April, and by July, sales abroad had already surpassed domestic deliveries. The model has proved especially popular in the United States, where 2,086 vehicles were sold in just three months despite a broader downturn in EV sales. Hyundai splits production between its plant in Asan, south of Seoul, which builds export models, and its $7.6 billion Georgia complex, which supplies the American market. The localized output allows SK On, Hyundai’s battery partner, to take advantage of federal tax credits tied to the Trump administration’s clean energy laws. SK On operates two battery plants in Georgia and is building a third, a 35-gigawatt-hour joint venture facility with Hyundai. Analysts see the partnership as strategically significant: Hyundai gains a secure supply of batteries, while SK On deepens its foothold in the critical North American market. 2025-08-25 15:19:55