Journalist

Shin Ji-a
  • Hyundai Steel Wins South Korea’s First KOLAS Recognition for Cryogenic Tensile Testing
    Hyundai Steel Wins South Korea’s First KOLAS Recognition for Cryogenic Tensile Testing Hyundai Steel said Wednesday it has become the first company in South Korea’s steel industry to receive Korea Laboratory Accreditation Scheme, or KOLAS, recognition in cryogenic materials testing, a key area for next-generation energy storage facilities. Its Pohang testing center recently received international accredited testing-lab recognition from KOLAS, an accreditation body under the Korean Agency for Technology and Standards, for cryogenic tensile testing. KOLAS accreditation is an international certification system that recognizes the competence of testing, calibration and inspection bodies under global standards. Test reports bearing KOLAS accreditation are recognized as equivalent in 104 member countries of the International Laboratory Accreditation Cooperation, or ILAC, and are widely seen as a marker of technical credibility. Hyundai Steel said the accreditation is also the first case in South Korea to meet test requirements under what it described as the world’s most stringent standards for LNG storage tank design and construction. The recognition covers not only the test itself but also strict temperature-control conditions. Cryogenic tensile testing is a required quality-verification process that evaluates how steel reinforcement withstands impact and loads in extreme cold of minus 165 degrees Celsius or lower. The company said the work demands precise control, including managing temperature deviation at the center of the specimen, meeting required holding times after reaching cryogenic temperatures, and controlling strain rate. Because of those requirements, domestic companies had relied on overseas specialized labs such as the Luxembourg Institute of Science and Technology, or LIST, for cryogenic testing. Hyundai Steel said it has localized the capability with its own technology, strengthening technical self-reliance. With the accreditation, Hyundai Steel said it can now provide a one-stop solution, from producing materials to issuing internationally recognized test reports. It also said it can sharply cut the time needed to issue certificates, which typically took three months or longer, helping shorten delivery schedules. The company said the capability is expected to be especially useful in LNG terminal projects. It said Korea Gas Corp. and Doosan Enerbility have been reported to highly value the ability to conduct fast and accurate verification in South Korea without relying on overseas institutions. A Hyundai Steel official said the KOLAS recognition shows the company is evolving beyond a steel supplier into a technology company that provides customers with trust and safety. “Through continuous R&D and more advanced testing and analysis capabilities, we will become a premium partner that customers seek out first,” the official said.* This article has been translated by AI. 2026-02-12 10:24:00
  • Chinese steel prices hit 8-week low, weighing on South Korean mills
    Chinese steel prices hit 8-week low, weighing on South Korean mills SEOUL, February 11 (AJP) - China’s steel prices have fallen to an eight-week low, heightening concerns that South Korea’s steel industry could face mounting pressure amid new European carbon rules and rising domestic electricity costs. Rebar futures slipped below 3,060 yuan ($425) per ton on Monday, their lowest level in two months, according to Trading Economics. The decline comes as Chinese steelmakers scale back production ahead of the extended holiday shutdown, while blast furnace and electric-arc furnace operators conduct scheduled maintenance. Parts of Hebei province may also impose temporary output curbs due to air pollution alerts. Weaker domestic demand and falling futures prices typically lead Chinese producers to lower export offers, weighing on prices across Asian markets, including South Korea. Domestic steel prices in South Korea often adjust more slowly, leaving producers squeezed between stable production costs and delayed price declines. Meanwhile, iron ore inventories at major Chinese ports climbed to about 162 million tons last week, the highest level since 2022, suggesting stockpiles remain elevated even after mills completed pre-holiday restocking. Analysts warn surplus material could be cleared through exports into regional markets, potentially rerouted via Southeast Asia and ultimately adding pressure to South Korea’s steel distribution sector. South Korean producers are simultaneously preparing for the European Union’s Carbon Border Adjustment Mechanism (CBAM), which requires exporters to report embedded carbon emissions and, from 2026, purchase certificates covering those emissions. The Korea Chamber of Commerce and Industry estimates the scheme could cost South Korea’s steel sector more than 3 trillion won ($2.3 billion) over the next decade. Domestic cost pressures are also rising. The government plans to lower industrial electricity rates during daytime hours while raising nighttime tariffs and introducing regional rate differences. Such changes are expected to particularly affect electric-arc furnace operators, for whom electricity represents a major share of production costs. Although industrial power consumption has fallen to a five-year low, Korea Electric Power Corp. has posted record revenue, prompting industry complaints about elevated power costs. “Despite rising concerns over industrial electricity rates, companies are continuing efforts to strengthen technological competitiveness in preparation for the EU’s CBAM,” a steel industry official said. “We also need to closely monitor how China’s price decline could affect the domestic market over the medium to long term.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-11 08:32:15
  • China Steel Prices Hit 8-Week Low, Adding Pressure on South Korean Mills
    China Steel Prices Hit 8-Week Low, Adding Pressure on South Korean Mills China’s steel prices have fallen to an eight-week low ahead of the Lunar New Year holiday, raising concerns that South Korea’s steel industry could face a three-way squeeze as the European Union’s Carbon Border Adjustment Mechanism, or CBAM, takes effect and the South Korean government moves to raise industrial electricity costs and introduce region-by-region pricing. Trading Economics said Feb. 10 that rebar futures fell below 3,060 yuan (about 650,000 won) a ton, the lowest level in eight weeks. The drop came as Chinese steelmakers cut operations ahead of the extended holiday shutdown. Blast furnaces and electric arc furnaces in China also halted production for scheduled maintenance, and parts of Hebei province could face temporary curbs under air-pollution alerts. Weaker Chinese demand and softer futures prices tend to push down export prices for Chinese steel, adding downward pressure across Asian markets and on steel distribution prices in South Korea. When Chinese prices bottom out, South Korean prices often adjust later, leaving South Korean producers facing unchanged costs while selling prices fall with a lag. Iron ore inventories at major Chinese ports reached about 162 million tons last week, the highest level since 2022. The buildup suggests port stockpiles remain elevated even after mills finished pre-holiday restocking. The accumulated inventory could be pushed into Asian markets through “dumping” exports, including possible indirect shipments to South Korea via Southeast Asia, potentially disrupting South Korea’s steel distribution market. South Korea’s steel industry is also bracing for the EU’s CBAM, designed to prevent carbon leakage. Under the system, steel exporters must report emissions data for exported products and later pay carbon costs. The Korea Chamber of Commerce and Industry has estimated that CBAM could leave South Korea’s steel industry paying more than 3 trillion won in carbon certificate costs over the next 10 years. Separately, the government has said it plans to lower industrial electricity rates during the day and raise them at night, and has outlined a plan to differentiate electricity rates by region. The changes are expected to weigh more heavily on steelmakers centered on electric arc furnaces, where power costs make up a larger share of production costs. Industrial power sales have fallen to a five-year low, but Korea Electric Power Corp.’s sales revenue has hit a record high, fueling complaints in the steel industry about high industrial electricity rates. A steel industry official said companies are continuing efforts to strengthen technological competitiveness to prepare for CBAM despite concerns over steadily rising industrial electricity rates. The official said the impact of falling Chinese steel prices on the domestic market should be watched over the medium to long term under multiple scenarios.* This article has been translated by AI. 2026-02-11 05:03:00
  • South Koreas GS Group posts strong 4Q profit, but full-year earnings slip
    South Korea's GS Group posts strong 4Q profit, but full-year earnings slip SEOUL, February 10 (AJP) - South Korea’s GS Group reported stronger fourth-quarter earnings on improved refining margins, although full-year profit declined as weakness in petrochemicals and power generation weighed on results. In a regulatory filing on Monday, GS said fourth-quarter revenue rose 1.4 percent from a year earlier to 6.49 trillion won, while operating profit jumped 23.3 percent to 767.2 billion won. For full-year 2025, however, revenue slipped 0.3 percent to 25.18 trillion won and operating profit fell 4.9 percent to 2.93 trillion won. Energy affiliate GS Caltex led quarterly gains, posting a 136.5 percent surge in fourth-quarter operating profit to 653.4 billion won, while revenue rose 2.5 percent to 11.75 trillion won. For the full year, operating profit increased 61.3 percent to 884 billion won despite a 6.3 percent decline in revenue to 44.63 trillion won. GS Caltex said refining performance improved in the fourth quarter as product margins strengthened despite falling crude prices. Oil prices declined amid expectations of increased supply following higher OPEC output, but disruptions at overseas refineries and seasonal demand helped widen product spreads, supporting profits. GS Energy, another key subsidiary, reported fourth-quarter revenue of 1.66 trillion won and operating profit of 701.9 billion won, up 18 percent and 65 percent respectively from a year earlier. Within GS Energy, however, performance diverged by business segment. Power and district heating operations saw revenue fall 15 percent to 402.4 billion won, with operating profit declining 22 percent to 55.4 billion won due to lower electricity prices. A GS official said overall performance in 2025 was weighed down by persistently weak petrochemical margins amid global oversupply and softer demand, while profitability at power-generation affiliates declined. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-10 17:16:56
  • HD Korea Shipbuilding & Offshore posts 2025 operating profit of 3.9045 trillion won, up 172.3%
    HD Korea Shipbuilding & Offshore posts 2025 operating profit of 3.9045 trillion won, up 172.3% HD Korea Shipbuilding & Offshore, the intermediate holding company for HD Hyundai’s shipbuilding business, said Monday in a regulatory filing that its 2025 consolidated revenue rose 17.2% from a year earlier to 29.9332 trillion won, while operating profit jumped 172.3% to 3.9045 trillion won. Fourth-quarter revenue increased 13.8% to 8.1516 trillion won, and operating profit rose 108% to 1.0379 trillion won from the same period a year earlier, it said. By affiliate, HD Hyundai Heavy Industries posted 2025 revenue of 17.5806 trillion won and operating profit of 2.0375 trillion won. HD Hyundai Samho reported revenue of 8.0714 trillion won and operating profit of 1.3628 trillion won. HD Hyundai Mipo reported third-quarter cumulative revenue of 3.7186 trillion won and operating profit of 358.7 billion won. Ship-engine affiliate HD Hyundai Marine Engine reported revenue of 402.4 billion won and operating profit of 75.9 billion won, citing higher engine volumes and increased parts sales. Solar affiliate HD Hyundai Energy Solutions posted revenue of 492.7 billion won and operating profit of 41.2 billion won on higher domestic and overseas sales volumes and a recovery in selling prices. By business segment, the shipbuilding unit reported revenue up 13.4% to 25.0365 trillion won and operating profit up 119.9% to 3.3149 trillion won, driven by higher build volumes, a larger share of high-priced ship sales and continued productivity gains from process efficiency. The engine and machinery segment reported revenue of 4.2859 trillion won and operating profit of 774.6 billion won, supported by increased marine-engine sales, a higher share of eco-friendly, high value-added engines and improved results in engine parts. The offshore plant segment posted revenue of 1.2436 trillion won and operating profit of 137.9 billion won, returning to profit from a year earlier as work expanded on existing projects. “Solid performance is continuing across affiliates, including shipbuilding and engines, based on competitiveness in each business area,” a company official said. “With a stable order backlog, we will enhance profitability through a selective order strategy.” 2026-02-09 14:15:00
  • LG Energy Solution to Buy Stellantis Stake, Take Full Control of NextStar Energy
    LG Energy Solution to Buy Stellantis Stake, Take Full Control of NextStar Energy LG Energy Solution said Thursday it will convert its Canadian joint venture with Stellantis, NextStar Energy, into a wholly owned subsidiary by acquiring Stellantis’ 49% stake. NextStar Energy began producing batteries for energy storage systems, or ESS, in late November. LG Energy Solution said it plans to run the Canadian plant this year as a production hub to target the North American ESS market. The company is expected to benefit from improved profitability because it will receive investment subsidies from the Canadian government on its own, as well as subsidies equivalent to the U.S. Advanced Manufacturing Production Credit, or AMPC. LG Energy Solution said the two companies will keep their partnership intact after the deal. Stellantis will continue to receive electric vehicle batteries from the Canadian plant as previously planned even after selling its stake. With the acquisition, LG Energy Solution will operate three ESS production bases in North America, following its plants in Holland and Lansing, Michigan. It plans to nearly double ESS production capacity by the end of this year to 60 gigawatt-hours globally, including more than 50 GWh in North America. NextStar Energy is in stable mass production and plans to more than double ESS battery output this year. Chief Executive Officer Kim Dong Myung said the Canadian site strengthens the company’s growth foundation in North America. “We will not only respond quickly to surging ESS demand, but also secure additional North America-based customers and build our position to play a key role in the EV industry,” he said. * This article has been translated by AI. 2026-02-06 16:54:00
  • Hanwha Ocean to build Koreas largest wind turbine installation vessel
    Hanwha Ocean to build Korea's largest wind turbine installation vessel SEOUL, February 06 (AJP) - Hanwha Ocean said on Friday it had secured a 768.7 billion won ($530 million) order to build a wind turbine installation vessel from affiliate Ocean Wind Power 1. Delivery of the vessel is scheduled for the first half of 2028. The company said deployment will initially be considered for domestic offshore wind projects. According to Hanwha Ocean, the vessel will be the first in South Korea capable of installing 15-megawatt-class offshore wind turbines and is expected to become the largest operating in the country’s offshore wind sector. The company noted that many offshore wind projects in South Korea have relied on vessels built and operated by Chinese companies, raising concerns over supply-chain dependence. The new order is expected to help strengthen domestic shipbuilding capability and local supply chains for offshore wind projects. A company official said the government is expanding port and vessel infrastructure as it seeks to install 25 gigawatts of offshore wind capacity by 2035. "Hanwha Ocean aims to support growth in the country’s offshore wind industry through the project," the official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-06 15:50:30
  • Hanwha Ocean Wins $5.7 Billion Order for Offshore Wind Turbine Installation Vessel
    Hanwha Ocean Wins $5.7 Billion Order for Offshore Wind Turbine Installation Vessel Hanwha Ocean said in a regulatory filing Thursday that it has won an order worth 7.687 trillion won for one wind turbine installation vessel, or WTIV, from its affiliate Ocean Wind Power 1. The vessel is scheduled for delivery in the first half of 2028. Hanwha Ocean said it will first consider deploying it to domestic offshore wind projects, including the Sinan Ui offshore wind project. Hanwha Ocean said the WTIV will be South Korea’s first vessel capable of installing 15-megawatt offshore wind turbines and is expected to be the largest WTIV operated in the country’s offshore wind sector. The company said South Korea’s offshore wind sites have increasingly relied on China-built and China-operated vessels that are brought in after changing their registered nationality, heightening supply-chain risks. It said the new order could be a proactive example of building core offshore wind infrastructure with a domestically built vessel and a local supply chain. A Hanwha Ocean official said the government is working to expand infrastructure such as ports and vessels as it aims to deploy 25 gigawatts of offshore wind capacity by 2035, adding that Hanwha Ocean will contribute to the growth of South Korea’s offshore wind industry. 2026-02-06 15:12:18
  • HD Construction Equipment posts 2025 combined sales of 8.32 trillion won
    HD Construction Equipment posts 2025 combined sales of 8.32 trillion won HD Construction Equipment, HD Hyundai’s integrated construction-equipment holding company launched in January, said Thursday that its two units — HD Hyundai Construction Equipment and HD Hyundai Infracore — posted combined 2025 sales of 8.3243 trillion won and operating profit of 457.3 billion won. HD Hyundai Construction Equipment reported 2025 sales of 3.7765 trillion won and operating profit of 170.9 billion won. Sales rose 9.8% from a year earlier, but operating profit fell 10.3% due to higher one-time costs tied to restructuring its China business. The company cited strong growth in emerging markets, Europe and China. Sales in emerging markets rose 21% year over year as mining and infrastructure development continued. Europe and China grew 18% and 26%, respectively, on improving demand. HD Hyundai Infracore posted 2025 sales of 4.5478 trillion won and operating profit of 286.4 billion won, up 10.5% and 55.5% from a year earlier. Its engine business recorded sales of 1.3264 trillion won and an operating margin of 14.3%. An HD Construction Equipment official said the company will strengthen integration synergies and region-specific sales strategies in line with a global market recovery. The official said it will also focus on securing future technology competitiveness and diversifying profit sources, including the aftermarket, engines and compact equipment businesses, to support sustained growth. 2026-02-06 15:12:00
  • HD Hyundai Electric posts 2025 operating profit of 995.3 billion won, up 48.8%
    HD Hyundai Electric posts 2025 operating profit of 995.3 billion won, up 48.8% HD Hyundai Electric said Thursday it posted 2025 revenue of 4.0795 trillion won and operating profit of 995.3 billion won, up 22.8% and 48.8% from a year earlier. Sales of power equipment, driven by overseas markets, rose 29.7%. The company cited expanding AI-related industries and rising investment in high-power infrastructure such as data centers, with strong conditions continuing in its key North American market. Revenue in Europe climbed 38.3% from a year earlier and accounted for more than about 10% of total sales. Annual orders totaled US$4.274 billion, exceeding its full-year target of US$3.822 billion. The order backlog rose 21.5% to US$6.731 billion, strengthening its medium- to long-term growth base. A company official said HD Hyundai Electric has already secured more than three years of backlog as global investment in power infrastructure increases. The official said the company will focus on strengthening partnerships, including reserving production schedules with key customers, rather than aggressively expanding orders, to manage external risks such as exchange rates and raw material prices, and will continue a selective order strategy centered on profitability.* This article has been translated by AI. 2026-02-06 14:54:20