Journalist

Lee Na-kyeong
  • South Korean Steelmakers Post Improved Q1 Results, but Second-Half Risks Loom
    South Korean Steelmakers Post Improved Q1 Results, but Second-Half Risks Loom South Korea’s steelmakers posted improved first-quarter results despite headwinds including a construction downturn and a wave of low-priced Chinese steel, helped by anti-dumping measures and stronger exports. Analysts said profitability has begun to recover, but warned that higher raw material and shipping costs tied to Middle East geopolitical risks and tighter European Union carbon rules could weigh on results in the second half. As of the 23rd, industry officials said the country’s three major steelmakers — POSCO Holdings, Hyundai Steel and Dongkuk Steel — held up relatively well in the first quarter despite weak demand and external pressures. Hyundai Steel reported 15.7 billion won ($11.3 million) in operating profit on a consolidated basis, swinging to a profit from a 19.0 billion won loss a year earlier. The turnaround was attributed to stronger domestic pricing power after anti-dumping steps against low-priced Chinese steel, along with a sharp rise in rebar exports, mainly to the U.S. market. Dongkuk Steel also benefited from exports. On a separate basis, it posted 21.4 billion won in operating profit, up 403.9% from a year earlier. While the domestic long-steel market remained weak, overseas sales expanded for products including heavy plate and color-coated steel sheet. POSCO Holdings, which has yet to report, is expected to post 594.9 billion won in first-quarter operating profit, up 4.7% from a year earlier, according to market estimates. The results have fueled views that pressures from the construction slump and China-driven oversupply that persisted through last year are easing somewhat. Analysts also pointed to the government’s anti-dumping probes and stronger trade responses as creating a more favorable environment for domestic producers. The Ministry of Trade, Industry and Energy is imposing anti-dumping duties of 27.91% to 38.02% on Chinese heavy plate. For hot-rolled steel sheet from Japan and China, duties range from 31.58% to 33.43% for Japanese products and 28.16% to 33.10% for Chinese products. Prices for key steel products such as hot-rolled sheet, rebar and heavy plate have reportedly risen by more than 100,000 won per ton in recent weeks. A continued decline in China’s crude steel output has also been supportive. China’s National Bureau of Statistics said first-quarter crude steel production totaled 247.55 million tons, down 4.6% from a year earlier, the lowest first-quarter level since 2022. Risks remain. If Middle East tensions persist, a weaker won and higher ocean freight rates could lift costs. A renewed rise in iron ore and coking coal prices could also squeeze margins. In addition, tougher environmental rules such as the EU’s Carbon Border Adjustment Mechanism, or CBAM, are seen as a burden for South Korean steelmakers with high export exposure. Steelmakers say they plan to keep improving results in the second half by expanding exports and cutting costs. POSCO plans to expand investment in overseas steel plants to build local production that reduces costs and tariff burdens. POSCO Holdings has agreed to set up a joint venture with Indian steelmaker JSW Steel and build an integrated steel mill in Odisha state by 2031, aiming to secure annual crude steel capacity of 6 million tons. Hyundai Steel said it plans, in cooperation with Hyundai Motor Group and POSCO Holdings, to build an integrated electric-arc-furnace steel mill in Louisiana by 2029 with annual capacity of 2.7 million tons. Hyundai Steel also plans to target steel demand tied to power infrastructure and data centers at home and abroad, citing expanding downstream industries such as data centers, energy storage systems and transmission networks as artificial intelligence demand grows. Dongkuk Steel said it will continue raising the share of export sales, aiming to increase it to 15% this year from about 11% last year by strengthening capabilities including integrated sales, trade and logistics operations. * This article has been translated by AI. 2026-04-26 18:05:51
  • Korea Chamber Signs Vietnam University MOUs to Ease SME Skilled Labor Shortage
    Korea Chamber Signs Vietnam University MOUs to Ease SME Skilled Labor Shortage The Korea Chamber of Commerce and Industry said Saturday it signed education cooperation agreements with four leading universities in Vietnam to help train industrial technology workers, as South Korean small and midsize companies face persistent shortages of skilled labor. The chamber said the memorandums of understanding were signed April 23 in Hanoi on the sidelines of a Korea-Vietnam business forum. The partner schools are Vietnam National University, Hanoi University of Science and Technology, Hanoi Industrial University and the Posts and Telecommunications Institute of Technology. The agreements are part of a project the chamber has been pursuing with the Ministry of Trade, Industry and Energy since this year to attract bachelor’s-level overseas technical talent to regional areas, it said. Under the MOUs, the universities will cooperate on selecting candidates and assessing their capabilities, running training programs in Vietnam, and developing curricula based on demand from industrial sites in South Korea. The chamber said the schools plan to begin selecting trainees in May and start training. The chamber said the project centers on an integrated process it runs directly: selection, training and verification, matching with companies, and follow-up management. It described the approach as demand-driven, contrasting it with earlier programs that mainly recruited available workers locally and then connected them to firms. Using its nationwide chamber network, it first identifies hiring and job needs at regional small and midsize companies, then reflects those needs in overseas training and matches candidates with firms, it said. The chamber said it is focusing on verifying job skills required by regional companies, beyond Korean-language ability. Trainees will be evaluated on whether they can perform without additional retraining once placed in the workplace, and must complete job projects designed around real work conditions to qualify for matching. It also said it will provide post-placement support for overseas hires, including Korean-language education and a help desk. According to the chamber, the industrial technology labor shortage rate at small and midsize-sized workplaces in 2024 was 2.9%, about 5.8 times the 0.5% rate at large workplaces. Regional turnover was higher outside the Seoul metropolitan area at 10.7% than in the capital region at 7.3%, with Daegu at 13.9% and North Gyeongsang at 12.3%. The chamber said it is also expanding cooperation beyond Vietnam to top universities in Indonesia, including the University of Indonesia, Gadjah Mada University and Bandung Institute of Technology. Lee Sang-bok, head of the chamber’s Human Resources Development Project Group, said regional small and midsize companies face limits if they rely only on domestic technical workers. “Using global professional technical talent is not an option but a necessity,” Lee said, adding that he expects the project to strengthen regional industrial competitiveness and contribute to balanced regional development and efforts to address population decline in provincial areas.* This article has been translated by AI. 2026-04-26 12:07:37
  • HD Hyundai Wins First U.S. Navy Research Office Project Awarded to a South Korean Firm
    HD Hyundai Wins First U.S. Navy Research Office Project Awarded to a South Korean Firm HD Hyundai has won two core research projects from the U.S. Office of Naval Research, becoming the first South Korean company to secure such work and expanding cooperation with the U.S. Navy. The company said April 26 that it recently held a contract-signing ceremony with the Office of Naval Research, or ONR, for two projects related to improving naval vessel performance. ONR, part of the U.S. Department of the Navy, oversees science and technology research and development for the U.S. Navy and Marine Corps. The ceremony was held at ONR headquarters in Arlington, Virginia, with Jang Kwang-pil, vice president and head of the Future Technology Research Institute at HD Korea Shipbuilding & Offshore Engineering, and ONR Director Rachel Riley among those attending. Under the contracts, HD Hyundai will work on a project to improve naval vessel performance using artificial intelligence. Based on its digital ship technologies, HD Hyundai Heavy Industries and Seoul National University’s Department of Naval Architecture and Ocean Engineering, led by Professor Kim Yong-hwan, will jointly develop the technology. HD Hyundai also won a project to develop technologies to raise productivity in naval vessel construction, drawing on its advanced manufacturing capabilities. That research will be carried out by the Future Technology Research Institute at HD Korea Shipbuilding & Offshore Engineering. HD Hyundai said the ONR awards position it as a key partner for joint research with the U.S. Navy spanning naval vessel development through construction, and reflect U.S. recognition of its advanced technologies in the naval sector. Joo Won-ho, president of HD Hyundai Heavy Industries and head of its naval vessels and medium-sized ship business, said, “With this ONR project award as a turning point, we will further expand cooperation with the United States in the naval vessel field.” He added, “With pride as a national representative of South Korea, we will devote our full efforts to expanding the reach of K-marine defense industry.”* This article has been translated by AI. 2026-04-26 09:15:14
  • Doosan Enerbility Seeks Foothold for Vietnam Nuclear Project, Led by Chairman Park Ji-won
    Doosan Enerbility Seeks Foothold for Vietnam Nuclear Project, Led by Chairman Park Ji-won Doosan Enerbility said it is expanding its global push by securing a foothold to take part in Vietnam’s planned new nuclear power projects, led by Chairman Park Ji-won. The company said Thursday that Park and other top executives joined President Lee Jae-myung’s business delegation during his visit to Vietnam and discussed cooperation on new nuclear power plants with Vietnamese government officials and key figures in the energy industry. Park attended a business roundtable and business forum in person, the company said. Vietnam plans to build Ninh Thuan nuclear power plant units 1 and 2 by 2035. Russia has won the contract for Unit 1, while bidding for Unit 2 is still underway. The combined project is valued at about 30 trillion won. Vietnam also plans to secure an additional 8 gigawatts of nuclear capacity by 2050. The company said “Team Korea” — made up of the Ministry of Trade, Industry and Energy, Korea Electric Power Corp. and Doosan Enerbility — is widely seen as a strong contender for Ninh Thuan Unit 2. South Korea and Vietnam signed a memorandum of understanding on nuclear cooperation following the summit, it said. Yoon Yo-han, head of Doosan Enerbility’s marketing division, attended a business forum in Hanoi and signed separate agreements with local firms PTSC and PETROCONs on cooperation for new nuclear projects and supply chain development, the company said. Both firms are subsidiaries of Vietnam National Oil and Gas Group, or PVN, which is leading the Ninh Thuan project. Doosan said the agreements help lay the groundwork for a local supply chain in nuclear equipment and construction, strengthening its position for participation in the Ninh Thuan Unit 2 project. “Cooperation between the two countries, expanded through joint public-private efforts to participate in Vietnam’s new nuclear power projects, will lead to meaningful results,” Park said. “Doosan Enerbility will do its utmost in its role so that Team Korea, which has already proven its competitiveness in the UAE and the Czech Republic, can achieve results in Vietnam as well,” he said.* This article has been translated by AI. 2026-04-23 22:16:00
  • HD Hyundai Heavy Skips KDDX Batch II Concept Bid, Focuses on Next Design Phase
    HD Hyundai Heavy Skips KDDX Batch II Concept Bid, Focuses on Next Design Phase HD Hyundai Heavy Industries has again declined to bid for the concept design of the KDDX Batch II program, drawing attention as competition intensifies for South Korea’s next-generation destroyer project. Shipbuilding industry officials said Thursday that HD Hyundai Heavy did not participate in either of the two recent tenders for the KDDX Batch II concept design. Under current rules, if a tender fails twice, the government can sign a private contract with the sole bidder, increasing the likelihood that Hanwha Ocean will take the concept design work. KDDX is a national project to invest about 7.8 trillion won to secure six 6,000-ton Korean Aegis destroyers by 2030. KDDX Batch II is a follow-on model to the existing KDDX and is an early-stage effort to outline a future next-generation destroyer program. Concept design sets basic performance, weapons systems, radar configuration and hull form, and is considered a research-and-development step before full commercialization. Shipbuilding proceeds through concept design, basic design, detailed design and lead-ship construction, and then follow-on ship construction. Industry observers said HD Hyundai Heavy’s decision appears aimed at concentrating resources on the main competition, particularly the basic design phase. Basic design is widely viewed as the core stage, and in past naval programs the company responsible for basic design has typically carried work into detailed design. In the earlier Batch I program, Hanwha Ocean handled concept design and HD Hyundai Heavy took basic design. Some in the industry said the latest nonparticipation is unlikely to significantly weaken HD Hyundai Heavy’s competitiveness in the broader program. The decision may also reflect internal restructuring after HD Hyundai Heavy merged with HD Hyundai Mipo, integrating its naval vessel and mid-sized ship businesses. With both special-purpose and commercial ship lines to manage, the company may be prioritizing larger, more profitable contracts over pursuing multiple projects at once. HD Hyundai Heavy said the move does not mean it is abandoning the program. “Concept design is a pre-commercialization stage, and we have made participation decisions differently depending on business conditions,” a company official said. The Defense Acquisition Program Administration plans to accept KDDX proposals through May 15 and select a final contractor in July. Under the original plan, basic design was to be completed in December 2023, with detailed design and lead-ship construction starting in 2024, but the agency has been unable to reach a conclusion amid intensified competition between the two companies, delaying the project for a second year.* This article has been translated by AI. 2026-04-23 16:25:07
  • Samsung E&A Q1 2026 Operating Profit Rises 19.6% to 188.2 Billion Won
    Samsung E&A Q1 2026 Operating Profit Rises 19.6% to 188.2 Billion Won Samsung E&A said it posted solid results as all business segments grew despite global uncertainty. In a preliminary earnings filing on April 23, the company said first-quarter 2026 revenue rose 8.1% from a year earlier to 2.2674 trillion won. Operating profit climbed 19.6% to 188.2 billion won, and net profit increased 3.9% to 163.3 billion won. The company attributed the steady growth to the fuller reflection of revenue from large petrochemical plants and domestic advanced-industry plant projects. By segment, petrochemicals accounted for 1.1299 trillion won of revenue, while the advanced-industry and new energy segments posted 574.2 billion won and 563.3 billion won, respectively, out of total revenue of 2.2674 trillion won. Samsung E&A also reported strong new orders. It booked 4.6 trillion won in new orders in the first quarter, reaching about 40% of its annual target. Its order backlog stood at 20.6 trillion won, equivalent to about 2.3 years of work. A company official said Samsung E&A is achieving ongoing cost improvements by differentiating execution through innovative technology and will pursue sustainable growth by responding actively to changes in the global energy market. 2026-04-23 14:12:59
  • Lotte Fine Chemical Says It Commercialized Ammonia Marine Fuel in World First
    Lotte Fine Chemical Says It Commercialized Ammonia Marine Fuel in World First Lotte Fine Chemical said April 23 it has become the first company to commercialize ammonia marine fuel, marking the first commercial case of a supply chain using hydrogen and ammonia produced with renewable energy as ship fuel. The company said it bunkered green ammonia that day into the world’s first ammonia-powered vessel built by HD Hyundai Heavy Industries. While demonstrations have been conducted for research, it said this was the first commercial supply. To support the project, the Ministry of Oceans and Fisheries and its Ulsan Regional Office, the Ulsan Port Authority and the Korean Register helped establish and back related systems, including an eco-friendly marine fuel supply demonstration program, registration of ammonia marine fuel suppliers and guidelines for approving self-safety management plans. Lotte Fine Chemical said it completed South Korea’s first registration as an ammonia marine fuel supplier last year, leveraging what it described as Asia’s largest ammonia terminal infrastructure near Ulsan Port. It said it then imported green ammonia made with 100% renewable energy — wind and solar — through what it called the world’s first cross-border trade of such fuel in March, and used that green ammonia for bunkering into the ammonia-powered ship. The company said it is working with global companies and institutions in multiple regions on cooperation and demonstrations to build a global clean ammonia supply chain. It said it plans to build a multi-channel sales platform and grow into “Asia’s No. 1 clean ammonia hub.” Ammonia (NH3), a carbon-free fuel, can be stored in low-temperature tanks at minus 33 degrees Celsius when liquefied and already has a global distribution network, the company said. It added that ammonia has 1.7 times the storage density of liquid hydrogen, drawing attention as a carrier for large-scale, long-distance transport and storage of hydrogen (H2). Because it can be burned directly, the company said demand is expected to expand for use as an eco-friendly marine fuel and a carbon-free fuel for power generation. Chief Executive Jeong Seung-won said, “The world’s first commercialization of ammonia marine fuel has historic significance for humanity in that it replaces fossil fuels in the era of climate crisis and makes a global carbon-free energy supply chain a reality.” He added, “This is an achievement made together by the government, institutions and companies, and I hope it becomes a hopeful precedent not only for the emerging marine fuel market but for the entire hydrogen economy.”* This article has been translated by AI. 2026-04-23 13:09:17
  • Samgu I&C Earns Korea Record Institute Certification for Largest 60th-Birthday Banquet
    Samgu I&C Earns Korea Record Institute Certification for Largest 60th-Birthday Banquet Samgu I&C said on the 23rd it has received certification from KRI, the Korea Record Institute, for holding a large-scale 60th-birthday banquet for employees. The outsourced management services company said it held nine banquets last year for 1,134 employees born in 1965, staging events by region including the Seoul metropolitan area, Chungcheong, Gyeongsang and Jeolla. On April 22, it invited 131 employees from the metropolitan area and Jeolla who are turning 60 and held its first banquet of the year. Family members were also invited, the company said. Samgu I&C said it promotes a family-friendly workplace culture and operates welfare policies including child-rearing support for large families, flexible work arrangements during pregnancy and child care, and family-care leave and time off. The company said it has also received a “family-friendly certification” from the Ministry of Gender Equality and Family and previously won a health and welfare minister’s award after being selected as a company supportive of raising children. Koo Bon-hoon, chair of Samgu I&C’s environmental, social and governance (ESG) committee, said the certification made the event “even more special.” “Based on our corporate philosophy of putting people first, we organized this to express thanks to employees working at sites across the country,” Koo said. He added that the company plans to hold celebrations this year for a total of 1,180 people.* This article has been translated by AI. 2026-04-23 12:09:15
  • HD Hyundai Signs MOUs at SAS 2026 to Expand Unmanned Vessel Push in U.S.
    HD Hyundai Signs MOUs at SAS 2026 to Expand Unmanned Vessel Push in U.S. HD Hyundai is moving to secure an early foothold in the future unmanned vessel market in the United States. The company said April 23 that it signed a series of memorandums of understanding at the Sea-Air-Space Exposition (SAS 2026) underway in Washington, D.C., including agreements with defense AI company Anduril and the American Bureau of Shipping (ABS), to expand cooperation in its naval ship business. HD Hyundai said it signed an MOU with Anduril on April 22 to jointly develop an advanced unmanned underwater vehicle (UUV) system. The company said the deal expands cooperation beyond the unmanned surface vessel (USV) development already underway with Anduril, as the partners step up efforts to target the U.S. and global markets. According to U.S.-based market research firm Market Research Future, the global UUV market is expected to grow at an average annual rate of 16.6%, from $5.5754 billion in 2025 to $25.8989 billion in 2035. HD Hyundai also said it signed a separate three-party MOU the same day with ABS and Anduril to develop an autonomous maritime systems framework, including related regulations and certification. Under the agreement, the three sides plan to establish demonstration and certification procedures considered essential for development and commercialization of unmanned vessels, and to work together on rules tied to unmanned operations. HD Hyundai said it aims to lead the global unmanned vessel market by combining what it called the world’s top shipbuilding technology with AI-based unmanned systems capabilities. Joo Won-ho, CEO of HD Hyundai Heavy Industries, said unmanned vessels are a central issue for the future global naval ship market and a field the company must lead. He said cooperation with Anduril and ABS will help demonstrate the company’s technology in the global unmanned vessel market. * This article has been translated by AI. 2026-04-23 11:57:17
  • South Korea Gasoline Prices Stay Among OECD’s Lowest Despite Oil Surge
    South Korea Gasoline Prices Stay Among OECD’s Lowest Despite Oil Surge International oil prices have surged on Middle East geopolitical risks, pushing up gasoline prices worldwide, but South Korea’s pump prices have remained low compared with other advanced economies, industry data showed. Analysts cited government price-stabilization measures and the refining competitiveness and supply capacity of domestic refiners as key factors. According to the industry on Wednesday, Korea National Oil Corp.’s Opinet data for the first week of April showed South Korea’s gasoline price among 23 OECD countries averaged 1,894 won per liter, the second-lowest after Japan. Only three countries, including third-place Canada, were below 2,000 won per liter. Prices in major European countries were far higher, including the Netherlands at 4,045 won, Denmark at 3,868 won, Germany at 3,698 won and France at 3,482 won. On a pretax basis, South Korea ranked first. Its pretax gasoline price was 1,029 won per liter, the lowest among the 23 OECD countries and more than 500 won below the OECD average pretax price of 1,591 won. The industry attributed the competitiveness to large-scale refining facilities and investment in advanced processing. The combined refining capacity of South Korea’s four refiners totals 3.36 million barrels a day, about fifth in the world, with several plants ranking among the world’s largest on a single-site basis, enabling cost savings through economies of scale. Advanced upgrading units that convert low-value products such as bunker C fuel into higher-value gasoline and diesel were also cited as central to price stability. The refining industry is reported to have invested about 34 trillion won in upgrading facilities and related equipment from 2007 to 2024. By increasing the share of higher-value products from the same crude, refiners can support profitability while easing pressure on domestic prices. Government measures also played a role. Data showed that after the outbreak of war in the Middle East, a maximum price system was implemented, and refiners cooperated to stabilize the market by holding back supply-price increases and minimizing margins. Company-run gas stations also joined price cuts, helping reduce the burden on consumers, the analysis said. South Korea’s refining industry also has export strength. Last year, petroleum product exports ranked fourth among the country’s export items, after semiconductors, and offset about 60% of the crude oil import bill, according to the data. That helps explain why South Korea, despite being a non-oil-producing country, is counted among the world’s five largest exporters of petroleum products. A refining industry official said domestic refiners import all crude oil but secure both price and quality through “world-class refining efficiency and advanced upgrading competitiveness,” adding that this helped keep the shock to consumer prices relatively limited even as global oil prices jumped.* This article has been translated by AI. 2026-04-23 11:46:03