Ethiopia's gold mining boom fuels record sales of Korean excavator SEOUL, November 06 (AJP) - HD Hyundai Infracore said on Thursday that sales of its construction equipment in Ethiopia have risen nearly fivefold this year, propelled by a surge in gold mining activity. The company’s Develon brand sold about 1,300 machines in 2025, a 470 percent increase from a year earlier. Much of that growth came from the popularity of its 36-ton excavator, the DX360, which accounted for roughly 90 percent of total sales, or more than 1,100 units. Ethiopia’s rapidly expanding mining sector has been a key driver. A government report in September said the industry grew by 162 percent in the 2024–25 fiscal year, with gold exports climbing to a record $3.4 billion. To strengthen its foothold, HD Hyundai Infracore has expanded its local network through the “Develon Care” program, which provides regular inspections, training for dealer engineers and after-sales support. The company said the initiative has helped build customer trust and improved its ability to respond to market needs. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 14:43:18

HJ Shipbuilding wins nod from Britain's Lloyd's Register for new LPG, ammonia carrier SEOUL, November 06 (AJP) - South Korea's HJ Shipbuilding said it has received an approval from Lloyd’s Register for the design of its new 45,000-cubic-meter liquefied petroleum gas (LPG) and ammonia carrier. The new design adds to HJ’s lineup, which already includes a 38,000-cubic-meter LPG carrier and an 88,000-cubic-meter ammonia carrier. The approval follows a four-month collaboration launched in July between HJ Shipbuilding and the British classification society to meet rising global demand for gas carriers. During that period, HJ developed a mid-sized carrier focused on safety, efficiency, and fuel flexibility. The vessel uses low-temperature steel and advanced tank systems designed to withstand the extreme conditions required for transporting liquefied gases. Lloyd’s Register reviewed and verified the vessel’s compliance and structural integrity before issuing its certification. Measuring 190 meters in length and 30.6 meters in width, the ship can carry up to 45,000 cubic meters of cargo and is capable of transporting a range of liquefied gases, including propane, butane, ammonia, and vinyl chloride monomer — providing shipowners with greater operational flexibility. Given ammonia’s corrosive and toxic nature, the design includes safety measures such as leak detection systems, automated ventilation control, and materials engineered to reduce the risk of cracking. HJ Shipbuilding said it plans to continue expanding its research and development efforts in alternative-fuel vessels, including methanol-powered, dual-fuel, hydrogen, and ammonia-fueled ships. “Receiving approval from Lloyd’s Register reaffirms our design and technical capabilities,” HJ Shipbuilding said in a press release. “We intend to strengthen our competitiveness in the global eco-friendly ship market through continuous innovation and R&D.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 14:19:42

Samsung Heavy expands into US shipbuilding market with new partnership SEOUL, November 06 (AJP) - Samsung Heavy Industries said on Thursday that it had signed a strategic partnership agreement with DSEC, a ship design and procurement company, in a move to expand into the U.S. shipbuilding market. DSEC, which works closely with American shipyards in areas such as vessel design, equipment supply, maintenance and technical consulting, is expected to provide a key bridge for Samsung’s entry into the U.S. market. The company’s expertise in U.S. regulatory standards and shipyard operations is seen as a competitive advantage for the partnership. Under the agreement, the two companies will collaborate on a range of projects, including medium-sized commercial vessel construction, shipyard modernization, ship retrofitting, liquefied natural gas (LNG) cargo tank repairs, and the development of green and digital solutions. The partnership will also extend to joint research and development facilities in South Korea and abroad. Samsung Heavy Industries said it plans to integrate its shipbuilding and offshore engineering technologies with DSEC’s U.S.-based design and procurement capabilities to enhance efficiency in its global supply chain, particularly for the company’s MASGA project — a strategic initiative to strengthen its global shipbuilding network. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:49:14

Dismantling work begins on South Korea's long-shuttered nuclear reactor SEOUL, November 04 (AJP) - Doosan Enerbility has begun dismantling South Korea’s first commercial nuclear reactor, which was shut down in 2017. The company said on Tuesday that it signed a contract with Korea Hydro & Nuclear Power to remove non-controlled area facilities at the Kori Unit 1 plant, located near the southeastern city of Busan. The project represents the first phase of dismantling Kori Unit 1, which began operations in 1978 and was permanently shut down in 2017 due to safety concerns. The government approved its final decommissioning plan in June, paving the way for physical dismantling work to begin. Doosan Enerbility, leading a consortium with HJ Heavy Industries and KEPCO KPS, will remove secondary systems — including turbines, piping and auxiliary equipment — by 2028. The signing ceremony in Seoul was attended by Jo Seok-jin, vice president of Korea Hydro & Nuclear Power, and Kim Jong-doo, president of Doosan Enerbility’s nuclear business group. “This project carries historical significance as the first dismantling of a commercial nuclear power plant in Korea,” Kim said in a statement. “We are committed to leveraging our decades of expertise to ensure its safe and successful completion.” Doosan Enerbility has positioned the project as a springboard for expanding its presence in the global nuclear decommissioning market. According to the International Atomic Energy Agency, the number of reactors permanently shut down worldwide is projected to rise from 214 to 588 by 2050, as more countries retire aging nuclear facilities. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 15:13:51

LG Chem, China's Sinopec to co-develop sodium-ion battery materials SEOUL, November 04 (AJP) - South Korea’s LG Chem said Tuesday it has formed a partnership with China’s largest energy and chemical company, Sinopec, to develop key materials for next-generation sodium-ion batteries, a technology seen as a promising alternative to lithium-based systems. The two companies signed an agreement on Oct. 30 to jointly research and produce cathode and anode materials for sodium-ion batteries, known as SIBs. The collaboration aims to strengthen supply chain stability and improve cost competitiveness as global demand for electric vehicles and energy storage grows. Sinopec, a state-run energy giant with operations spanning oil and gas exploration, refining, petrochemicals, and new energy, has increasingly turned its focus toward advanced materials and cleaner technologies. For LG Chem, the partnership underscores its ambition to expand its portfolio beyond lithium-ion batteries, which currently dominate the electric vehicle market. Sodium-ion batteries offer several advantages over their lithium counterparts: the raw materials are more abundant and less expensive, performance remains stable in colder temperatures, and the technology poses lower safety risks. Analysts view them as particularly well-suited for large-scale energy storage systems and lower-cost electric vehicles. Global sodium-ion battery capacity is expected to expand from about 10 gigawatt hours in 2025 to 292 gigawatt hours by 2034, according to industry data. China is projected to account for more than 90 percent of production by the end of the decade. LG Chem and Sinopec plan to explore various business models in the sodium-ion sector, targeting applications in grid-scale storage and affordable electric vehicles while also expanding into eco-friendly energy and high-value chemical materials. “As a leading global battery materials company, LG Chem has provided differentiated solutions in the global battery market,” said Shin Hak-cheol, the company’s chief executive, in a statement. “Our collaboration with Sinopec will help us develop next-generation battery materials on time and strengthen our portfolio in line with future customer strategies.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 10:02:31

HS Hyosung acquires Belgium's battery materials company for $145 million SEOUL, November 03 (AJP) - South Korea's HS Hyosung Group said Monday it has entered the next-generation battery materials market with the acquisition of EMM, the battery anode subsidiary of Belgium’s Umicore, for about 200 billion won, or roughly $145 million. The deal also includes the creation of a joint venture between the two companies to advance silicon anode technology. Umicore, specialized in materials science, has long been known for its expertise in battery components, catalysts, and semiconductor materials, as well as its historic role in early nuclear research — its facilities once hosted Marie Curie’s experiments on radon and uranium, according to HS Hyosung. The acquisition positions HS Hyosung at the forefront of efforts to commercialize silicon anodes, a technology widely regarded as the next leap in electric vehicle batteries. Silicon anodes can store more than 10 times the energy density of traditional graphite anodes, potentially slashing charging times and boosting vehicle range and efficiency. The investment reflects Vice Chairman Cho Hyun-sang’s push to strengthen Hyosung’s portfolio through core technologies and intellectual property, while integrating artificial intelligence into the company’s manufacturing and materials businesses. Cho reportedly led negotiations with Umicore, visiting Belgium several times to finalize the deal. HS Hyosung said it plans to invest 1.5 trillion won over the next five years to scale up production, beginning at its Ulsan facility. The expansion is expected to create high-value jobs and enhance South Korea’s competitiveness in the global battery supply chain. “Our goal is to build a foundation for the next generation of energy materials,” the company said in a press release. “This partnership will allow us to accelerate innovation in silicon anodes and strengthen our global position.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 16:54:52

HD Hyundai Heavy to develop submarines for Peruvian Navy SEOUL, November 03 (AJP) - South Korea's HD Hyundai Heavy Industries has signed a letter of intent with Peru’s state-run SIMA shipyard to jointly develop a new class of submarines for the Peruvian Navy, in what could become one of its most significant defense export ventures in Latin America. The agreement, announced Monday, builds on a series of accords between the two countries over the past year. It follows a memorandum of understanding signed at the APEC summit in Peru last November and a memorandum of agreement reached during the SITDEF defense exhibition in April. The letter of intent, timed to coincide with the APEC 2025 in Gyeongju, lays the groundwork for a final contract on submarine development and construction. At the signing ceremony were Joo Won-ho, president of HD Hyundai Heavy Industries, Teresa Mera, Peru’s minister of trade and tourism, and Adm. Bravo de Rueda, commander of the Peruvian Navy. Under the agreement, the two companies will discuss cooperation in design, production, and technology transfer, as well as broader industrial partnerships. The aim is to conclude a formal development contract later this year, with Peruvian engineers working alongside HD Hyundai teams at the company’s Ulsan shipyard to design submarines tailored to Peru’s naval requirements. The deal builds on an existing collaboration: HD Hyundai and SIMA are already constructing four naval vessels, including frigates and patrol ships, part of a broader effort to modernize Peru’s maritime capabilities. The partnership also includes training programs intended to bolster Peru’s shipbuilding workforce and expand local production capacity. “The joint construction of four surface vessels has strengthened Peru’s shipbuilding industry and deepened bilateral cooperation,” Joo said in a statement. “This submarine project will take that partnership to the next level, enhancing the Peruvian Navy’s operational capabilities.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:17:56

Samsung SDI works with BMW, Solid Power of US to develop next-generation EV batteries SEOUL, October 31 (AJP) - Samsung SDI said Friday it has entered a three-way partnership with BMW and U.S.-based Solid Power to develop and test solid-state batteries for electric vehicles, deepening a long-running collaboration with the German automaker as the global race to commercialize next-generation batteries intensifies. Under the agreement, the three companies will work together to improve the energy density and safety of solid-state batteries using Solid Power’s proprietary solid electrolytes. BMW will design and assemble battery modules and packs for installation in its next generation of electric vehicles. Unlike conventional lithium-ion batteries, which use liquid electrolytes, solid-state batteries rely on solid materials to conduct ions. The technology promises greater safety and higher energy density, which could allow electric vehicles to travel farther on a single charge while reducing overall battery weight. The collaboration combines Samsung SDI’s manufacturing expertise, BMW’s engineering capabilities, and Solid Power’s materials technology, with the shared goal of accelerating the commercialization of solid-state batteries and building a global supply chain. Samsung SDI and BMW have maintained a close partnership since 2009, with Samsung serving as a key supplier of battery cells for BMW’s electric and plug-in hybrid models. “Battery technology drives electric vehicle innovation,” said Ko Ju-young, vice president of Samsung SDI’s battery business team. “We will continue to lead in solid-state battery commercialization with partners like BMW and Solid Power.” Samsung SDI has been steadily expanding its solid-state battery development efforts. The company established a pilot production line at its Suwon R&D center in March 2023 and began producing sample cells later that year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 09:59:43

OPINION: Embracing 'creative destruction' in South Korea's shipping industry SEOUL, October 30 (AJP) - This year’s Nobel Prize in Economics celebrated the power of innovation and sustainable growth through the lens of “creative destruction.” Co-recipient Prof. Peter Howitt underscored the need for a competitive environment that enables market leaders to keep innovating — a concept rooted in Joseph Schumpeter’s classic theory that progress is driven as much by destruction as by creation. That message resonates deeply with South Korea’s shipping industry, which is struggling to adapt to what many call the “Big Blur” era — when traditional industry boundaries are dissolving. Global giants like Amazon and Tesla have already transcended their original domains, evolving into platforms designed to solve complex customer problems. Yet South Korea’s shipping sector remains bound by convention, held back by resistance to mergers and acquisitions and a deep-seated wariness toward outside capital. The global landscape tells a starkly different story. Over the past two decades, the world’s leading shipping companies have expanded aggressively through M&A, consolidating their power and reshaping global logistics. Today, the top 10 players control roughly 84 percent of the world’s container capacity. Scale and integration have become prerequisites for survival. Against this backdrop, the planned privatization of HMM — the nation’s flagship carrier — is more than a question of ownership. It is a test of whether South Korea can move beyond its traditional view that only “shipping experts” can manage a shipping company. Such thinking risks isolating the industry at a time when cross-sector collaboration is the engine of global competitiveness. Elsewhere, the lines between manufacturing, logistics, and finance have long blurred. Germany’s Deutsche Post DHL and Denmark’s Maersk have both built integrated logistics ecosystems, creating resilient structures that can weather economic turbulence. South Korea’s shipping industry, by contrast, has struggled to escape the shadow of its past. The collapses of Hanjin Shipping and Hyundai Merchant Marine were not just business failures — they were symptoms of an industry that resisted change until it was too late. If HMM is to avoid a similar fate, it must embrace creative destruction and the discipline of private ownership. Clinging to old models, protecting vested interests, and erecting barriers to competition may feel like safety — but only in the short term. In the long run, such strategies erode competitiveness and innovation. The industry’s future depends on openness, flexibility, and diversification. As the saying goes, “Those who build walls perish; those who build roads prosper.” South Korea’s shipping industry must stop building walls around itself and instead build the roads that connect technology, capital, and service into a unified logistics platform. What the industry needs now is not fear of disruption but the courage to pursue it. Breaking down boundaries and reshaping industrial order is not a threat — it is the path to renewal. The question is whether South Korea’s shipping leaders will have the will to chart that course before the tide turns against them once again. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 08:54:17

Global leaders gather for APEC CEO Summit SEOUL, October 29 (AJP) - Global business moguls and other leaders gathered for talks at the CEO Summit as part of the Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju, which kicked off on Wednesday. The multilateral business roundtable, hosted by the Korea Chamber of Commerce and Industry (KCCI), is the largest ever, featuring more sessions, speakers, and high-level attendees. President Lee Jae Myung, along with leaders from major businesses like electronics giant Samsung's Lee Jae-yong and automaker Hyundai's Chung Eui-sun, attended the opening ceremony. Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann was also present, along with many international business figures. Now in its 30th year, the four-day gathering features 1,700 global business leaders from 21 Asia-Pacific countries and will wrap up with a keynote by Jensen Huang, CEO of NVIDIA on Friday. This year's theme focuses on connecting businesses and governments to build a better future, covering topics like artificial intelligence (AI), finance, and carbon neutrality. KCCI Vice Chairman Park Il-jun said, "Through this event, South Korea will be able to solidify its position as a key partner in global economic cooperation and emerge as a leading hub for the AI industry." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-29 14:48:12