Weak EV sales push Samsung SDI deeper into the red SEOUL, October 28 (AJP) - South Korea's Samsung SDI reported a fourth consecutive quarterly loss on Tuesday, as a downturn in electric vehicle demand and trade headwinds in the United States continued to weigh on the South Korean battery maker’s earnings. The company logged an operating loss of 591.3 billion won, or about $430 million, in the July–September period, pushing its cumulative deficit above 1 trillion won for the year. Revenue fell 22.5 percent from a year earlier to 3.05 trillion won, while net income plunged 97.5 percent to 5.7 billion won. Battery sales, which make up the bulk of Samsung SDI’s business, declined 23.2 percent from a year earlier to 2.82 trillion won. The segment reported an operating loss of 630.1 billion won, reflecting weaker sales of electric vehicle batteries and the impact of U.S. tariffs on energy storage products. Samsung SDI said it expected performance to improve in the final quarter of the year, supported by a rebound in the European electric vehicle market and stronger demand for energy storage in the United States. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 13:52:22

HD Hyundai chairman signals possible US shipyard acquisition SEOUL, October 27 (AJP) - HD Hyundai Chairman Chung Ki-sun said Monday the company is considering acquiring a shipyard in the United States, signaling a more assertive global expansion strategy under his new leadership. “We are well-prepared for U.S.-Korea shipbuilding collaboration and are considering acquiring a U.S. shipyard,” Chung told reporters after delivering a keynote address at the APEC CEO Summit’s Future Tech Forum in Gyeongju. His participation in the forum marked his first public appearance since taking over as chairman on Oct. 17, succeeding HD Hyundai’s professional management system and ushering in a third generation of family leadership. Chung said the proposed acquisition would align with the Make American Shipbuilding Great Again (MASGA) project, a Korea-U.S. joint initiative aimed at bolstering cooperation in advanced shipbuilding and defense technologies. Chung also addressed speculation about a possible visit by U.S. President Donald Trump to HD Hyundai’s shipyard in Ulsan this week, saying, “Nothing is decided yet, but it could happen anytime.” At the keynote address, Chung said, since assuming the chairmanship, he has focused on uniting the group’s workforce and advancing innovation across its business units. He called for a “global innovation alliance” to leverage artificial intelligence for sustainable shipping, digital manufacturing, and the broader maritime industry. Highlighting HD Hyundai’s technological capabilities, Chung noted that its subsidiary Avikus became the world’s first company to achieve autonomous navigation across the Pacific Ocean three years ago — a milestone he said is reshaping the future of marine operations. The company, he added, is addressing skilled labor shortages by developing “smart shipyards” equipped with advanced robotics and plans to introduce humanoid robots in the near future. The Future Tech Forum, part of the APEC CEO Summit, gathered global business leaders, policymakers, and academics to discuss trends shaping the next generation of industries. HD Hyundai opened the forum, which features sessions on shipbuilding, defense, retail, artificial intelligence, digital assets, and future energy through Oct. 30. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-27 15:58:10

South Korea's Rainbow Robotics to make shipbuilding robots for Samsung Heavy SEOUL, October 24 (AJP) - Samsung Heavy Industries said on Friday that it has partnered with Rainbow Robotics to develop artificial intelligence–powered welding robots, part of the shipbuilder’s broader push to automate production and build a “smart shipyard” for the future. Under the agreement, Samsung Heavy will provide operational data and testing environments for the robots, while Rainbow Robotics will handle hardware development and technical support. The companies aim to produce lightweight, mobile robots capable of welding complex block structures — including inside confined spaces and on sloped surfaces. Samsung Heavy already deploys more than 90 types of automated equipment and robots across its shipyards for tasks such as block welding, painting, liquefied natural gas cargo welding, and pipe inspection. In September, the company also began 24-hour operations at its newly automated steel-cutting plant, which runs without human operators. The collaboration marks another step in Samsung Heavy’s strategy to integrate artificial intelligence and robotics into its manufacturing processes as it seeks to enhance productivity and address labor shortages. “We are confident that our partnership with Rainbow Robotics will strengthen our automation technology and boost construction competitiveness,” said Kim Jin-mo, vice president for future business development at Samsung Heavy. “We will actively pursue the integration of AI and robotics to expand their applications and commercialization.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 14:28:37

Samsung Heavy secures $244 million deal for three oil tankers SEOUL, October 24 (AJP) - Samsung Heavy Industries said on Friday that it has secured an order worth 341.1 billion won, or about $244 million, to build three oil tankers for a Liberian shipowner. The order brings Samsung Heavy’s total contracts this year to $5.2 billion, about 78 percent of its $5.8 billion goal for the merchant ship sector. The company also aims to reach $4 billion in offshore projects, including work on the Coral and Delfin floating liquefied natural gas (FLNG) facilities. So far this year, the shipbuilder has won contracts for 30 vessels: seven LNG carriers, nine shuttle tankers, two container ships, two ethane carriers, and nine oil tankers, in addition to a preliminary deal for an offshore production platform. The latest oil tankers will be built in Vietnam — part of Samsung’s broader effort to diversify its global production base beyond South Korea and China. At home, the company is focusing its Geoje shipyard on high-value and eco-friendly vessels, such as LNG carriers and low-emission container ships. While the design and procurement for tankers remain under Samsung’s supervision, construction has been spread across yards in China, Southeast Asia, and South Korea to enhance cost efficiency and flexibility. Last year, Samsung built eight oil tankers for Greece’s Centrofin and Dynacom Tankers at the PaxOcean Zhoushan shipyard in China. Two more, ordered by Greece’s New Shipping in September, are being built in South Korea. “We are expanding our global network by partnering with India’s Swan Shipyard and the U.S.-based Vigor Marine Group on strategic projects such as maintenance and repair,” a Samsung Heavy spokesman said. “Our goal is to create a sustainable and competitive production system that can adapt to the rapidly changing market environment.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 11:06:16

HD Hyundai merger plan gets shareholders' approval SEOUL, October 23 (AJP) - HD Hyundai Heavy Industries will officially merge with its affiliate HD Hyundai Mipo Dockyard on Dec. 1, following overwhelming shareholder approval on Thursday — a move the company says will sharpen its competitiveness in the global shipbuilding and defense markets. At the respective shareholder meetings, 98.54 percent of HD Hyundai Heavy Industries’ shareholders and 87.56 percent of HD Hyundai Mipo’s shareholders voted in favor of the merger, including the National Pension Service, one of South Korea’s largest institutional investors. The two companies first announced their merger plan in August, positioning the combined entity as a leader in defense technology and next-generation shipbuilding. The Fair Trade Commission approved the deal in September, saying it would not restrict market competition. The merger will consolidate HD Hyundai Heavy Industries’ shipbuilding expertise with HD Hyundai Mipo’s production capacity and workforce, allowing the new entity to strengthen its foothold in the defense and special-purpose vessel markets. The company also plans to expand its research and development operations to accelerate technological innovation and respond more effectively to tightening environmental regulations. Executives said the integration would help streamline design and production processes, reduce costs, and improve responsiveness to global demand shifts. The company has set an ambitious target of $27 billion in revenue by 2035, up from an estimated $14 billion in 2024, with roughly $7 billion expected to come from the defense sector. “Shareholders have recognized the strategic necessity of this merger,” an HD Hyundai Heavy Industries spokesman said. “By combining our strengths, we aim to lead the future of the shipbuilding and defense industries.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-23 14:20:49

KCCI chief invites new Japanese PM to APEC CEO Summit in letter SEOUL, October 22 (AJP) - Choi Tae-won, chairman of the Korean Chamber of Commerce and Industry, has sent a letter congratulating Japan’s new prime minister, Sanae Takaichi, on her election as the country’s leader. In the letter, delivered Wednesday, Choi, also chairman of SK Group, expressed confidence that Prime Minister Takaichi’s leadership would “bring new energy to Japan” and foster meaningful progress across the region. He underscored the importance of deepening cooperation between South Korea and Japan as the two nations face shared challenges in a rapidly shifting global trade environment. Marking the 60th anniversary of the normalization of diplomatic relations between Seoul and Tokyo, Choi said he hoped the milestone would serve as a springboard for stronger economic ties. He also extended an invitation for Takaichi to attend the upcoming APEC CEO Summit on Oct. 28. Park Il-jun, vice chairman of the chamber, said the summit would be “a meaningful opportunity for Japan to demonstrate its commitment to regional economic cooperation.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-22 15:36:17

Korea Zinc wins approval for renewable energy project in Australia SEOUL, October 22 (AJP) - Korea Zinc’s push into renewable energy gained new momentum this week after the government of New South Wales, Australia, approved the company’s plan to build a large-scale battery storage system and solar power plant — a centerpiece of its global clean-energy ambitions. The project, known as the Richmond Valley Battery Energy Storage System (BESS), is being developed by Korea Zinc’s Australian subsidiary, Arc Energy. Once completed, it will feature a lithium iron phosphate battery system with a capacity of 275 megawatts, capable of storing and discharging up to 2.2 gigawatt-hours of electricity over an eight-hour cycle. Combined with a 200-megawatt solar farm to be built on the same site, the system will store excess renewable energy generated during the day and release it at night or during periods of peak demand — providing stable power to an estimated 175,000 households each year across New South Wales. Commercial operations are scheduled to begin by late 2027. The project is expected to cut carbon emissions by roughly 370,000 tons annually. Arc Energy will manage the site under a build-own-operate model, with Hanwha Energy supplying the battery systems. Hanwha’s contribution accounts for about 52 percent of the project’s total $1.1 billion investment. The initiative aligns with New South Wales’s plan to phase out coal-fired power generation by 2028 and accelerate the state’s transition to renewable energy. In December 2023, Arc Energy was selected as a long-term energy service provider to help stabilize the power grid and participate in the ancillary services market for 14 years — ensuring steady revenue and operational continuity. The Richmond Valley project marks Arc Energy’s second major renewable development to secure government approval in New South Wales, following the Bowmans Creek wind farm project in 2024. The company is also expanding its renewable portfolio in Queensland and Tasmania, positioning itself as a key player in Australia’s clean-energy transformation. “This project represents the shared commitment of South Korea and Australia to a sustainable energy future,” said Choi Yoon-bum, chairman of Korea Zinc. “We are dedicated to ensuring the successful completion of the Richmond Valley BESS and solar facilities as part of our broader mission to drive an eco-friendly energy transition.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-22 10:57:36

HD Hyundai chairman to outline vision for global shipbuilding at APEC forum SEOUL, October 21 (AJP) - Jeong Ki-sun, chairman of South Korean shipbuilder HD Hyundai, will present his vision for the future of global shipbuilding at the Future Tech Forum, a side event of the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju. The company said Monday that Jeong will deliver a keynote address at the forum, which brings together industry leaders, government officials, and scholars to discuss emerging industrial and technological trends. Under the theme “Shaping the Future of Shipbuilding,” the forum will explore ways to advance the maritime industry through innovation, sustainability, and international collaboration. Jeong is expected to highlight HD Hyundai’s initiatives in artificial intelligence, decarbonization, and manufacturing technology, while also proposing new directions for global defense cooperation in shipbuilding. Key partners, including Huntington Ingalls Industries, Anduril, the American Bureau of Shipping, Siemens, and Persona AI, are scheduled to join the discussions. Topics will range from AI-driven production and digital transformation to the evolving landscape of maritime defense and Korea-U.S. strategic cooperation in the shipbuilding sector. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-21 10:44:36

South Korea's HD Hyundai promotes heir Chung Ki-sun to chairman SEOUL, October 17 (AJP) - South Korean conglomerate HD Hyundai on Friday appointed Chung Ki-sun, the third-generation heir of the conglomerate’s founding family, as chairman, formalizing his rise to the top of the nation's largest shipbuilding group. The move marks a generational transition and a shift toward owner-led management as the company prepares for a major corporate merger. Chung, 42, was promoted from senior vice chairman, a role he assumed last year. His elevation was announced as part of the group’s 2025 executive reshuffle, which aims to streamline decision-making ahead of the planned integration of four key subsidiaries — HD Hyundai Heavy Industries, HD Hyundai Mipo Dockyard, HD Hyundai Construction Equipment, and HD Hyundai Infracore. The promotion comes as former Chairman Kwon Oh-gap steps down from management to become honorary chairman. Kwon will remain CEO until the shareholders’ meeting in March 2026, when Chung is expected to assume full control of day-to-day operations. A graduate of Yonsei University with an M.B.A. from Stanford University, Chung has held several leadership roles within the group, including head of HD Hyundai’s management support division and chief executive of HD Hyundai Marine Solutions. In the latest reshuffle, Lee Sang-kyun and Cho Young-chul were promoted to vice chairmen, with Cho slated to serve as co-chief executive alongside Chung. Kim Seong-jun was appointed CEO of HD Hyundai Marine Solutions, while Moon Jae-young will head the soon-to-be merged HD Construction Equipment business beginning Jan. 1. Kim Wan-soo of HD Hyundai Robotics was promoted to president. The appointments, which will be finalized at upcoming board and shareholder meetings, are part of what the company described as a strategic effort to position HD Hyundai as a “comprehensive heavy industry group” equipped to compete in a volatile global market. “This leadership change reflects our commitment to pioneering a new era amid a challenging global business environment,” an HD Hyundai spokesperson said. “We aim to become the world’s leading heavy industry group through innovation and collaboration between new and seasoned executives.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-17 14:00:54

South Korea's HMM orders $2.3 billion fleet of LNG-powered container ships SEOUL, October 16 (AJP) - HMM, South Korea’s largest shipping company, said Thursday that it will order 12 eco-friendly container ships from domestic shipbuilders in a deal worth 3.05 trillion won ($2.3 billion), marking its first major local order in seven years. The 13,000 twenty-foot equivalent unit (TEU) vessels will be built by HD Hyundai Heavy Industries and Hanwha Ocean, two of South Korea’s leading shipbuilders. Each ship will run on liquefied natural gas (LNG), a lower-carbon alternative to conventional marine fuels. According to DNV, a Norwegian classification society, LNG can cut greenhouse gas emissions by more than 23 percent, nitrogen oxides by over 80 percent, and sulfur oxides by more than 99 percent compared with traditional fuels. The company already operates a fleet of cleaner vessels, including nine methanol-fueled and two LNG-fueled container ships. HMM last placed a major domestic order in 2018, commissioning 20 vessels — twelve 24,000-TEU ships and eight 16,000-TEU ships — for about 3.15 trillion won. It followed up with additional orders for twelve 13,000-TEU ships in 2021 and nine 9,000-TEU methanol-fueled vessels in 2023. “In the increasingly competitive global shipping environment, this investment will allow HMM to expand its capacity and strengthen its eco-friendly capabilities,” HMM said in a press release. “We plan to enhance our competitiveness through ongoing investments based on our mid- to long-term strategy.” The order is also expected to boost South Korea’s shipbuilding sector, which has been recovering from years of cyclical downturns, driven in part by rising global demand for low-emission vessels. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 14:20:07