Doosan Enerbility secures 575 billion won deal to build offshore wind farm SEOUL, December 31 (AJP) - South Korea's Doosan Enerbility has signed an engineering, procurement and construction (EPC) contract to build the 104-megawatt Yeonggwang Yawol offshore wind farm in South Korea. The project involves installing 13 offshore wind turbines, each with a capacity of 8 megawatts, off Nakwol-myeon in Yeonggwang-gun, South Jeolla Province. Doosan Enerbility said the contract is valued at 575 billion won ($430 million) and covers the full EPC scope, including the supply of turbines. The company said Wednesday this marks its first commercial contract for its 8-megawatt offshore wind turbine, the DS205-8MW, which it independently developed in 2022 using domestic technology. The turbine has obtained international certification from UL, according to the company, and was designed to perform efficiently under South Korea’s relatively lower wind-speed conditions compared with Europe. Under the agreement, Doosan Enerbility will supply the turbines, while providing key equipment and oversee installation and construction. Following completion, the company will also provide long-term maintenance services to ensure stable operations. Construction of the offshore wind farm is scheduled to be completed in March 2029, Doosan Enerbility said. Lee Hyun-ho, head of Doosan Enerbility’s Plant EPC Business Group, said the deal is significant as it combines the first deployment of the company’s 8-megawatt turbine with full EPC responsibilities for a large-scale offshore wind project. “Based on proven technology, we aim to contribute to revitalizing South Korea’s offshore wind ecosystem,” Lee said. 2025-12-31 13:54:07

MASGA shipbuilding push lifts outlook for Korean yards SEOUL, December 31 (AJP) - South Korea’s shipbuilding industry is expected to gain momentum next year as a bilateral initiative with the United States aimed at revitalizing American shipbuilding moves toward full implementation, industry officials said on Wednesday. The project, dubbed MASGA, short for “Make American Shipbuilding Great Again,” is designed to support Washington’s efforts to rebuild domestic shipbuilding capacity. South Korean yards are widely seen as key beneficiaries, given their global competitiveness in both commercial and specialized vessels. MASGA refers to a framework under which the South Korean government, through trade negotiations with the United States, would establish a shipbuilding cooperation fund worth up to $150 billion (around 209 trillion won). Hanwha Group, HD Hyundai Group and Samsung Heavy have been cited as core industry participants. Observers say South Korea’s three major shipbuilders — HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean and Samsung Heavy Industries — will begin to see tangible benefits from the initiative in the new year. U.S. President Donald Trump recently unveiled what he described as a next-generation U.S. Navy strategy known as the “Golden Fleet,” and named Hanwha as a key partner. Speaking at a news conference on Dec. 22 at his Mar-a-Lago residence in Florida, Trump said that the Navy would work with the South Korean company as part of a planned new frigate program. HD Hyundai Heavy has also been mentioned by industry sources as a potential partner under the Golden Fleet framework, citing its close technical cooperation with Huntington Ingalls Industries, the prime contractor selected for the U.S. Navy’s new frigate program. In October, the two companies signed a memorandum of agreement covering cooperation in the design and construction of commercial ships and naval vessels, including joint efforts on next-generation logistics support ships and the potential establishment of shipbuilding facilities in the United States. Samsung Heavy, meanwhile, is expanding its maintenance, repair and overhaul (MRO) business and pursuing joint-building projects with U.S. shipbuilders, including Vigor Marine and General Dynamics NASSCO. The MASGA initiative is also expected to create opportunities for smaller South Korean shipbuilders. HJ Shipbuilding & Construction and K Shipbuilding, both known for specialized vessels, were cited as potential beneficiaries. HJ Shipbuilding & Construction recently secured its first MRO contract involving a 40,000-ton U.S. Navy logistics support ship, leveraging its experience in naval shipbuilding and maintenance work. Separately from MASGA, industry prospects are also supported by expectations of rising global demand for high-value vessels, particularly liquefied natural gas (LNG) carriers, driven by increased LNG exports from the United States and Europe. Clarkson Research, a London-based shipping and shipbuilding consultancy, forecasts 115 LNG carrier orders next year, up 24 percent from this year. Oh Hyun-seok, a professor of international trade at Keimyung University, said the initiative could benefit not only shipbuilders but also suppliers of components and equipment. “Given the limited shipbuilding infrastructure in the United States, how South Korean companies deploy skilled workers and structure supply strategies will be critical to the success of the project,” Oh said. 2025-12-31 08:30:21

Korean Inc. leaders seeking large-scale trip to China in January SEOUL, December 23 (AJP) -South Korea’s leading business leaders are seeking to visit China early next year as part of a large-scale economic delegation, a move that could coincide with a summit under discussion between President Lee Jae Myung and Chinese President Xi Jinping, according to sources closed to the matter Monday. The delegation, expected to include Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Myung Motor Group Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo, is being organized by the Korea Chamber of Commerce and Industry (KCCI). Business circles said the chamber is currently accepting applications from companies to join the China mission, which is expected to comprise about 200 firms and take place in early January. The delegation is likely to be led by Chey in his capacity as KCCI chairman. If realized, it would mark the chamber’s first China business delegation since December 2019, when it organized a visit linked to a South Korea–China–Japan summit during the Moon Jae-in administration. Chey visited China in October to discuss preparations for the Asia-Pacific Economic Cooperation (APEC) CEO Summit and ways to expand bilateral economic cooperation. Industry officials said the participation of all four conglomerate chiefs is highly likely, underscoring the strategic weight of the trip. The chamber is set to close applications on Monday and finalize the delegation after a screening process. The final schedule and attendee list could be adjusted depending on whether summit talks between Seoul and Beijing proceed as planned. South Korea and China have been in consultations over a possible leaders’ summit early next year, according to Foreign Minister Cho Hyun said Monday, adding that a date could be announced soon. The business delegation include a Korea–China business forum, the signing of economic cooperation memorandums of understanding, and one-on-one business meetings. The forum is expected to focus on manufacturing innovation and supply-chain cooperation, new consumer-goods markets, and services and content. Major South Korean conglomerates have pledged a combined $350 billion in U.S. investment, largely focused on advanced manufacturing, energy and next-generation technologies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-23 07:28:38

Hyosung Heavy wins European power equipment orders worth $170 million SEOUL, December 22 (AJP) - South Korea's Hyosung Heavy Industries has secured a series of new orders for extra-high-voltage power equipment across Europe. The company said on Monday it won contracts worth more than 230 billion won ($170 million) this month in key European markets including the United Kingdom, Sweden and Spain, citing rising investment in power grids as countries accelerate energy transitions. In the United Kingdom, Hyosung Heavy Industries recently signed a supply contract worth about 120 billion won with Scottish Power Energy Networks, Scotland’s electricity distribution network operator, to provide extra-high-voltage transformers. The equipment will be used in a major wind power-related project aligned with the country's Net Zero policy, the company said in a press release. The company is also expanding its footprint elsewhere in Europe. It said it secured an order worth about 50 billion won this month from a major Swedish power distribution company for extra-high-voltage transformers, and separately won a contract in Norway. In Spain, Hyosung Heavy Industries also signed supply contracts worth about 60 billion won with leading power and energy companies to deliver transformers and reactors. The Spanish contracts mark the company’s first entry into southern Europe, it said. Hyosung Heavy Industries noted that Europe’s extra-high-voltage transformer market is dominated by established global players, making market entry challenging without advanced technology. The company said it strengthened its technical credentials this year by passing a short-circuit test for extra-high-voltage transformers conducted by France’s electricity transmission system operator. 2025-12-22 10:54:06

South Korean government backs Korea Zinc's US smelter plan SEOUL, December 18 (AJP) - The South Korean government has given a positive assessment of Korea Zinc's plan to invest in a smelter in the United States, raising expectations that key procedures such as permits and financing could move more quickly. The investment is also expected to strengthen Korea Zinc’s global footprint and deliver tangible progress in South Korea–U.S. cooperation on critical minerals, the government said. Industry Minister Kim Jeong-gwan told reporters on Wednesday, after a policy briefing to President Lee Jae Myung, that Korea Zinc’s proposal to build a smelter in Clarksville, Tennessee, was “a strategic decision despite the financial burden.” Kim said there had been “some consensus” on the project in August through a memorandum of understanding, adding that the investment would help South Korea secure a more stable supply chain for rare earths and other critical minerals. Korea Zinc formally announced on Monday that it plans to invest about 11 trillion won alongside the U.S. government and other strategic investors to build the smelter. Minister Kim said he understood that the company had carefully assessed the project’s costs and returns, and described it as an initiative welcomed by the U.S. Department of Commerce. According to Korea Zinc, the planned U.S. smelter will produce 13 minerals, including base metals such as zinc, lead and copper, as well as antimony, indium and bismuth. Of those, 11 are included on the U.S. government’s 2025 critical minerals list. According to South Korean credit rating agencies, the investment could strengthen Korea Zinc’s long-term business competitiveness, while also increasing its financial burden. Korea Zinc said U.S. investors will not hold management control or decision-making authority in the entity that will build and operate the smelter. 2025-12-18 14:42:49

OPINION: Human cost of overnight delivery SEOUL, December 16 (AJP) - South Korea’s lightning-fast delivery services, including overnight and same-day options, have become a defining feature of its retail industry and a source of national pride. For consumers, the appeal is clear: fresh groceries and online purchases arriving at the doorstep by morning. Yet behind this convenience lies a less visible cost, borne by delivery workers who endure punishing night shifts and unsafe working conditions. To sustain overnight delivery, workers spend the night sorting, inspecting and packing goods at logistics centers. Drivers then take to the roads while most of the country sleeps, navigating fatigue and heightened accident risks. Medical experts warn that prolonged night work disrupts circadian rhythms, increasing the likelihood of chronic illness and workplace accidents. In 2021, delivery companies, labor unions, the government and consumer groups reached an agreement aimed at curbing excessive night work and removing sorting duties from drivers’ responsibilities. Four years on, however, the reality on the ground has barely changed. Many drivers continue to work close to 70 hours a week, often without the ability to rest even when sick. The human cost of this system was underscored on Dec. 10, when a delivery driver in his 30s died in an accident after completing an overnight delivery on the southern island of Jeju. Subsequent investigations found that he worked six days a week for an average of 11.5 hours a day, clocking more than 83 hours a week when night premiums were included. He reportedly even worked on his scheduled day off using another person’s identification. This was not simply a matter of individual choice. It reflects a structural problem in an industry where long hours are effectively required to earn a livable income. Recognizing delivery drivers as workers, rather than independent contractors in name only, must mean enforcing limits on working hours and strengthening safety protections. Some companies point to annual earnings of up to 69 million won ($50,000) as evidence that drivers are well compensated. Yet after accounting for vehicle maintenance, fuel and other expenses, take-home income often falls below 40 million won, less than that of many office workers, despite far harsher conditions. Inadequate heating and cooling at logistics centers further expose workers to extreme temperatures throughout the year. Delivery services have become an essential part of daily life in South Korea, functioning in practice as a public utility. Yet meaningful political and regulatory attention tends to follow only after fatal incidents. The convenience enjoyed by consumers should not come at the expense of workers’ health and lives. As the world’s 12th-largest economy, South Korea can afford to place safety and sustainability ahead of sheer speed. The new government and the National Assembly must confront the risks inherent in night deliveries and move beyond symbolic agreements to implement enforceable legal and systemic reforms. A society that requires delivery workers to prove their worth through exhaustion and sacrifice is neither just nor sustainable. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 08:44:03

Korea Zinc strikes strategic alliance with US for $7.4 smelter project SEOUL, December 16 (AJP) -Korea Zinc has struck a strategic alliance with the U.S. government, including defense authorities, to build a $7.4 billion critical-minerals smelter—supporting Washington’s effort to cut reliance on China while shoring up its own defenses against a hostile takeover at home. The world’s largest non-ferrous metal smelter is deepening its alignment with Washington through a large-scale U.S. expansion that places it at the center of America’s push to rebuild domestic supply chains for critical minerals used in defense systems, semiconductors, artificial intelligence infrastructure and advanced manufacturing. At the core of the plan is a Tennessee-based integrated smelter, to be developed through Korea Zinc’s U.S. platform Crucible Metals, with total project investment estimated at $7.4 billion, combining equity, debt financing and U.S. government support. The initiative has drawn explicit backing from Washington. U.S. Commerce Secretary Howard Lutnick described the project as a “big win” for the United States, saying it would materially strengthen America’s industrial and security supply chains. He said the facility is expected to produce 540,000 tons of essential materials annually, supplying inputs critical to defense systems, advanced chips, AI infrastructure and next-generation manufacturing, while reducing U.S. dependence on China and other geopolitically sensitive sources. To fund the expansion, Korea Zinc’s board on Monday approved a 2.85 trillion won ($1.94 billion) rights offering scheme , involving 2.21 million new shares priced at 1.29 million won per share, or about a 10% discount to market prices. The shares will be allocated to Crucible JV, the U.S. joint-venture vehicle, with a one-year lock-up. Proceeds will be injected into Crucible Metals Holdings, which oversees U.S. operations. Additionally, Korea Zinc will provide long-term debt guarantees of up to $3.0 billion, extending through 2040, for borrowings by U.S. affiliate Crucible Metals LLC. The guarantee amount equals roughly 58% of the company’s consolidated equity, underscoring the scale of the financial commitment. The U.S. government will also take a direct equity role. The U.S. Commerce Department plans to grant $210 million to Crucible Metals under the CHIPS and Science Act, with the funds provided directly to the U.S. entity and the department acquiring a corresponding stake in the joint venture. Korea Zinc said the U.S. government and American strategic partners will collectively hold around 40% of the JV’s voting rights, while Korea Zinc will take a 9.99% stake. Through the JV structure, U.S. entities are also expected to gain an indirect ownership interest of about 10% in Korea Zinc. The announcement initially sent Korea Zinc shares sharply higher, reflecting investor optimism about the geopolitical tailwind and the strategic value of anchoring production in the United States at a time when critical minerals have become a cornerstone of industrial and national security policy. But the move has intensified controversy at home. Korea Zinc is facing a hostile takeover attempt led by Young Poong Group and private equity firm MBK Partners, which argue the U.S. project functions as a management entrenchment strategy that burdens the company with excessive financial risk. Korea Zinc has rejected that characterization, saying the U.S. expansion is a strategic necessity rather than a takeover defense. The company argues that closer alignment with Washington secures long-term competitiveness, access to policy support and subsidies, and demand tied to defense and advanced manufacturing—advantages that few global peers can replicate. In a separate capital measure, Korea Zinc said it will cancel 680,010 treasury shares Tuesday, reducing total outstanding shares from 19,343,263 to 18,663,253, a move expected to partially offset dilution from the new issuance. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 07:38:46

Korea Zinc weighs US strategic mineral smelter: reports SEOUL, December 15 (AJP) - Korea Zinc is considering building a strategic mineral smelter in the southeastern United States, according to media reports, on Monday. The world’s largest non-ferrous metal smelting company convened an emergency board meeting at its Seoul headquarters to discuss the potential project, which could involve investment from the U.S. Department of Defense and local defense-related investors, according to industry sources. The proposed smelter would position Korea Zinc as a key partner in the U.S.-led push to diversify rare earth and critical mineral supplies, following China’s tightening of export controls on key materials. Shares of Korea Zinc rose more than 10 percent to 1,672,000 won as of 10:55 a.m. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 10:57:10

Australia allows Hanwha to increase stake in strategic shipbuilding firm SEOUL, December 12 (AJP) - Hanwha Group has secured approval from the Australian government to increase its stake in Austal, a global shipbuilding and defense contractor, to 19.9 percent, the company said Friday. Austal, which operates major shipyards in the United States, builds vessels for the U.S. Navy and is considered a strategic defense asset by the Australian government. Hanwha sees the stake expansion as a step toward strengthening its shipbuilding capabilities and deepening its presence in the U.S. defense market. Australian Treasurer Jim Chalmers said the Foreign Investment Review Board had recommended “no objection” to Hanwha lifting its shareholding from 9.9 percent to 19.9 percent under strict conditions designed to protect national security. He emphasized that Hanwha will not be allowed to exceed the 19.9 percent threshold. Hanwha described the investment as a strategic move to expand collaboration with Austal. The South Korean conglomerate began pursuing the shipbuilder last year but faced an initial rejection in April 2024. It later acquired a 9.9 percent stake through off-market purchases by Hanwha Systems and Hanwha Aerospace in March. Hanwha subsequently sought approval from both Australian and U.S. authorities to further raise its stake. In June, the U.S. Committee on Foreign Investment cleared the company to increase its holding up to 100 percent. As Austal is a designated strategic shipbuilder, any foreign ownership changes require authorization from both governments. Hanwha said it plans to use the approval to integrate Hanwha Ocean’s shipbuilding capabilities with Austal’s global operations, aiming to generate broader synergies across its defense and marine businesses. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 14:38:46

Major offshore wind farm comes online, boosting Korea's clean energy push SEOUL, December 11 (AJP) - SK Innovation E&S said Thursday it has completed Jeonnam Offshore Wind Farm 1, the country’s largest privately financed offshore wind project, marking a milestone for South Korea’s efforts to expand renewable energy and meet its carbon-neutrality targets. A completion ceremony was held in Sinan, attended by Climate and Energy Minister Kim Sung-hwan, South Jeolla Province Governor Kim Young-rok and SK Innovation E&S President Lee Jong-soo. The fixed-bottom wind farm, located about 9 kilometers northwest of Sinan’s Jaeun Island, has an installed capacity of 96 megawatts. Equipped with 10 9.6MW turbines, it is expected to generate roughly 300 million kilowatt-hours of electricity annually — enough to power around 90,000 households — and cut carbon emissions by an estimated 240,000 tons per year compared with coal-fired generation, the company said. The project began in 2020 as a joint venture between SK Innovation E&S and Denmark-based Copenhagen Infrastructure Partners (CIP). It secured major permits in 2022, started construction in March 2023 and entered commercial operation in May 2025. Jeonnam Offshore Wind Farm 1 is the first renewable-energy project in South Korea to use non-recourse project financing, a structure that industry officials say could pave the way for greater private-sector participation in large-scale clean-energy developments. Its completion is expected to accelerate progress on an 8.2GW offshore wind complex planned near Imja Island — billed as the world’s largest — which aims for full operation by 2035. SK Innovation E&S and CIP plan to break ground on additional phases from 2027, targeting a combined 900MW capacity by 2031. “The completion of Jeonnam Offshore Wind Farm 1 is a meaningful step for the domestic offshore wind industry, contributing to carbon neutrality and strengthening regional cooperation,” said Lee Jong-soo, president of SK Innovation E&S. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-11 10:16:50