Journalist

Lee Nak-yeon
  • SM Line Named Top Partner by China’s Ningbo-Zhoushan and Shanghai Ports
    SM Line Named Top Partner by China’s Ningbo-Zhoushan and Shanghai Ports SM Line, the shipping affiliate of South Korea’s SM Group, has been named an outstanding partner by major Chinese port authorities, a recognition the company said reflects confidence in its growth potential. The company said Tuesday it was selected as a carrier with “sustained growth potential” at the Ningbo-Zhoushan Port annual port-transport exchange meeting recently held in Shaoxing, Zhejiang province. Ningbo-Zhoushan Port is among the world’s top three ports by container volume. It handled 39.31 million TEUs in 2024, trailing Shanghai (51.51 million TEUs) and Singapore (41.12 million TEUs). SM Line said its volume at Ningbo-Zhoushan topped 200,000 TEUs last year. SM Line first called at Ningbo in 2017 after launching its U.S. West Coast service (CPX), and added a Pacific Northwest service (PNS) the following year, expanding service in the region. The company said it was recognized alongside global carriers including Taiwan’s Yang Ming Marine Transport, T.S. Lines, China’s Sinotrans and SITC, and Singapore-based Sea Lead. Separately, Shanghai Port selected SM Line as a “carrier with promising prospects.” The award is tied to Shanghai’s 15th five-year development plan, which aims to upgrade logistics links among Shanghai Port, the Yangtze River and nearby rail networks. SM Line said the designation reflects its status as a key partner expected to share and help carry out the port’s long-term strategy. SM Line said it plans to step up efforts this year to win export cargo from China bound for the Americas and Asia, while working closely with local ports to provide stable capacity and respond flexibly to shifts in global trade and the shipping market. “It is meaningful and gratifying that major Chinese ports have recognized our future value and potential,” SM Line CEO Kang Ho-jun said. “As a bridge linking Asia and the Americas and competing with global carriers, we will devote ourselves to accelerating growth in the China market and strengthening trust.”* This article has been translated by AI. 2026-02-24 15:13:00
  • S-Oil Promotes Key Executives Ahead of Shaheen Project Startup
    S-Oil Promotes Key Executives Ahead of Shaheen Project Startup S-Oil has reshuffled and promoted executives ahead of the planned January commercial startup of its Shaheen Project, moving key leaders to the forefront to strengthen launch preparations and stabilize early operations. The company on Monday announced promotions for three vice presidents, eight senior managing directors and four managing directors. Many of those promoted lead organizations responsible for Shaheen Project operations. Among the vice president promotions was Lee Jeong-ik, head of the Shaheen Project Headquarters. Promoted to senior managing director were Lee Uk-yong, who leads Shaheen Project operations, and Heo Seong-hun, head of the project technology division. The moves bolster both overall management and the operations and technology lines as the company focuses on stabilizing the project’s operating organization. Also promoted to vice president were Jeong Yeong-gwang, head of the chemical production headquarters, and Lee Geon-myeong, head of the domestic sales headquarters. Promoted to senior managing director were Lee Gyeong-mun, head of the new business division; Lee Jeong-il, head of the central region headquarters; Kim Seung-hu, head of the supply and demand division; Shin Jong-cheol, head of the lubricants sales division; Seo Gyeong-seop, head of the general affairs division; and Shin Bong-su, head of the RFCC1 plant. Promoted to managing director were Ahn Jeong-woo, head of the management planning division; Lee Hyeon-min, head of the southern region headquarters; Yang Hyeon-jun, head of the logistics division; and Kim Hyeon-woo, head of the domestic sales division. The Shaheen Project is a large-scale development in the Onsan National Industrial Complex, with a total investment of 9.258 trillion won on about 880,000 square meters. Construction began in March 2023, with mechanical completion targeted for late June this year. After test runs, the project is scheduled to begin commercial operations in January next year.* This article has been translated by AI. 2026-02-24 14:12:19
  • POSCO Expands Electrical Steel Output to Offset Weak Plate and Hot-Rolled Demand
    POSCO Expands Electrical Steel Output to Offset Weak Plate and Hot-Rolled Demand 포스코가 전기강판 생산을 확대하며 사업 포트폴리오 다변화에 속도를 내고 있다. 중국발 공급과잉과 전방 산업 침체로 후판·열연강판 등 범용 제품의 수익성이 흔들리자 고부가가치 특수강 비중을 늘려 실적을 방어하겠다는 전략이다. 23일 업계에 따르면 포스코는 저가 철강재 수입 급증과 글로벌 수요 부진으로 국내 열연·후판 시장의 수익성이 크게 악화한 가운데 전기강판 생산을 꾸준히 늘려온 것으로 나타났다. 포스코의 전기강판 생산량은 2023년 60만t에서 2024년 73만t, 2025년 82만t으로 증가했다. 3년 새 30% 이상 늘어난 것이다. 전체 조강 생산에서 차지하는 비중은 아직 크지 않지만, 범용재 수요가 위축된 상황에서도 생산이 확대됐다는 점이 주목된다. 전기강판은 전기적 특성을 강화한 특수강으로 전기차 모터, 산업용 모터, 변압기 등 전력 변환 장치의 핵심 소재로 쓰인다. 기술 장벽이 높아 경기 변동에 민감한 범용재보다 수익성이 비교적 안정적인 소재로 평가된다. 시장 성장 전망도 제시됐다. HTF 마켓 인텔리전스는 세계 전기강판 시장 규모가 2025년 약 63조원에서 연평균 8.2% 성장해 2033년 약 100조원에 이를 것으로 전망했다. 이는 최근 몇 년간 생산 물량이 연간 수요 기준선에 못 미쳤다는 후판·열연강판 시장과 대비된다고 업계는 보고 있다. 전기강판은 방향성(변압기용)과 무방향성(전기차 구동 모터용)으로 나뉜다. 포스코는 무방향성 전기강판에 투자를 집중하고 있다. 전기차 수요 정체 국면에서도 기술 개발을 통해 국내에서 유일하게 무방향성 전기강판을 생산하고 있다고 회사는 밝혔다. 포스코는 2023년 총 1조원을 투자해 연산 30만t 규모의 하이퍼 NO 공장을 완공한 뒤 생산 라인을 증설해 광양 30만t, 포항 70만t 등 총 100만t의 전기강판 생산 체제를 구축했다. 대표 제품인 하이퍼 NO는 포스코가 만든 구동 모터용 무방향성 전기강판으로, 철손을 최소화한 것이 특징이라고 회사는 설명했다. 포스코는 글로벌 완성차 업체를 중심으로 전기강판 수출을 확대한다는 방침이다. 포스코 관계자는 "현재 도요타와 테슬라 등 글로벌 자동차사에 구동 모터용 전기강판을 공급하고 있다"며 "신제품 개발과 품질 고도화를 통해 점유율을 점진적으로 끌어올릴 계획"이라고 말했다. * This article has been translated by AI. 2026-02-24 05:06:04
  • 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