HD Hyundai chairman attends meeting hosted by India's Prime Minister Modi SEOUL, January 29 (AJP) - HD Hyundai Chairman Chung Ki-sun met with Indian Prime Minister Narendra Modi to discuss ways to expand cooperation in shipbuilding, the South Korean conglomerate said on Thursday. Chung and Kim Hyeong-gwan, chief executive of HD Korea Shipbuilding & Offshore Engineering, attended a roundtable at Modi’s residence in New Delhi on Tuesday at the Indian leader’s invitation, HD Hyundai said. The roundtable, held as part of India Energy Week 2026, brought together more than 30 participants, including Modi, Indian government ministers, executives from state-owned companies and chief executives of global firms, to discuss energy and industrial cooperation. Chung thanked Modi for his commitment to developing India’s shipbuilding industry and asked for continued support for HD Hyundai’s cooperation projects in the country. As part of India’s Maritime Amrit Kaal Vision 2047 initiative, HD Hyundai signed a memorandum of understanding in July last year with Cochin Shipyard, India’s largest state-run shipbuilder, to cooperate on areas including ship design, procurement support, productivity improvements and workforce capability building. HD Hyundai said it has since expanded cooperation with Cochin Shipyard to include naval vessels, signed an exclusive memorandum of understanding with the Tamil Nadu state government on establishing a joint-venture shipyard, and pursued cooperation with state-run BEML in the crane business. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-29 13:47:01

KSA Opens Korean Maritime History Museum, Unveils ‘Eight Pillars’ Exhibit South Korea’s shipping industry now has a new museum aimed at preserving its history and honoring maritime workers. KSA·Korea Shipping Association said it held an opening ceremony Wednesday afternoon for the Korean Maritime History Museum at its headquarters in Seoul’s Gangseo District, attended by political and government figures, heads of maritime groups and shipping company representatives. Attendees included Heo Man Wook, director general of the Shipping and Logistics Bureau at the Ministry of Oceans and Fisheries; lawmakers Na Kyung Won, Cho Seung Hwan, Kim Seung Soo and Park Sung Min; Gangseo District Mayor Jin Gyo Hoon; former International Maritime Organization Secretary-General Lim Ki Taek; Kim Deok Ryong, chairman of the Kim Young-sam Democracy Center; and Kim Moo Sung, a former lawmaker. The association said the event also drew the individuals and descendants of what it called the “eight pillars” who helped lay the foundation of South Korea’s shipping industry. In remarks, Chairman Lee Chae Ik said the museum is “not simply a place that displays records of the past,” but “a record of great victories by maritime workers who have supported the national economy through rough seas.” He said the association will develop it into a place that strengthens pride in the industry and serves as “a living educational venue” where young people can build dreams about the sea. The Korean Maritime History Museum was built to preserve South Korea’s shipping history, which the association described as the country’s rise from a resource-poor nation to one of the world’s five leading maritime powers. The association said it began collecting historical materials and video in February last year, then launched full-scale planning in September, arranging exhibits that include a 76-year history video, changes in corporate and brand identities, ship models by vessel type and original artifacts. It also documents shipping policies of past presidents and features a special exhibition on the “eight pillars,” the association said. A KSA official said the museum will be used as an educational site for students and the public and as a hub for forums and seminars for maritime families. The association said it will continue efforts to raise the industry’s profile and build public support for institutional backing. * This article has been translated by AI. 2026-01-29 08:03:34

EV battery materials maker Ecopro sets up European sales unit in Germany SEOUL, January 28 (AJP) - South Korean battery materials maker Ecopro has established its first Europe-based sales unit. The company said on Wednesday it has set up a European sales unit in Germany and appointed Kimbal Virdi as director. Ecopro said the new unit will function as a European business hub, tasked with identifying growth opportunities in the region’s rapidly evolving electric vehicle and battery supply chain. Ecopro said regulatory changes, including the European Union’s Critical Raw Materials Act, are accelerating efforts by European automakers to secure key battery materials directly from suppliers within the region. The company said the sales unit will enable it to respond more quickly to customer demand and strengthen its competitiveness in winning orders. In November, Ecopro opened a cathode materials plant in Debrecen, Hungary. With the new unit in place, Ecopro said it plans to more closely link production, sales and marketing operations and expand cooperation with local battery cell makers and automakers. To align with Europe’s EV market, where smaller vehicles account for a large share of demand, the company said it will diversify its product lineup beyond high-nickel cathode materials to include high-voltage, mid-nickel products aimed at balancing performance and cost. The firm said it is stepping up partnerships with local recycling companies to build a network for securing stable supplies of end-of-life battery materials, positioning itself to play a larger role in Europe’s battery resource-circulation ecosystem. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-28 10:01:43

SK Innovation E&S starts LNG production at Australia's Barossa offshore field SEOUL, January 27 (AJP) - South Korea's SK Innovation E&S said on Tuesday it has begun full-scale natural gas production at Australia’s Barossa gas field and successfully loaded its first liquefied natural gas (LNG) cargo. The company said gas produced at the offshore Barossa field was transported to the Darwin LNG terminal, where the inaugural LNG shipment was loaded. Barossa is located about 300 kilometers off Australia’s northwest coast. SK Innovation E&S holds a 37.5 percent stake in the project and is a key partner alongside Australia’s Santos, which owns 50 perent, and Japan’s JERA, with 12.5 percent. SK Innovation E&S invested a total of $1.6 billion, or about 2 trillion won, covering reserves assessment, regulatory approvals and construction of offshore and onshore facilities. With production under way, the company said it expects to secure 1.3 million tons of LNG annually for the next 20 years, equivalent to roughly 3 percent of South Korea’s total annual LNG imports. The supply is expected to bolster South Korea’s energy security amid heightened volatility in global energy markets driven by geopolitical risks, including international disputes. The Barossa project adopted a brownfield development strategy by retrofitting and reusing the existing Darwin LNG terminal instead of constructing a new facility, the company said, helping to reduce capital costs. It also cited price competitiveness due to Australia’s proximity, with shipping times of about 10 days compared with longer routes from the Middle East or the United States. Lee Jong Soo, president of SK Innovation E&S, said the start of LNG production at Barossa followed decades of sustained effort by a private company in the high-risk resource development sector. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-27 09:53:47

Korean materials firm Posco Future M invests in US solid-state battery maker SEOUL, January 27 (AJP) - South Korean battery materials and chemicals company Posco Future M has invested in U.S. solid-state battery company Factorial, stepping up efforts to secure a foothold in next-generation battery technology. The company said Tuesday that it has signed an investment agreement with Factorial on Jan. 7 and completed payment on Monday. Posco Future M didn't disclose the terms of the investment. The move builds on a memorandum of understanding signed in November 2025 to jointly develop solid-state battery technology. Massachusetts-based Factorial is regarded as a leading developer of solid-state batteries and is pursuing a U.S. stock market listing. The company is expanding operations through a solid-state battery pilot plant in Cheonan, South Chungcheong Province. Factorial’s solid-state battery platform, Solstice, is designed to offer higher energy density and improved safety compared with conventional lithium-ion batteries that use liquid electrolytes, the company said. Solid-state batteries, which replace liquid electrolytes with solid materials, are widely seen as a potential breakthrough for electric vehicles and energy storage due to their ability to enhance performance while reducing fire risks. Posco Future M said the investment is expected to deepen cooperation by combining Factorial’s global network with its own battery materials technology. The company has been supplying and testing cathode material samples for Factorial’s solid-state batteries, adding that its products were rated highly among multiple suppliers for quality and power performance. The company has materials design and coating technologies optimized for solid-state batteries and that the investment will help it prepare for rapid growth in the emerging market. Factorial, for its part, aims to secure a stable supply of high-quality materials and strengthen manufacturing competitiveness. “Both companies have advanced materials technology through an ongoing, close partnership,” said Hong Young-jun, head of Posco Future M’s research institute. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-27 09:40:44

SK Innovation brings KHNP into TerraPower deal to expand global SMR business SEOUL, January 21 (AJP) - SK Innovation said on Wednesday it has sold part of its stake in U.S. small modular reactor (SMR) developer TerraPower to Korea Hydro & Nuclear Power (KHNP), strengthening a three-way partnership aimed at expanding in the global next-generation nuclear power market. The transaction marks the first direct investment by a South Korean state-run energy company in a global SMR developer. Financial terms were not disclosed. TerraPower, founded in 2008 by Microsoft co-founder Bill Gates, is developing its Natrium reactor technology, which combines an advanced nuclear reactor with a gigawatt-scale energy storage system. The company is building what it says will be the world’s first commercial Natrium SMR plant in Wyoming, with completion targeted for 2030. SMRs use modular designs intended to reduce construction times and costs and allow generating capacity to be added in stages. SK Innovation said such reactors can provide stable, around-the-clock power and are seen as well suited for power-intensive sectors such as artificial intelligence data centers. SK Innovation said TerraPower’s Natrium technology can adjust output to match electricity demand through integrated energy storage, enabling load-following operations and improving compatibility with variable renewable energy sources compared with other SMR designs. KHNP said it completed a review by the Committee on Foreign Investment in the United States in December related to its TerraPower investment, laying the groundwork for deeper participation in the global SMR market. SK Innovation and its parent company, SK Inc., invested in TerraPower in August 2022 and became its second-largest shareholders. SK Innovation said they will retain that position following the partial stake sale. The three companies signed a memorandum of understanding in April 2023 covering SMR development and demonstration and have since cooperated to expand the global SMR supply chain. Following KHNP’s investment, they plan to sequentially sign commercialization contracts covering additional SMR construction in the United States and other markets, as well as steps toward introducing SMRs in South Korea. “KHNP’s participation in TerraPower’s investment has made the three-way cooperation on global SMR projects more concrete,” Kim Mu-hwan, head of SK Innovation’s Energy Solution Business Division, said in a statement. Kim added that the company will work with KHNP to support the Wyoming project and pursue overseas SMR projects, including localization of materials and components. 2026-01-21 08:45:41

Hyosung Heavy partners with German, Japanese power grid firms SEOUL, January 20 (AJP) - Hyosung Heavy Industries said on Tuesday it has signed an agreement with Germany’s Skeleton Technologies and Japan’s Marubeni to cooperate on the development and commercialization of “e-STATCOM,” a next-generation power-compensation system. Under the deal, Hyosung Heavy Industries and Skeleton Technologies will jointly develop e-STATCOM through 2027, while Marubeni, a strategic partner of Skeleton, will provide stable supplies of supercapacitors used in the system. e-STATCOM combines a conventional static synchronous compensator, or STATCOM, with a high-performance energy storage device known as a supercapacitor. The system is designed to adjust power supply and power quality in real time, helping improve grid stability. Hyosung said global power markets are increasingly in need of advanced stabilization technologies to address supply-demand imbalances stemming from the rapid expansion of AI-driven industries and the growing share of renewable energy sources. The company said e-STATCOM is emerging as essential infrastructure for future energy markets because it can help maintain stable power systems amid sharp fluctuations in demand. Hyosung Heavy aims to complete development of e-STATCOM in 2027 and pursue South Korea’s first commercialization of the technology. The company has steadily internalized power-stabilization technologies, including STATCOM, to respond to structural changes in electricity markets driven by AI growth and renewable energy expansion. Hyosung first developed a STATCOM domestically in 2006 and has since led the South Korean market. It commercialized a 150-megavolt-ampere reactive (Mvar) STATCOM in 2015 and installed 400Mvar STATCOM units in 2018 at the Sin Yeongju and Sin Chungju substations, which it said were the world’s largest single-unit installations at the time. The company has also supplied STATCOM systems to major overseas markets, including the United States, Europe and the Middle East. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-20 10:03:00

US Navy selects South Korea's HJ Shipbuilding for ship repair partnership SEOUL, January 16 (AJP) - HJ Shipbuilding & Construction said on Friday it has been selected by the U.S. Navy as a partner for its ship repair program. The decision enables the South Korean shipbuilder to participate fully in maintenance, repair and overhaul work for major U.S. naval vessels. The agreement will run from Jan. 23 through Jan. 22, 2031, the company said. The U.S. Navy program is a framework agreement between the U.S. government and private shipyards that allows qualified companies to compete for maintenance, repair and overhaul contracts for U.S. Navy ships. While such an agreement is not required for servicing noncombat vessels such as logistics support ships, it is a prerequisite for bidding on MRO projects involving combat ships. HJ Shipbuilding said the agreement provides the company with a foothold in the U.S. Navy’s ship maintenance market, which the company estimates to be worth about 20 trillion won ($15 billion) annually over the next five years. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-16 13:56:19

HD Construction Equipment lands excavator orders across Africa, Asia SEOUL, January 14 (AJP) - HD Construction Equipment, HD Hyundai’s construction machinery unit, said Wednesday that it has signed contracts with mining developers in Ethiopia to supply 120 large excavators for gold mining projects. The order includes 70 DEVELON-branded 36-metric-ton excavators and 50 HYUNDAI-branded 34-metric-ton models. HD Construction Equipment said it commanded about 80 percent of Ethiopia’s excavator market last year, maintaining its leading position through product competitiveness and after-sales service. The company's 30-metric-ton class mid- to large-size excavators are designed for Africa’s resource-development environment, emphasizing durability, operational stability, mobility and fuel efficiency. Sales in the region have more than doubled annually over the past three years, the company said. To support further growth, the company plans to strengthen customer support through regional hubs in Ghana and South Africa, while building country-specific cooperation systems to respond to rising demand across Africa. HD Construction Equipment also reported sizable orders worldwide. In Vietnam, the company won contracts to supply 71 machines, including 20 wheeled excavators for the government’s emergency disaster-response programs and crawler excavators for national infrastructure projects. In Kyrgyzstan, the company will deliver 41 excavators, including 52-metric-ton large models and 38-metric-ton mid- to large-size machines, for transportation network expansion and real-estate development. In a regulatory filing Tuesday, HD Construction Equipment set a 2026 sales target of 8.72 trillion won ($6.6 billion) and an operating profit target of 439.6 billion won. 2026-01-14 11:10:34

Taekwang Industries to acquire Dongsung Pharmaceutical in K-beauty push SEOUL, January 14 (AJP) - Taekwang Industries said Wednesday it will acquire mid-sized drugmaker Dongsung Pharmaceutical through a consortium with United Asset Management Co., known as UAMCO, marking its latest move to diversify beyond its core chemicals and textiles businesses. Taekwang's board approved the acquisition at a meeting held Jan. 7. Dongsung produces a range of consumer health and personal-care products. Taekwang said the deal is intended to accelerate its expansion into beauty and health care. The group has recently outlined plans to enter cosmetics and household goods and established a cosmetics-focused unit, SIL. The acquisition of Dongsung would allow Taekwang to build what it described as a “beauty and health care platform” spanning both cosmetics and pharmaceuticals. The company plans to build on Dongsung’s stable revenue base centered on over-the-counter drugs and hair-care products, while applying its own brand management, product planning and distribution capabilities to improve competitiveness. Working with UAMCO, Taekwang plans to improve Dongsung’s financial structure by reviewing a shift toward outsourced manufacturing, including ODM and OEM models, and by optimizing production lines through UAMCO-backed companies such as Picostec. The group also aims to raise profitability by streamlining selling and administrative expenses. A Taekwang official said the acquisition is a strategic bid to strengthen competitiveness in the K-beauty market by combining Taekwang’s cosmetics strategy with Dongsung’s research capabilities and expertise in hair-care products. The official added that the company aims to gradually complete an integrated value chain, from product planning and manufacturing to distribution, to establish a foundation for mid- to long-term growth. 2026-01-14 09:41:01