POSCO chief calls for tech-led strategy to withstand global volatility SEOUL, November 18 (AJP) - POSCO Group Chairman Jang In-hwa called for stepped-up technological innovation to help the steel conglomerate manage an increasingly unpredictable business landscape, telling employees the company must accelerate development efforts and reinforce long-term competitiveness. Speaking Tuesday at the POSCO Group Tech Forum, Jang said the company needs a more collaborative approach to research and development as it adapts to shifts in global supply chains and demand patterns. “The importance of resource acquisition in steel and battery materials cannot be overstated,” he said, adding that employees should strengthen AI capabilities to support the group’s broader digital transformation. The two-day forum gathered more than 1,300 executives, engineers and researchers to review the company’s latest technological achievements and debate future priorities. The event was launched in 1989 as POSCO’s flagship platform for charting its R&D agenda. Since assuming office, Jang has pushed an innovation-led strategy, aiming to fortify the company’s existing steel and secondary battery materials businesses while identifying new areas of growth through a unified corporate R&D framework. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 10:13:33

HD Hyundai to supply 230 electric forklifts to Venezuela's Polar Group SEOUL, November 17 (AJP) - HD Hyundai Site Solutions has secured its largest electric forklift contract in Latin America, winning an order from Venezuela’s Polar Group. The company said Monday it will supply 230 electric forklifts to Polar, the country’s biggest food producer, with deliveries scheduled through January 2026. The deal, valued at more than 10 billion won, includes 178 units in the 2-ton class and 52 heavier models in the 3-ton and 4.5-ton ranges. HD Hyundai Site Solutions said it captured the order by targeting rising replacement demand for aging diesel fleets and tailoring products to local operating conditions. The forklifts are equipped with high-performance lithium-ion batteries that the company says offer 2.5 times the lifespan and triple the charging speed of conventional lead-acid systems. They also feature the company’s Hi-Mate platform, which provides real-time monitoring of battery health, usage patterns and maintenance needs. The Latin American market has become an increasingly important growth driver for the company. Sales of industrial vehicles in the region are expected to reach about 1,200 units this year, more than double the 570 units recorded in 2020. “We are expanding our sales structure from North America to emerging markets and diversifying our global portfolio,” a company representative said. “We plan to strengthen our sales, service and training systems through local dealer networks to meet rising demand for electrification in key emerging markets.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-17 14:10:09

K Shipbuilding wins $333 million tanker orders from European clients SEOUL, November 13 (AJP) - South Korea’s mid-sized shipyard K Shipbuilding said on Thursday that it had signed contracts with two European shipping companies to build five tankers worth about $333 million. The orders, finalized on Nov. 6 and 12, include three 115,000-ton crude oil tankers and two 50,000-ton petrochemical tankers, the company said. All of the new vessels will comply with the International Maritime Organization’s standards for greenhouse gas emissions. “This order reaffirms our long-standing expertise and competitiveness in the medium-sized tanker sector,” the company said in a press release. “We will continue to strengthen our technology and quality to solidify our leading position in this market.” The deal adds to a strong year for K Shipbuilding, which has benefited from a global upswing in ship orders tied to energy transport and environmental upgrades. As of the third quarter of 2025, the company reported $670 million in cumulative sales. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-13 10:58:05

South Korea's Lotte Chemical sells Pakistani unit in streamlining push SEOUL, November 13 (AJP) - South Korea's Lotte Chemical said on Thursday that it had completed the sale of its controlling stake in its Pakistani subsidiary, Lotte Chemical Pakistan Limited. Lotte’s withdrawal from Pakistan underscores a broader trend among South Korean chemical companies seeking to pare back exposure in emerging markets with volatile currencies, while investing more heavily in specialty and sustainable chemical products that promise higher margins. Lotte Chemical sold its 75.01 percent stake in the subsidiary to PTA Global Holding Ltd, a joint entity formed by AsiaPak Investments Limited of Pakistan and the UAE-based Montage Commodities FZCO. The transaction, valued at 98 billion won, or about $72 million, closed on Nov. 12 following a public tender offer in September. Including 29.6 billion won in dividends received earlier this year, Lotte said it had secured a total of 127.6 billion won from the sale. Lotte Chemical Pakistan operates a plant that produces 500,000 tons of purified terephthalic acid (PTA) annually, a key raw material used in polyester fibers, industrial yarns, and PET bottles. The divestment marks another step in Lotte Chemical’s ongoing restructuring, as the company moves to concentrate on higher-value businesses. Since 2023, the Pakistani subsidiary had been classified as a non-core asset, with the company citing management risks linked to financial support and currency volatility in the local market. “We will continue our business restructuring to strengthen core competitiveness and expand our specialty portfolio, particularly in high-performance engineering plastics and advanced materials,” Lotte Chemical said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-13 09:49:02

POSCO ramps up lithium investments as EV battery race heats up SEOUL, November 12 (AJP) - South Korea's POSCO Holdings is expanding its global footprint in lithium, the critical ingredient for electric vehicle batteries, with new investments worth 1.1 trillion won, or about $800 million, in Australia and Argentina. The move is part of the steel and battery materials company’s drive to secure key resources as global competition for battery metals intensifies. The company said Wednesday that it will acquire a 30 percent stake in a new holding company created by Australia’s Mineral Resources for $765 million, or roughly 1 trillion won. The deal gives POSCO access to 270,000 tons of lithium concentrate a year from the Wodgina and Mt. Marion mines in Western Australia — enough to produce 37,000 tons of lithium hydroxide, sufficient for about 860,000 electric vehicles. Beyond securing supply, the investment allows POSCO to take part in mine management and receive dividends, with an eye toward eventually expanding into refining lithium concentrate as global demand rises. In a separate move, POSCO said it will invest $65 million to acquire full ownership of the Argentine subsidiary of Lithium South, a Canadian resource developer that holds mining rights in the Hombre Muerto salt flat, one of the world’s richest lithium brine deposits. The Argentine acquisition, announced on Nov. 5, will give POSCO additional land and resources in the region, where it already operates lithium extraction projects. The company expects the deal to create operational synergies by leveraging its existing infrastructure and expertise in the area. “Securing raw material competitiveness is crucial to becoming the world’s leading lithium company,” POSCO Group Chairman Jang In-hwa said in a press release. “We will continue to diversify our global lithium supply chain through active investment.” POSCO’s latest push comes as demand for battery materials surges amid the accelerating shift to electric vehicles. Major producers from China to the United States are racing to lock in access to lithium deposits, a strategic resource expected to face supply constraints over the next decade. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-12 09:56:04

LG Energy Solution moves into aerospace battery market with US partner SEOUL, November 12 (AJP) - LG Energy Solution, one of the world’s leading electric-vehicle battery makers, is pushing into the aerospace sector through a new partnership with an American startup specializing in next-generation energy storage. The South Korean company said Wednesday that it has entered into a strategic collaboration with South 8 Technologies, a San Diego-based firm known for developing liquefied gas electrolytes for lithium-ion batteries. The technology, which maintains performance in temperatures as low as minus 60 degrees Celsius, was named one of Time magazine’s top 200 inventions of 2024. The partnership will focus on developing advanced battery cells capable of operating in the extreme conditions of aerospace applications, LG Energy Solution said. The effort aligns with initiatives by NASA and KULR Technology Group to design low-temperature battery systems for future space missions. KULR, supported by the Texas Space Commission, is working on similar lithium-ion solutions for next-generation exploration programs. LG Energy Solution and South 8 plan to jointly design and produce prototype cells using specialized materials and configurations optimized for use in aerospace environments. The two companies first connected through LG’s Startup Challenge Program in 2019 and signed a joint development agreement in 2024. The latest deal expands their collaboration as LG seeks to diversify beyond its core automotive and energy storage markets. “The liquefied gas electrolyte technology is expected to fundamentally resolve battery performance issues in extreme cold,” said Jay Kim, LG Energy Solution’s chief technology officer. “We aim to create new customer value across multiple industries, including aerospace exploration.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-12 09:38:17

South Korea's HD Hyundai targets naval contracts in India SEOUL, November 11 (AJP) - HD Hyundai Heavy Industries said Tuesday it had signed a memorandum of understanding with Cochin Shipyard, India’s largest state-owned shipbuilder, to help the country modernize its maritime capabilities. The agreement centers on the Indian Navy’s Landing Platform Dock (LPD) project, part of New Delhi’s effort to strengthen domestic shipbuilding. Under the accord, the two companies will cooperate on design, construction and technology sharing, combining Cochin’s local manufacturing base with HD Hyundai’s naval engineering expertise. Cochin Shipyard, based in Kerala, has built a wide range of vessels, including India’s first indigenous aircraft carrier. The South Korean company’s latest deal follows an earlier partnership inked in July between Cochin Shipyard and HD Korea Shipbuilding & Offshore Engineering, HD Hyundai’s intermediate holding company. That initial agreement focused on collaboration in procurement, productivity improvement and workforce development. The new MOU aims to jointly execute the LPD program, which could serve as a strategic entry point into India’s broader naval and defense shipbuilding market, HD Hyundai said. HD Hyundai plans to provide design and technical support, drawing on its experience in building naval vessels for countries such as the Philippines and Peru. India has stepped up its naval modernization drive under its TPCR 2025 plan, which outlines military technology and capability development through 2040, including next-generation destroyers, submarines and amphibious ships. “We believe we are the ideal partner for the Indian Navy’s modernization efforts,” said Joo Won-ho, head of HD Hyundai Heavy's naval and medium-sized ship division. “This collaboration represents a significant step in expanding our footprint in the Indian naval market.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 14:39:57

South Korea's largest hydrogen center begins operation SEOUL, November 11 (AJP) - A joint venture between Lotte Chemical and Air Liquide has opened South Korea’s largest high-pressure hydrogen shipping center. The facility, located in the Daesan Petrochemical Complex in South Chungcheong Province and operated by Lotte-Air Liquide Ener’Hy, a joint venture established in 2022, will supply high-pressure hydrogen across South Korea’s central region, including Seoul. It is expected to play a key role in fueling hydrogen-powered commercial vehicles such as buses and trucks — a crucial step toward building a viable hydrogen economy. Executives from both companies were joined for the opening ceremony on Tuesday by government and industry officials, including An Se-chang, director of climate energy policy at the Ministry of Climate and Environment, Seosan Mayor Lee Wan-seop, Air Liquide Asia-Pacific head Ronnie Chalmers, Lotte Chemical chief executive Lee Young-jun and Hyundai Motor vice president Ken Ramirez. Backed by the government’s hydrogen shipping center initiative and leveraging Lotte Chemical’s byproduct hydrogen output, the Daesan facility is capable of producing hydrogen at 450 bar, or roughly twice the pressure of conventional systems. According to the company, that capacity is enough to supply fuel for about 4,200 passenger vehicles or 1,100 commercial buses a day. The introduction of advanced high-pressure tube trailers will also improve logistics efficiency, allowing each vehicle to transport about 3.5 times more hydrogen than older 200-bar systems, the company said. “The completion of the Daesan center demonstrates our commitment to a sustainable energy future in South Korea,” said Kim So-mi, chief executive of Lotte-Air Liquide Ener’Hy. “We aim to accelerate hydrogen mobility adoption and contribute to the country’s ambitious hydrogen ecosystem goals.” Lee, Lotte Chemical’s chief executive, said the new facility marks an important step in turning industrial byproduct hydrogen into a high-value energy source. “The Daesan center represents a milestone in our journey toward carbon neutrality,” he said. “We will continue to lead in hydrogen innovation and expand new energy businesses.” South Korea has set a goal of becoming one of the world’s leading hydrogen economies by 2035, with plans to deploy more than 200,000 hydrogen-powered commercial vehicles and establish nationwide refueling infrastructure. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 13:49:39

Samsung Heavy secures $199 million order to build two crude oil tankers SEOUL, November 07 (AJP) - Samsung Heavy Industries said on Friday that it had secured an order worth about $199 million to build two crude oil tankers for a North American client, with delivery scheduled by January 2029. The deal brings the company’s total orders this year to $5.6 billion, or about 83 percent of its $5.8 billion target for merchant ships. “Following an $800 million preliminary order for offshore production facilities and a recent letter of intent from Delfin in the United States, we expect to meet our annual goals,” the company said in a statement. So far this year, Samsung Heavy’s orders include seven liquefied natural gas carriers, nine shuttle tankers, two container ships, two ethane carriers, and 11 crude oil tankers, totaling 32 vessels. Its current order backlog stands at $26.9 billion, covering 125 ships. A company spokesperson said Samsung Heavy expects steady demand for replacing aging crude oil tankers. “We will continue to respond proactively to market conditions by building a flexible production system in cooperation with domestic and international shipyards,” the spokesperson said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-07 13:44:19

South Korea's Lotte Chemical opens petrochemical complex in Indonesia SEOUL, November 07 (AJP) - South Korea's Lotte Chemical said on Friday that it has completed construction of a massive petrochemical complex in Cilegon, a port city in Indonesia’s Banten Province. A completion ceremony was held Thursday, attended by Lotte Group Chairman Shin Dong-bin, Lotte Chemical Chief Executive Lee Young-joon and Indonesian President Prabowo Subianto. The facility — called the Lotte Chemical Indonesia New Ethylene Complex, or LINE — represents a $3.95 billion investment aimed at strengthening the company’s foothold in Southeast Asia’s rapidly expanding petrochemical market. Built on 110 hectares of land, the complex began construction in 2022 and was finished in May. Now in commercial operation, the plant is designed to produce 1 million tons of ethylene, 520,000 tons of propylene, 350,000 tons of polypropylene, 140,000 tons of butadiene, and 400,000 tons of BTX annually, the company said. Indonesia has identified petrochemicals as a strategic sector under its “Making Indonesia 4.0” roadmap for industrial development. The industry has grown by about 5 percent annually, but domestic production has lagged demand, forcing the country to import large volumes of key materials. Indonesia’s self-sufficiency rate for ethylene stood at 44 percent last year. Lotte’s new complex is expected to raise that figure to around 90 percent by supplying most of its output to local manufacturers. The project will also bolster Indonesia’s trade balance, create new jobs, and spur investment in related industries. The Indonesian government has granted Lotte tax incentives to support the venture’s competitiveness. The LINE complex will also supply ethylene to the nearby Lotte Chemical Titan Nusantara plant, achieving vertical integration of production and improving overall efficiency. Lotte Chemical said it plans to use Indonesia as a strategic base for expansion across Southeast Asia while continuing to streamline its domestic petrochemical operations and invest in specialty materials. “This project is one of the largest investments ever made by a Korean company in Indonesia,” Chairman Shin said at the ceremony. “It will serve as a foundation for advancing Indonesia’s petrochemical industry and national competitiveness, generating about $2 billion in economic value and contributing to sustainable growth.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-07 09:16:54