LG Chem replaces CEO, taps materials chief Kim Dong-chun to lead next phase SEOUL, November 27 (AJP) - LG Chem has appointed Kim Dong-chun, head of its advanced materials division, as its new chief executive officer, marking the first leadership change in seven years. Kim succeeds Shin Hak-cheol. The board approved Kim’s promotion to president and CEO on Thursday. Kim is credited with boosting profitability within the advanced materials division and broadening the company’s global customer base, particularly in high-tech sectors. “Kim is the right person to lead innovation and refine our business portfolio amid uncertain conditions,” LG Chem said in a statement, adding that it plans to continue reinforcing its competitiveness across core businesses. Born in 1968, Kim studied industrial chemistry at Hanyang University and later obtained an MBA from the University of Washington. He joined LG Chem in 1996 and has since held key roles across semiconductor and electronic materials, as well as in group-level strategy and new business development. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 17:22:55

The hidden engine of Nuri's success: HD Hyundai Heavy's ground launch system SEOUL, November 27 (AJP) - When South Korea’s Nuri rocket lifted off before dawn on Thursday, attention naturally turned to the spacecraft streaking into the sky. But the success of the launch was rooted firmly on the ground — specifically, in the complex launch system engineered and operated by HD Hyundai Heavy Industries. For the fourth mission in a row, the country’s largest shipbuilder played a pivotal but largely unseen role in enabling one of South Korea’s most advanced technological achievements. Since completing the second launch pad at the Naro Space Center in 2020, Hyundai Heavy has overseen every element of Nuri’s launch system. The company independently designed, manufactured and installed the ground mechanical structures, fuel-supply lines and control equipment that power the rocket from the final seconds of the countdown through liftoff. Engineers also execute pre-launch checks, coordinating hundreds of components that must operate flawlessly to send the rocket safely skyward. What makes the system particularly significant is its 100 percent domestic technology rate — a benchmark that marks a clear departure from past reliance on foreign equipment. The fully homegrown infrastructure is now viewed as a core national asset, strengthening South Korea’s ability to conduct launch operations independently as its space program expands. Hyundai Heavy began venturing into space infrastructure in 2007 during the Naro rocket era. The company leveraged its deep engineering background — traditionally applied to ship hulls, offshore platforms and industrial systems — to develop new expertise in cryogenic fueling, high-pressure operations and launch safety. Over nearly two decades, this foundation has evolved into a sophisticated capability validated by each of Nuri’s successful flights. The Nuri program is expected to serve as a bridge to next-generation launch vehicles aimed at lunar exploration, satellite deployment and broader participation in global space supply chains. Hyundai Heavy’s proven launch operations are likely to anchor many of those projects, positioning the company as a key contributor to South Korea’s increasingly ambitious space agenda. A spokesperson for HD Hyundai Heavy Industries said Thursday’s launch underscored the maturity of the company’s infrastructure. “The success of the fourth launch confirms the stability of our domestically developed launch system,” the official said, asking not to be named. “We will continue supporting the fifth and sixth Nuri missions and actively participate in next-generation launch vehicle projects to help advance South Korea’s aerospace industry.” For a company best known for supertankers and shipyards, the reliability of Nuri’s launch system has become a new point of pride — quiet work that ensures the rocket’s flame rises cleanly into the sky, mission after mission. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 09:57:41

Hanwha Ocean hosts Canadian industry chief in bid for submarine project SEOUL, November 24 (AJP) - Canadian Industry Minister Mélanie Joly visited Hanwha Ocean’s shipyard in Geoje on Monday, underscoring Ottawa’s deepening evaluation of Hanwha’s bid in Canada’s 60-trillion-won submarine procurement project. Joly’s trip follows a visit by Canadian Prime Minister Mark Carney on Oct. 30. Although she had originally planned to accompany him, Joly was unable to due to scheduling conflicts, the company said. At the Geoje facility, Hanwha Ocean executives — including CEO Kim Hee-chul — gave Joly a tour of two of its advanced vessels: the newly launched Jang Yeong-sil and Jang Bogo-III Batch II submarines. The visit is seen as a signal that Canada is not only assessing military capability but also weighing broader industrial and economic cooperation. The Canadian industry ministry plays a pivotal role in shaping strategy around industrial policy, supply chains, and the country’s economic security under the Carney government. The submarine procurement project, originally conceived as a defense acquisition, has evolved into a strategic industrial policy initiative. Hanwha Ocean described Joly’s visit as signifying “a deeper evaluation of the project's industrial, technological, and economic feasibility,” distinct from the more symbolic nature of the prime minister’s earlier visit. During Carney’s trip, Hanwha representatives pitched a wide-ranging offer to Canada, covering not just submarines but potential cooperation in defense, space, sustainable energy, and critical minerals. CEO Kim said Joly’s visit “marks the project's transition into a truly competitive phase,” and pledged that Hanwha Ocean would deliver “optimal solutions for the Canadian Navy while acting as a reliable partner for Canada’s industrial growth.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 15:05:02

South Korea's HD Hyundai secures biggest container ship deal since 2007 SEOUL, November 24 (AJP) - HD Hyundai has secured its biggest container ship order since the 2007 shipbuilding boom, landing a deal worth 2.13 trillion won ($1.44 billion) to build eight ultra-large container vessels for South Korean carrier HMM. HD Korea Shipbuilding & Offshore Engineering, the group’s shipbuilding arm, said Monday it signed a contract to construct eight 13,400 TEU container ships equipped with LNG dual-fuel engines. The ships — each 337 meters long, 51 meters wide and 27.9 meters high — will be delivered by the first half of 2029. Two will be built by HD Hyundai Heavy Industries and six by Hyundai Samho Heavy Industries. The vessels will feature enlarged fuel tanks and dual-fuel propulsion systems designed to boost efficiency and reduce emissions. HD Hyundai said the order marks its largest for container carriers in nearly two decades, underscoring a rebound in demand as global shipping companies invest in greener, more fuel-efficient fleets. The win also caps a strong year for the shipbuilder, which has booked orders for 72 container ships totaling 720,000 TEUs, the highest among South Korean shipyards. Despite carrying higher price tags than rivals, HD Hyundai’s ships are widely regarded as cost-effective over their full operating life, the company said. Since 2023, the company has outfitted its vessels with HiNAS Control, an autonomous navigation and voyage-optimization system developed by Avikus. HD Hyundai says the system has improved fuel efficiency by 15 percent and cut carbon emissions by a similar margin in real-world operations. “We are strengthening our position in the global market with our proprietary technology and customer confidence,” the company said in a press release. “We will continue to lead the decarbonization of shipbuilding and shipping with eco-friendly, high-efficiency vessels.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 13:45:06

South Korea's SK Earthon acquires 34% stake in Indonesian offshore block SEOUL, November 24 (AJP) - SK Earthon, a subsidiary of SK Innovation, has acquired a 34 percent stake in Indonesia’s North Ketapang offshore block as part of a broader push to expand its resource development portfolio in Southeast Asia. The company said Monday it purchased the stake from Petronas North Ketapang Ltd., without revealing the price. Under the new partnership structure, Petronas North Ketapang retains a 51 percent stake, while PT Pertamina Hulu Energi North Ketapang holds 15 percent. The three companies will jointly explore the block, located off northeast Java, an area regarded as highly promising following recent oil discoveries in deeper geological layers. SK Earthon said its decision reflects a detailed assessment of the block’s geological potential and commercial viability. Petronas brings more than three decades of project experience in the region, while Pertamina contributes extensive knowledge of Indonesia’s oil development landscape, creating what the companies describe as strong operational synergies. The consortium plans to drill an exploration well by the end of the year. The move further strengthens SK Earthon’s presence in Indonesia. In May, the company won government-led bids for the Serpang and Binaiya blocks, giving it stakes in three Indonesian assets. The geographical proximity of Serpang and North Ketapang to northeast Java is expected to enhance business integration and operational efficiency. “Securing the North Ketapang stake is part of our broader Southeast Asia resource development strategy,” SK Earthon said in a press release. “We aim to develop Indonesia into a global resource hub alongside our active projects in Vietnam, China and Malaysia.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 13:31:55

Samsung Heavy lands $1.32 billion order for 7 container ships SEOUL, November 20 (AJP) - Samsung Heavy Industries announced on Thursday that it has secured a 1.92 trillion won (approximately $1.32 billion) order from an Asian shipowner to build seven container ships, scheduled for delivery by November 2029. Amid growing demand for greener vessels — especially LNG dual-fuel ships — this contract brings Samsung Heavy’s total orders this year to $6.9 billion. The order book includes seven LNG carriers, nine shuttle tankers, nine container ships, two ethane carriers, 11 crude oil carriers, and one offshore production facility. Samsung Heavy now boasts a robust backlog of 132 vessels valued at $28.2 billion, ensuring a stable pipeline of work. A company spokesperson said: “We are securing high-quality, stable work in the merchant ship sector, focusing on profitability. Completing the planned FLNG project contract this year will help us achieve our order target.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 15:08:43

Hyosung to expand high-voltage transformer plant in US SEOUL, November 18 (AJP) - Hyosung Chairman Cho Hyun-joon is moving to turn the company’s Memphis transformer plant into the largest facility of its kind in the United States, as demand for high-voltage equipment rises alongside the nation’s aging grid and a rapid build-out of AI-driven data centers. Hyosung Heavy Industries said Tuesday it will invest $157 million to boost the plant’s production capacity by more than 50 percent by 2028. The expansion is part of Cho’s strategy to position the company for what he calls the era of “AI-powered power infrastructure.” Including the latest investment, Hyosung has committed roughly $300 million to the Memphis site since acquiring it in 2020. The factory is the only U.S. facility capable of both designing and manufacturing 765kV transformers — equipment that reduces transmission losses more effectively than the more common 345kV or 500kV units. Hyosung has held a leading share of the U.S. 765kV transformer market since the early 2010s. Demand for high-capacity transformers is projected to surge as utilities upgrade outdated systems and AI expansion drives heavy load growth. The U.S. transformer market is forecast to grow at an annual rate of 7.7 percent, doubling from $12.2 billion in 2024 to $25.7 billion by 2034, according to the company. Hyosung said the expansion will strengthen its U.S. supply chain footprint, enabling quicker delivery of grid-critical equipment and cementing its position among the world’s top power-equipment suppliers. High-voltage transformers play a central role in stepping up and down voltage during transmission, directly affecting grid stability and efficiency. Cho, who pushed ahead with the 2020 acquisition, said local production will be essential for long-term competitiveness. “The future of the power industry lies in managing not just equipment but power flow, storage and system stability,” he said in a press release. “This expansion will solidify our position as the No. 1 global total-solution provider.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 11:07:31

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