Journalist

Lee nakyeong
  • Daehan Petrochemical to Raise NCC Operating Rate to 72% From 62%
    Daehan Petrochemical to Raise NCC Operating Rate to 72% From 62% Daehan Petrochemical said April 28 it will proactively raise the operating rate of its naphtha cracking center (NCC) to 72% from 62%, in line with the government’s supply-chain stabilization policy. The company said it diversified supply lines to the United States and other sources immediately after the outbreak of war, minimizing disruptions in naphtha procurement. It also used a workaround strategy, buying basic petrochemical feedstocks such as ethylene and propylene to replace short naphtha supplies and using them to produce polyethylene (PE) and polypropylene (PP). Daehan Petrochemical said it expanded supplies of battery separator materials — where it holds the world’s top market share — by more than 60% from the previous month to support the competitiveness of South Korea’s battery industry. It also said it increased supplies of ethylene used to cut shipbuilding steel at shipyards, supporting stable operations in the shipbuilding sector. A company official said Daehan Petrochemical plans to actively expand procurement of raw materials such as naphtha and lift the NCC operating rate to 72% “even amid an unprecedented crisis in raw material supply.” The official added the company will continue to fulfill its responsibilities as a key national industry so there are no disruptions to downstream industries and daily life.* This article has been translated by AI. 2026-04-28 09:25:04
  • Samsung SDI posts 1Q 2026 operating loss of 155.6 billion won, narrows deficit 64.2%
    Samsung SDI posts 1Q 2026 operating loss of 155.6 billion won, narrows deficit 64.2% Samsung SDI posted a sixth straight quarterly operating loss in the first quarter, but sharply narrowed the deficit as demand improved in key end markets. The company said in a regulatory filing on 28 that first-quarter 2026 revenue rose 12.6% from a year earlier to 3.5764 trillion won. It reported an operating loss of 155.6 billion won, narrowing the loss 64.2% year over year. Net profit totaled 56.1 billion won, returning to the black. By business, the battery division posted revenue of 3.3544 trillion won and an operating loss of 176.6 billion won. The electronic materials division reported revenue of 222.0 billion won and operating profit of 21.0 billion won. In batteries, demand recovered for power energy storage systems, uninterruptible power supplies, battery backup units, power tools and other applications. Revenue rose 12.5% from a year earlier and the operating loss narrowed 61.0%. Samsung SDI said profitability improved on higher benefits from the Advanced Manufacturing Production Credit, supported by expanded U.S. production and sales of ESS batteries, and strong sales of higher-value cylindrical batteries. In electronic materials, semiconductor-material sales remained steady, while display-material sales rebounded on higher flagship smartphone sales by major mobile customers, improving results from a year earlier. Samsung SDI cited expanded ESS orders, diversification of customers and products in its electric-vehicle battery business, and efforts to strengthen future technology competitiveness as key drivers of the first-quarter improvement. In ESS, it said it won new projects for prismatic LFP batteries and signed a supply contract for high-output batteries for BBUs. It also said it built a materials supply chain in advance to respond to the U.S. "prohibited foreign entity" rules. In EV batteries, Samsung SDI said it signed a multiyear supply contract with Mercedes-Benz, securing all three of Germany’s major premium automakers as customers. It also said it won a project for tabless cylindrical batteries for hybrid electric vehicles, further diversifying its customer and product portfolio. The company said it expects results to improve gradually from the second quarter as demand recovery continues, though it warned uncertainty in the global business environment is likely to persist. For EV batteries, it expects demand to recover as subsidies expand in major European countries and total cost of ownership for internal-combustion vehicles rises. It said it will proceed with planned mass production for new projects without disruption and focus on restoring profitability by improving utilization rates. For ESS batteries, Samsung SDI said it will expand local mass production and sales in the United States to meet rising demand tied to the growth of AI data centers. It also plans to participate actively in South Korea’s centralized ESS contract market and next-generation grid-linked ESS projects. In small batteries, it said it will expand sales of differentiated products, including tabless and high-output batteries, reflecting continued growth in BBU and power-tool markets tied to increased AI data center construction and a recovery in micromobility demand. In electronic materials, it expects demand for semiconductor and OLED materials to continue on favorable industry conditions, and said it will pursue revenue growth by expanding sales of new semiconductor patterning materials and OLED materials. A company official said, "Uncertainty in the global business environment is expected to continue in the second quarter as well," but added, "We will execute response strategies by business segment without disruption and achieve a return to quarterly profit in the second half."* This article has been translated by AI. 2026-04-28 09:11:03
  • Korean Shipbuilders Ramp Up Offshore Wind Bets, but Grid and Port Infrastructure Lags
    Korean Shipbuilders Ramp Up Offshore Wind Bets, but Grid and Port Infrastructure Lags Domestic shipbuilders are accelerating into offshore wind as a new growth engine, but the infrastructure needed to support the industry is not keeping pace. While corporate investment is rising quickly, structural constraints that could slow broader expansion remain, industry officials say. According to the shipbuilding industry on the 27th, Hanwha Ocean has been among the most aggressive. The company said it held a board meeting that day and disclosed plans to participate in a paid-in capital increase at its wholly owned unit, Ocean E&I, by subscribing to 25,439,900 common shares. Ocean E&I is a Hanwha Ocean subsidiary set up for businesses related to operating a wind turbine installation vessel, or WTIV. A WTIV is a specialized ship used to install offshore wind turbines and is considered essential equipment for placing large turbines at sea. By funding the WTIV operating unit, Hanwha Ocean plans to expand beyond ship construction into installation and operations. Since December 2024, it has broadened its footprint by taking over wind power operations from Hanwha Corp. and carrying out work from project development to engineering and construction for onshore and offshore wind projects. In a 400-megawatt offshore wind project, the company said it directly handled site identification, power-generation permits and related approvals to build development capabilities. Last year, it also signed an EPC contract for the Shinan Ui offshore wind project to build a 390-megawatt offshore wind complex in waters southeast of Uido, Ui Island, in Sinan County, South Jeolla Province. HD Hyundai is focusing on producing floating platforms, or substructures, and offshore substations, and supplying power equipment. It has obtained certification for 15- and 18-megawatt floating platforms and developed a 500-megawatt large-scale offshore substation model, aiming to secure an early lead in Korea’s floating offshore wind market and take an active role in large complex development through 2030. Samsung Heavy Industries is concentrating on floating offshore wind, centered on semi-submersible substructure technology. The company said it obtained approvals in principle last year for a 15-megawatt large model, positioning it to compete in the sector. It is also strengthening exclusive supply cooperation on large floating wind complexes, including the Ulsan Firefly project, with global energy companies such as Equinor, as it seeks to bolster competitiveness in renewable energy. Shipbuilders say offshore wind is attractive because it closely aligns with their core capabilities. Shipyards already have design and manufacturing expertise for large structures, giving them an edge in producing offshore wind components. Strong cash flow from a boom in orders for liquefied natural gas carriers and ultra-large container ships has also supported investment in new businesses. The offshore wind market is widely seen as having strong growth potential as decarbonization drives large project orders, particularly in the United States and Europe. The International Energy Agency projects the global offshore wind market will grow about 13% annually to roughly 1,335 trillion won by 2040. South Korea’s offshore wind market is also expected to expand to as much as 200 trillion won by 2035. But industry participants say investment and policy updates are not keeping up with project timelines. A key constraint is a lack of grid capacity. Even after securing generation permits, projects often face delays connecting to the grid because of limited transmission capacity. Port infrastructure is another bottleneck. Wind towers, blades and substructures are oversized and extremely heavy, requiring dedicated berths and nearby space for storage and assembly. Many major domestic ports are still geared toward container and bulk cargo, leaving limited offshore wind-specific capability. Industry officials warn that if multiple large projects move forward at once, logistics bottlenecks could become a real risk. As a result, calls are growing to draw lessons from leading offshore wind countries such as Taiwan and the United Kingdom. Those countries have improved investment predictability by laying out long-term auction road maps and sharply streamlining permitting procedures. By contrast, uncertainty over policy direction and project schedules remains in South Korea. Developers say they need clear auction volumes and timelines, as well as grid-connection plans, to justify equipment investments that can run into the hundreds of billions of won, but predictability is still low. “Domestic shipbuilders have extensive experience in offshore plants and manufacturing large structures, so they are highly competitive in offshore wind as well,” an industry official said. “But the industry will not grow automatically just because companies invest first. A predictable policy environment must be put in place for the market to expand in earnest.”* This article has been translated by AI. 2026-04-27 18:33:02
  • Dongkuk Systems Named Nvidia Elite Partner in Compute Category
    Dongkuk Systems Named Nvidia Elite Partner in Compute Category Dongkuk Systems, the ICT affiliate of Dongkuk Steel Group, has been selected as a top-tier partner of Nvidia. The company said Monday it earned the Elite grade, the highest level, in the "Compute" category within the Nvidia Partner Network. Nvidia assigns partner grades based on technical capabilities and business performance. Dongkuk Systems said the Compute category is among the network’s most core competencies. Elite status is granted only to a small, vetted group of Nvidia partners worldwide. Dongkuk Systems joined the network in 2024 and was promoted to Elite from Preferred in about two years. The certification recognizes the company’s capabilities as an AI infrastructure specialist, including designing Nvidia’s latest graphics processing unit technology for enterprise use and building high-performance server infrastructure from large-scale data centers to manufacturing sites. The company said its ability to provide GPU-based accelerated computing platforms in on-premises and cloud environments was viewed favorably. With domestic demand for corporate AI transformation rising, Dongkuk Systems said it plans to expand support for AI infrastructure projects across major industries, including steel manufacturing as well as finance, manufacturing and the public sector. "This promotion is the result of Nvidia’s official recognition of our GPU technical capabilities and business performance," CEO Kim O-ryeon said. "We will strengthen our role as a partner that provides practical support for customers building AI infrastructure." * This article has been translated by AI. 2026-04-27 14:31:35
  • LG Chem Wins Top 10 Technology Excellence Award at Chinaplas 2026
    LG Chem Wins Top 10 Technology Excellence Award at Chinaplas 2026 LG Chem said April 27 it won a “Top 10 Technology Excellence Award” at Chinaplas 2026, a global plastics and rubber exhibition, for its specialty polyvinyl chloride material HRTP, a heat-resistant and recyclable thermoplastic. LG Chem was the only South Korean company among participants to receive the award. The company said the recognition reflects its push to move beyond commodity products and focus on higher-value, higher-performance materials, with results now being validated on the global stage. HRTP was also named “Innovation of the Year” at Chinaplas last year, giving the material two consecutive years of recognition at the exhibition. Judges cited the ultra-high polymerization HRTP’s strong flexibility, flame resistance and abrasion resistance, and said it has a solid base for applications including electric-vehicle charging cables. Based on PVC, which is often viewed as a general-purpose material, HRTP is designed to deliver heat resistance, flexibility and durability demanded by next-generation industries such as EVs and robotics. LG Chem said it can be used in EV charging cables and heat-resistant wiring for vehicles and robots, offering about 30% better flexibility than existing materials and stable performance in high-voltage, high-temperature conditions. The company said HRTP is also seeing growing use as an alternative to expensive materials in markets such as synthetic leather and seats for automobiles, due to its soft feel and abrasion resistance. It said HRTP achieves high performance without a crosslinking process that chemically locks the structure, and remains recyclable, meeting requirements for functionality, safety and sustainability. At the exhibition, LG Chem also won an excellence award for UNIQABLE™, an eco-friendly packaging material. Judges pointed to its clear effect in reducing plastic use and cited leading results in environmental protection and commercialization, the company said. LG Chem said it will continue shifting its petrochemical business from commodity products to high-value materials and strengthen customer-value-based materials competitiveness in growth industries including EVs, robots, mobility, electrical and electronics, and industrial materials. * This article has been translated by AI. 2026-04-27 14:24:16
  • POSCO launches foundation to support families affected by industrial accidents
    POSCO launches foundation to support families affected by industrial accidents POSCO Group said on the 27th it has launched a foundation, POSCO Hope Link, to help workers injured in industrial accidents and their families return to society more quickly. The name reflects the foundation’s goal of reconnecting people facing hardship after workplace accidents with hope for reintegration. POSCO Group plans to contribute a total of 25 billion won over the next five years to secure a stable operating base for the foundation. The foundation’s board was formed with experts in labor, medicine, law and welfare, recommended by figures from a range of outside sectors. At the inaugural general meeting, Chang In-hwa, POSCO Group chairman and the foundation’s first chair, said companies should show genuine commitment and a strong sense of social responsibility to help workers and families left in blind spots of industrial accident compensation. He said POSCO will do its best to establish the effort as “a new model social safety net.” The foundation will focus on three areas: emergency living expenses to stabilize households immediately after an accident; caregiving support to improve treatment conditions for injured workers; and “Youth Hope Self-Reliance Support” to help children continue their education. It will prioritize injured workers and families at small workplaces with fewer than 50 employees in the higher-risk construction and manufacturing sectors, and plans to work with related organizations including the Korea Workers’ Compensation and Welfare Service and the Korea Student Aid Foundation. A POSCO Group official said the company will expand fast, practical support from the perspective of victims and their families who fall outside compensation coverage, while also promoting an industrial safety culture in which workers take the lead in preventing accidents, and will work to help build “a safer South Korea.”* This article has been translated by AI. 2026-04-27 14:09:16
  • SKC posts 28.7 billion won Q1 operating loss, narrows deficit 73% from a year earlier
    SKC posts 28.7 billion won Q1 operating loss, narrows deficit 73% from a year earlier SKC remained in the red in the first quarter of 2026, but improved results across its battery, semiconductor and chemical materials businesses helped it return to positive EBITDA, a measure of cash-generating ability. In a regulatory filing on Sunday, SKC said it posted consolidated revenue of 496.6 billion won and an operating loss of 28.7 billion won for the quarter. The operating loss narrowed 73.3% from the previous quarter’s 107.6 billion won. EBITDA came to 10.0 billion won, marking its first quarterly EBITDA profit in 10 quarters. By business, the secondary battery materials unit reported revenue of 156.9 billion won, showing sharp growth from both the prior quarter and a year earlier. North American copper foil sales volume rose 95% from the previous quarter, while sales volume for energy storage systems, or ESS, jumped 132%, the company said. Productivity improved at its Malaysia plant, and the Malaysian unit posted positive quarterly EBITDA, signaling a broader recovery in profitability. The semiconductor materials business posted revenue of 68.3 billion won and operating profit of 23.6 billion won. SKC said a profitability-focused restructuring accelerated, lifting the operating margin to 34.5% and setting a quarterly record for operating profit. The company cited stronger demand tied to AI data centers and higher sales of memory-related products, along with a larger share of high value-added items. The chemical business recorded revenue of 270.8 billion won and operating profit of 9.6 billion won, returning to profit from the previous quarter. SKC attributed the improvement to supply-demand instability linked to geopolitical issues in the Middle East and to expanded sales of high value-added propylene glycol, or PG. In its glass substrate business, SKC said it is building out its production base step by step by improving product design completeness and upgrading manufacturing data management and operating systems. In the second quarter, it plans to produce samples for reliability testing and review new projects under discussion with multiple customers. SKC said it expects profitability improvements to accelerate in the second quarter. In battery materials, it sees revenue growth from expanded ESS sales and from major customers’ new lines moving into full operation. The company also said its Malaysia plant is entering a full-capacity operating system, targeting a production and sales share of more than 70%. In semiconductor materials, it plans investment to expand its first plant in Vietnam and build a second plant there. SKC said it is also moving ahead smoothly with a rights offering aimed at speeding up its glass substrate business and improving its financial structure. In a recent demand survey for an employee stock ownership subscription, demand reached 132% of the allocated amount, it said. “Achieving positive EBITDA in the first quarter confirms the recovery of the core competitiveness of our main businesses,” an SKC official said. The official said the company expects gradual performance improvement under a management focus on cash generation and profitability, and will complete the ongoing rights offering successfully.* This article has been translated by AI. 2026-04-27 13:58:16
  • Korea Zinc’s Tennessee Smelter Project Added to U.S. FAST-41 Permitting Fast Track
    Korea Zinc’s Tennessee Smelter Project Added to U.S. FAST-41 Permitting Fast Track Korea Zinc said its integrated smelter project in Tennessee, dubbed “Project Crucible,” has been added to the U.S. federal government’s FAST-41 permitting fast track for major infrastructure and resource developments. The company said Monday the project was designated for FAST-41, a program under Title 41 of the Fixing America’s Surface Transportation Act that coordinates federal reviews to shorten permitting timelines. FAST-41 is designed to streamline approvals for projects considered strategically important by consolidating oversight across agencies. The U.S. Department of the Interior signed a memorandum of understanding in February with the Tennessee state government and others to simplify permitting procedures, and Korea Zinc described the FAST-41 designation as a follow-up step. Under FAST-41, the federal government coordinates and manages permitting schedules to reduce timing and cost risks. The U.S. Permitting Council says FAST-41 projects, on average, receive a final record of decision 18 months faster than non-designated projects. Korea Zinc said the federal-state MOU would allow related procedures to move forward in parallel, accelerating progress. Korea Zinc said the designation is significant because Project Crucible has been viewed as part of the U.S. national security strategy. The company said the only other FAST-41 projects tied to critical minerals are South32’s Hermosa zinc and manganese development in Arizona and Resolution Minerals’ Antimony Ridge exploration and development project in Alaska. Korea Zinc said Project Crucible is the first FAST-41 project led by a South Korean company and expects it to strengthen U.S.-South Korea economic security cooperation over the medium to long term through a critical minerals supply chain. Chairman Choi Yun-beom said, “The FAST-41 designation for Project Crucible will be an important milestone in building a safe and resilient critical minerals supply chain,” adding that the company will continue close consultations with the U.S. federal government, Tennessee and other stakeholders to ensure the project’s success. He said the company will carry out the project’s roadmap “without disruption,” calling for groundbreaking in 2027 and completion in 2029, and said it aims to build a world-class critical minerals processing facility. Project Crucible calls for a total investment of $7.4 billion (about 11 trillion won) through 2029 to build an integrated smelter capable of processing about 1.1 million tons of feedstock annually. Once completed, the facility is expected to produce semiconductor-grade sulfuric acid and 13 nonferrous products, including 11 types of critical minerals such as zinc and lead, as well as rare metals including germanium and gallium. 2026-04-27 11:38:36
  • South Korean Steelmakers Post Improved Q1 Results, but Second-Half Risks Loom
    South Korean Steelmakers Post Improved Q1 Results, but Second-Half Risks Loom South Korea’s steelmakers posted improved first-quarter results despite headwinds including a construction downturn and a wave of low-priced Chinese steel, helped by anti-dumping measures and stronger exports. Analysts said profitability has begun to recover, but warned that higher raw material and shipping costs tied to Middle East geopolitical risks and tighter European Union carbon rules could weigh on results in the second half. As of the 23rd, industry officials said the country’s three major steelmakers — POSCO Holdings, Hyundai Steel and Dongkuk Steel — held up relatively well in the first quarter despite weak demand and external pressures. Hyundai Steel reported 15.7 billion won ($11.3 million) in operating profit on a consolidated basis, swinging to a profit from a 19.0 billion won loss a year earlier. The turnaround was attributed to stronger domestic pricing power after anti-dumping steps against low-priced Chinese steel, along with a sharp rise in rebar exports, mainly to the U.S. market. Dongkuk Steel also benefited from exports. On a separate basis, it posted 21.4 billion won in operating profit, up 403.9% from a year earlier. While the domestic long-steel market remained weak, overseas sales expanded for products including heavy plate and color-coated steel sheet. POSCO Holdings, which has yet to report, is expected to post 594.9 billion won in first-quarter operating profit, up 4.7% from a year earlier, according to market estimates. The results have fueled views that pressures from the construction slump and China-driven oversupply that persisted through last year are easing somewhat. Analysts also pointed to the government’s anti-dumping probes and stronger trade responses as creating a more favorable environment for domestic producers. The Ministry of Trade, Industry and Energy is imposing anti-dumping duties of 27.91% to 38.02% on Chinese heavy plate. For hot-rolled steel sheet from Japan and China, duties range from 31.58% to 33.43% for Japanese products and 28.16% to 33.10% for Chinese products. Prices for key steel products such as hot-rolled sheet, rebar and heavy plate have reportedly risen by more than 100,000 won per ton in recent weeks. A continued decline in China’s crude steel output has also been supportive. China’s National Bureau of Statistics said first-quarter crude steel production totaled 247.55 million tons, down 4.6% from a year earlier, the lowest first-quarter level since 2022. Risks remain. If Middle East tensions persist, a weaker won and higher ocean freight rates could lift costs. A renewed rise in iron ore and coking coal prices could also squeeze margins. In addition, tougher environmental rules such as the EU’s Carbon Border Adjustment Mechanism, or CBAM, are seen as a burden for South Korean steelmakers with high export exposure. Steelmakers say they plan to keep improving results in the second half by expanding exports and cutting costs. POSCO plans to expand investment in overseas steel plants to build local production that reduces costs and tariff burdens. POSCO Holdings has agreed to set up a joint venture with Indian steelmaker JSW Steel and build an integrated steel mill in Odisha state by 2031, aiming to secure annual crude steel capacity of 6 million tons. Hyundai Steel said it plans, in cooperation with Hyundai Motor Group and POSCO Holdings, to build an integrated electric-arc-furnace steel mill in Louisiana by 2029 with annual capacity of 2.7 million tons. Hyundai Steel also plans to target steel demand tied to power infrastructure and data centers at home and abroad, citing expanding downstream industries such as data centers, energy storage systems and transmission networks as artificial intelligence demand grows. Dongkuk Steel said it will continue raising the share of export sales, aiming to increase it to 15% this year from about 11% last year by strengthening capabilities including integrated sales, trade and logistics operations. * This article has been translated by AI. 2026-04-26 18:05:51
  • Korea Chamber Signs Vietnam University MOUs to Ease SME Skilled Labor Shortage
    Korea Chamber Signs Vietnam University MOUs to Ease SME Skilled Labor Shortage The Korea Chamber of Commerce and Industry said Saturday it signed education cooperation agreements with four leading universities in Vietnam to help train industrial technology workers, as South Korean small and midsize companies face persistent shortages of skilled labor. The chamber said the memorandums of understanding were signed April 23 in Hanoi on the sidelines of a Korea-Vietnam business forum. The partner schools are Vietnam National University, Hanoi University of Science and Technology, Hanoi Industrial University and the Posts and Telecommunications Institute of Technology. The agreements are part of a project the chamber has been pursuing with the Ministry of Trade, Industry and Energy since this year to attract bachelor’s-level overseas technical talent to regional areas, it said. Under the MOUs, the universities will cooperate on selecting candidates and assessing their capabilities, running training programs in Vietnam, and developing curricula based on demand from industrial sites in South Korea. The chamber said the schools plan to begin selecting trainees in May and start training. The chamber said the project centers on an integrated process it runs directly: selection, training and verification, matching with companies, and follow-up management. It described the approach as demand-driven, contrasting it with earlier programs that mainly recruited available workers locally and then connected them to firms. Using its nationwide chamber network, it first identifies hiring and job needs at regional small and midsize companies, then reflects those needs in overseas training and matches candidates with firms, it said. The chamber said it is focusing on verifying job skills required by regional companies, beyond Korean-language ability. Trainees will be evaluated on whether they can perform without additional retraining once placed in the workplace, and must complete job projects designed around real work conditions to qualify for matching. It also said it will provide post-placement support for overseas hires, including Korean-language education and a help desk. According to the chamber, the industrial technology labor shortage rate at small and midsize-sized workplaces in 2024 was 2.9%, about 5.8 times the 0.5% rate at large workplaces. Regional turnover was higher outside the Seoul metropolitan area at 10.7% than in the capital region at 7.3%, with Daegu at 13.9% and North Gyeongsang at 12.3%. The chamber said it is also expanding cooperation beyond Vietnam to top universities in Indonesia, including the University of Indonesia, Gadjah Mada University and Bandung Institute of Technology. Lee Sang-bok, head of the chamber’s Human Resources Development Project Group, said regional small and midsize companies face limits if they rely only on domestic technical workers. “Using global professional technical talent is not an option but a necessity,” Lee said, adding that he expects the project to strengthen regional industrial competitiveness and contribute to balanced regional development and efforts to address population decline in provincial areas.* This article has been translated by AI. 2026-04-26 12:07:37