Journalist

Lee Na-kyeong
  • Korea Zinc Chairman Choi Yoon-beom Bets on Board Shake-Up Ahead of March Shareholder Vote
    Korea Zinc Chairman Choi Yoon-beom Bets on Board Shake-Up Ahead of March Shareholder Vote Choi Yoon-beom, chairman of Korea Zinc, has made a high-stakes push to reshape the board ahead of the company’s March annual shareholders meeting. The strategy is to seat all three director nominees backed by the company, strengthening his side ahead of an expected proxy fight at future shareholder meetings. On Sunday, Korea Zinc said it held an extraordinary board meeting and confirmed it will convene its 52nd annual general meeting of shareholders on March 24 at the Koreana Hotel in Seoul’s Jung District. With the company agreeing to put many items proposed by major shareholders on the agenda, the meeting is expected to be a turning point in the management control dispute. The main focus is the election of new directors. Of the 19 board seats, four directors have had their duties suspended under a court injunction, leaving 11 aligned with Choi and four aligned with MBK Partners and Young Poong, the company said. The terms of six inside and outside directors, including Choi and an adviser identified as Jang, expired on Feb. 16. Both sides are expected to wage a close vote battle over the six openings. The MBK-Young Poong alliance recommended five new director candidates, including Choi Yeon-seok, a partner at MBK Partners, and Park Byung-wook, for non-executive director posts, the company said. Korea Zinc nominated two candidates, including Choi, and also put forward Walter Field McLellan as a new outside director nominee recommended by Crucible, a joint venture tied to a smelter project in Clarksville, Tennessee. Choi’s side holds 44% in friendly stakes, narrowly ahead of the MBK-Young Poong alliance at 41%, according to the company. If all three company-backed nominees are elected, the board would be reshaped to a 9-6 split favoring Choi’s camp, it said. Another variable is an ongoing Financial Supervisory Service accounting review involving Korea Zinc and Young Poong. Depending on the outcome, Choi’s management decisions could come under scrutiny, potentially affecting the agenda item on his reappointment as an inside director. At Sunday’s extraordinary board meeting, Korea Zinc accepted most agenda items proposed by MBK Partners and Young Poong. The alliance had asked the company to include items to appoint an interim chair; set the number of directors to be elected at six; elect five directors, including two non-executive directors and three outside directors; convert 392.5 billion won in discretionary reserves into retained earnings; amend the articles of incorporation to introduce an executive officer system and conduct a stock split; and approve revisions to rules governing executive retirement payments. Korea Zinc said it will submit all but the interim chair appointment item to the annual meeting agenda. 2026-02-23 20:21:20
  • HMM Launches Generative AI Chatbot for Shippers to Streamline Service
    HMM Launches Generative AI Chatbot for Shippers to Streamline Service HMM said on the 23rd it has introduced a generative AI-based chatbot service for shippers, stepping up digital transformation at customer touchpoints. The chatbot, co-developed with LG CNS, is aimed at improving customer experience and strengthening service competitiveness that shippers can directly feel, the company said. HMM said the service is designed so shippers can get needed information through natural Q&A, like talking with an agent, without knowing precise shipping terms or complex procedures. It can help users check vessel schedules and freight rates, and handle tasks that require specialized knowledge, including △country-specific customs procedures △complex regulatory requirements △whether cargo qualifies as dangerous goods for transport. To serve shippers worldwide, the chatbot includes real-time translation in 17 languages. HMM said it expects shippers will be able to handle needed tasks immediately, anytime and anywhere, without language barriers, easing their workload. HMM said it will continue to upgrade its digital services based on actual customer usage data and gradually expand digital transformation closely aligned with shippers’ overall business flow. An HMM official said the chatbot is focused on fundamentally addressing inconveniences shippers have faced, adding that the company will strengthen its differentiated competitiveness by innovating the shipper experience.* This article has been translated by AI. 2026-02-23 13:24:17
  • HD Hyundai Heavy Delivers Philippine Offshore Patrol Vessel 5 Months Early
    HD Hyundai Heavy Delivers Philippine Offshore Patrol Vessel 5 Months Early HD Hyundai Heavy Industries has delivered the first offshore patrol vessel, or OPV, ordered by the Philippine Navy ahead of schedule. The company said Monday it recently delivered the Rajah Sulayman, the first of six OPVs it is building for the Philippine Navy, nearly five months earlier than the contracted delivery date. The 2,400-ton ship is equipped with an anti-submarine acoustic detection system and includes space to operate various mission modules. It was designed for use in multiple settings, including maritime surveillance, maritime security missions and military operations. HD Hyundai Heavy said the accelerated delivery will help the Philippine Navy field the ship sooner. Delivery schedules are considered a key measure of a shipbuilder’s capability because they directly affect force readiness and a country’s ability to sustain defense capabilities. Ahead of delivery, the company also provided a pre-delivery training program with cooperation from the South Korean navy to support stable operation of the vessel. “Through the early delivery of this Philippine Navy offshore patrol vessel, we proved both our reliability and our competitiveness in meeting delivery schedules,” a company official said. The official added that HD Hyundai Heavy will continue building and delivering the remaining ships to support modernization and stable operations for the Philippine Navy. HD Hyundai Heavy has participated in the Philippine Navy modernization program since 2016 and has won orders for 12 ships, including frigates and offshore patrol vessels. It delivered the first frigate, Jose Rizal, one month early and has delivered five ships ahead of schedule to date.* This article has been translated by AI. 2026-02-23 13:09:26
  • Kumho Petrochemical Earns A- in CDP Climate Rating
    Kumho Petrochemical Earns A- in CDP Climate Rating Kumho Petrochemical said Sunday it received an A- rating from CDP, a global sustainability and environmental, social and governance assessment platform, up from a B rating last year. CDP is a nonprofit that discloses, analyzes and evaluates environmental information from more than 24,000 major companies worldwide at the request of global financial institutions representing a combined $130 trillion in assets. It assesses companies’ climate strategies and execution, including efforts to cut greenhouse gas emissions, expand the use of self-consumed solar power and develop Scope 3 reduction road maps. CDP’s system can lower a company’s score if it shows no improvement from the previous year. The results are widely used as a key reference by global ESG rating agencies, institutional investors and international business partners, the company said. Kumho Petrochemical had maintained a B rating for the past three years but was upgraded to A- this year, it said. The company said the higher score reflected its management of carbon emissions in raw and subsidiary materials, known as Scope 3 Category 1, using verified data, and its establishment of a supply-chain climate assessment system that led to practical emissions reductions. Chief Executive Officer Baek Jong-hoon said earning the A- rating showed the company’s climate response had been applied across management and worksites, not limited to declarations or plans. “We will continue responsible climate action so that meaningful change continues across the entire process, including the supply chain,” he said. Separately, the Kumho Petrochemical Group said its affiliates Kumho Mitsui Chemicals and Kumho Polychem received Platinum ratings last year from EcoVadis, a global supply-chain sustainability assessor.* This article has been translated by AI. 2026-02-15 18:03:00
  • HD Hyundai Heavy Industries Pays Up to 12 Million Won in Bonuses to Partner Firms
    HD Hyundai Heavy Industries Pays Up to 12 Million Won in Bonuses to Partner Firms HD Hyundai Heavy Industries said it has paid what it described as the shipbuilding industry’s largest performance bonuses to its in-house partner firms. The company said Friday it paid up to 12 million won per person, including a 500,000-won holiday travel stipend, to workers at those partner firms. HD Hyundai Heavy said it expanded this year’s bonus program to share management results and narrow gaps with partner firms. The total payout exceeds 200 billion won. The company said it has continued bonus support for partner firms even during periods of weak industry conditions. It also said it is the only shipbuilder to provide holiday travel stipends to partner-firm employees and to offer free meals. It added that it runs other benefits programs for those workers, including education support. “Partner firms are companions who build shipbuilding competitiveness with us,” a company official said. “We will continue to expand practical, mutually beneficial measures that can be felt on the ground.” * This article has been translated by AI. 2026-02-13 14:12:51
  • SK Multi Utility Begins Full Operations at 300-MW LNG-LPG Cogeneration Plant in Ulsan
    SK Multi Utility Begins Full Operations at 300-MW LNG-LPG Cogeneration Plant in Ulsan SK Multi Utility (SKMU) said Thursday it has completed efficiency verification and entered stable operations at its 300-megawatt LNG-LPG cogeneration plant in Nam-gu, Ulsan. The project began construction in July 2022 and, after about 40 months of work, finished trial runs that started in late 2025. Cogeneration, or combined heat and power (CHP), produces electricity and steam from a single fuel source to boost energy efficiency. The SKMU plant was built on a site of about 39,000 square meters and includes one gas turbine, one steam turbine and one heat recovery steam generator (HRSG). The 300-MW facility can supply 2,412,000 megawatt-hours of electricity and 1.82 million tons of steam a year, SKMU said. The electricity output is enough for about 670,000 four-person households for a year, roughly comparable to the number of households in Daejeon (690,000). The steam output is intended to support petrochemical processes at the Ulsan Mipo National Industrial Complex. The plant uses two fuels, LNG and LPG, and SKMU said it has built a low-carbon energy system that reduces environmental burdens compared with coal-based facilities. SKMU said the new facility uses a dual-fuel system that can switch between LNG and LPG depending on seasonal and market price swings and supply conditions, allowing more stable and predictable energy costs for customers. If LNG prices surge, the gas turbine can run on LPG, and it can switch back to LNG when LPG supply is tight. SKMU said it expects to supply electricity and steam to existing customers including SK Chemicals, Toray Advanced Materials and KET, as well as other companies in the Ulsan Mipo National Industrial Complex. The company said it aims to improve production stability and cost efficiency for local businesses by ensuring reliable power and steam. "As economic slowdowns and uncertainty increase across industries, cutting power costs such as electricity is an important factor in improving manufacturing efficiency and cost competitiveness," SKMU CEO Kim Nam Gyu said. He said the company will use the dual-fuel system, strategic fuel operations and continued efficiency upgrades to build a sustainable energy ecosystem in the industrial complex.* This article has been translated by AI. 2026-02-13 10:18:00
  • U.S. Navy Team Visits HJ Shipbuilding Yard in Busan, Praises MRO Work
    U.S. Navy Team Visits HJ Shipbuilding Yard in Busan, Praises MRO Work HJ Shipbuilding & Construction said U.S. Navy officials visited its Yeongdo shipyard in Busan on Feb. 12 to inspect maintenance, repair and overhaul work on a U.S. vessel and praised the company’s technical capabilities. The delegation included Jim Goodheart, deputy director of the U.S. Navy Military Sealift Command’s ship management office, and five Navy supervisors, the company said on Thursday. HJ Shipbuilding signed a contract in December for intermediate maintenance on the 40,000-ton logistics support ship Amelia Earhart. The company said it began work immediately and plans to complete required MRO and improvement work and deliver the ship to the U.S. Navy by March. During the visit, the officials reviewed progress, shipyard operations and equipment that has already been serviced, and they praised the quality of the work, the company said. It added that the delegation also asked HJ Shipbuilding’s management for additional maintenance work beyond the scope of the existing contract, which the company expects would increase revenue and profit from its first MRO project. Chief Executive Yoo Sang-cheol said the company is focusing on schedule and quality control to meet the U.S. Navy’s requirements. “We will concentrate all of the company’s capabilities on meeting the delivery schedule and delivering a high-quality ship so this project can serve as a foundation for building trust with the U.S. Navy,” Yoo said. 2026-02-13 09:48:00
  • Hanwha Ocean Bonus Move Spurs Subcontractor Unions to Press Other Shipbuilders
    Hanwha Ocean Bonus Move Spurs Subcontractor Unions to Press Other Shipbuilders Hanwha Ocean’s decision to pay subcontractor workers bonuses at the same rate as its direct employees — in the 400% range — is raising pressure across South Korea’s shipbuilding industry. The move is being praised as a step toward narrowing the gap between prime contractors and subcontractors. But it is also fueling concerns that it could disrupt established bargaining practices. Because shipbuilding is highly cyclical, pledges to match bonus rates could become a financial burden during downturns. Industry officials said Feb. 12 that demands are spreading to “match bonus payout rates” between prime contractors and subcontractors. Four subcontractor branches of the Korean Metal Workers’ Union — Geoje-Tongyeong-Goseong Shipbuilding Subcontractors Branch, Jeonnam Shipbuilding Subcontractors Branch, Hyundai Heavy Industries In-House Subcontractors Branch and Weliv Branch — held a news conference at the National Assembly last month, arguing that subcontractor bonuses are far smaller than the average for regular employees and calling for broader adoption of equal bonus rates. The union said Hanwha Ocean’s announcement that it would pay the same bonus rate to in-house partner-company employees “reflects a long-standing demand at worksites and is an entirely natural decision.” It said HD Hyundai Heavy Industries and Samsung Heavy Industries, which it described as benefiting from a shipbuilding boom, should also improve performance compensation for subcontractor workers. The union said that while regular employees at prime contractors receive year-end bonuses worth tens of millions of won, subcontractor workers typically receive only a few million won. The shipbuilding industry’s top three companies have posted sharply improving results. Last year, the combined operating profit of South Korea’s “big three” shipbuilders was close to 6 trillion won. HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai Group’s shipbuilding business, reported operating profit of 3.9045 trillion won, up 172.3% from a year earlier. Hanwha Ocean and Samsung Heavy Industries posted operating profit of 1.1091 trillion won and 862.2 billion won, respectively. Combined revenue for the three companies also topped 50 trillion won. Companies say stronger earnings do not automatically justify larger bonuses. They point to the industry’s volatility, where profitability can swing sharply with the order cycle. During the prolonged downturn that began in the mid-2010s and lasted nearly a decade, Daewoo Shipbuilding & Marine Engineering was sold to Hanwha Group, and other shipbuilders also faced existential pressure. Rivals have reacted with unease to Hanwha Ocean’s decision. HD Hyundai Heavy Industries has postponed subcontractor bonus payments that had been planned for December to February. It plans to pay its direct employees bonuses of about 800% this month. HD Hyundai’s total bonus payout is far larger than Hanwha Ocean’s, meaning labor costs could rise significantly if a standard takes hold requiring equal bonus rates for prime contractors and subcontractors. Samsung Heavy Industries has also faced renewed controversy over bonuses. It has paid the same bonus rate to prime contractors and subcontractors, but the amount varies by years of service, and the overall bonus level is the lowest among the big three shipbuilders, the union has said. Lee Byeong Hun, a sociology professor at Chung-Ang University, said Hanwha Ocean’s case has had a positive impact on the labor market as management and regular employees moved to improve pay, treatment and bonuses for partner-company workers. He added that, especially after the Yellow Envelope Act takes effect, demands led by subcontractor unions are likely to intensify.* This article has been translated by AI. 2026-02-13 05:03:25
  • Hanwha Ocean to Pay 400% Bonus to Both Direct and Subcontracted Workers, Stirring Cost Concerns
    Hanwha Ocean to Pay 400% Bonus to Both Direct and Subcontracted Workers, Stirring Cost Concerns Hanwha Ocean, which posted an earnings surprise last year, will pay a performance bonus of about 400% of monthly base pay to both its direct employees and subcontracted workers. The move is effectively a first in South Korea’s shipbuilding industry to narrow the compensation gap between prime contractors and subcontractors. Supporters say it aligns with the Lee Jae Myung administration’s “equal pay for work of equal value” agenda, though critics warn it could add to cost pressures across manufacturing. According to reporting by Aju Business Daily on Wednesday, Hanwha Ocean decided to pay a performance bonus equal to 400% of monthly base pay for last year. It is the highest level since the company’s launch. The bonuses are to be paid in full just before the Lunar New Year holiday. The decision closely tracks the government’s labor policy direction. President Lee has repeatedly stressed the need to reduce wage gaps in industrial workplaces based on the principle of “equal pay for work of equal value.” After Hanwha Ocean set the policy to pay the same bonus to prime and subcontracted workers, Lee disclosed the plan during a Ministry of Employment and Labor briefing, saying, “It seems important to create a desirable corporate culture.” Prime Minister Kim Min Seok later visited Hanwha Ocean’s Seoul office last month and signed a labor-management cooperation agreement. In 2024, Hanwha Ocean’s regular employees received performance bonuses equal to 150% of base pay, while workers at partner firms received 75%, a wide gap. Last year, the company posted more than 1 trillion won in operating profit, helping lay the groundwork for equal bonus payments. In shipbuilding, subcontracted workers account for more than 60% of the total production workforce. Partner firms handle 70% to 80% of ship construction processes, but the compensation gap between prime contractors and subcontractors has continued to widen, critics say. Many in the industry view Hanwha Ocean’s decision as a potential step toward easing the two-tier labor structure common in shipbuilding and other manufacturing sites. With a shortage of skilled workers persisting despite a boom in orders, broader profit-sharing could help reduce worker outflows and attract new hires, analysts say. Still, concerns are growing that the move will increase costs for manufacturers. If equal compensation between prime contractors and subcontractors becomes a precedent, similar demands could spread to other industries. Another concern is the full implementation next month of the so-called Yellow Envelope Act, revisions to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act. The law requires prime contractors to bargain directly with subcontractor unions when the prime contractor exercises substantial control over subcontracted workers’ working conditions. “Performance bonuses inevitably vary depending on each company’s results and financial conditions,” an industry official said. “If the Hanwha Ocean case is accepted like a new standard, it could lead to higher labor costs across manufacturing.” 2026-02-13 05:03:00
  • Hanwha Ocean to Pay 400% Bonus to Both Contractors and Subcontractors
    Hanwha Ocean to Pay 400% Bonus to Both Contractors and Subcontractors Hanwha Ocean will pay a 400% performance bonus to both its direct employees and subcontracted workers, a rare move among major shipbuilders to apply the same high rate across prime and subcontract workforces. The decision is drawing attention as a potential step toward “equal pay for equal work” on the shop floor. According to Ajunews reporting on Wednesday, Hanwha Ocean decided to pay last year’s performance bonus at 400% of monthly base pay, its highest level since the company’s launch. The bonuses are scheduled to be paid in full on Thursday. The move is seen as reflecting improved results during the shipbuilding upcycle and a push to more directly reward contributions at production sites. The shipbuilding industry has long faced criticism that subcontracted workers handle about 60% of production processes but receive significantly lower welfare benefits and bonuses than direct employees. Hanwha Ocean said late last year it would pay the same performance bonus to both groups as part of labor-management cooperation. In 2024, Hanwha Ocean employees received bonuses equal to 150% of base pay, while workers at partner firms received 75%. Under the new plan, both direct and subcontracted workers will receive the same bonus rate. Industry observers said the decision could help ease the sector’s dual labor structure. With a shortage of skilled workers persisting during the boom, broader profit-sharing could help curb worker outflows and encourage new hiring. Samsung Heavy Industries has previously paid the same bonus rate to prime and subcontract workers, but the amounts were relatively limited, making Hanwha Ocean’s decision stand out, analysts said. The move also complicates calculations across the industry, as it could fuel demands for larger bonuses at shipbuilders already in conflict this year with subcontractor unions over bonus negotiations. Another pressure point is the planned March implementation of the so-called Yellow Envelope Act, revisions to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act. The bill calls for prime contractors to negotiate directly with subcontractor unions when the prime contractor exercises substantial control over subcontract workers’ conditions. Against that backdrop, HD Hyundai Heavy Industries postponed performance bonuses for subcontracted workers that had been slated for payment in December to February. By contrast, it plans to pay its direct employees performance bonuses of about 800% this month. Analysts also said Samsung Heavy Industries faces growing pressure over bonus levels. While it pays the same bonus rate to prime and subcontract workers, it differentiates payments by years of service, and its overall bonus level is known to be the lowest among the three major shipbuilders. “Combined with labor issues such as the Yellow Envelope Act, Hanwha Ocean’s move has become even more symbolic,” a shipbuilding industry official said. “In reality, compensation levels inevitably vary depending on each company’s performance and financial conditions, but one company’s decision can be treated as an industrywide benchmark, creating a significant burden.” 2026-02-12 19:36:00