Journalist
Lee nakyeong
nakk@ajunews.com
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Hanwha heir Kim Dong-seon leaves Hanwha Corp. to focus on new Tech & Life holding company Hanwha Group Vice President Kim Dong-seon, the conglomerate chairman’s third son, has left Hanwha Corp. and will concentrate his management efforts on the Tech & Life business that is set to be spun off, according to the business community. Some analysts said the move suggests the group’s third-generation management structure is nearing completion. According to the business community on Tuesday, Kim is believed to have resigned from Hanwha Corp. at the end of March. He had served as head of the overseas business division at Hanwha Corp.’s construction unit, overseeing overseas development projects and expansion into new businesses. Hanwha said Kim’s departure was a decision made to focus on related work as the company pursues a planned split and the establishment of a new holding company. The move comes as the group’s business reshuffle gains momentum, and was seen as Kim taking direct charge of a new growth pillar. Hanwha Corp. previously announced in January that it would spin off its Tech Solution and Life Solution divisions and set up a separate holding company. The new company, tentatively named Hanwha Machinery & Service Holdings, will bundle businesses Kim has led, including retail, leisure and robotics. The split is scheduled to be completed in July after procedures including an extraordinary shareholders meeting in June. Business circles said the latest personnel change further clarifies the division of roles among the owner family’s third generation. Vice Chairman Kim Dong-kwan, the eldest son, leads core businesses including defense, shipbuilding and energy, while President Kim Dong-won, the second son, oversees the financial arm. Kim Dong-seon has been expanding his role around future consumer and service businesses such as retail, leisure and robotics.* This article has been translated by AI. 2026-04-22 16:38:14 -
OCI posts 28.9 billion won Q1 operating profit, up 171.4% on year OCI said in a regulatory filing on Tuesday that it posted first-quarter consolidated revenue of 506.6 billion won ($?) and operating profit of 28.9 billion won. Revenue fell 6% from a year earlier, while operating profit jumped 171.4%. OCI attributed the profit gain to higher selling prices for key carbon chemicals products and restructuring effects, including the merger with P&O Chemical and the liquidation of OJCB, its carbon black production unit in China. By segment, the basic chemicals division, which includes semiconductor materials, reported revenue of 184.7 billion won and operating profit of 1.4 billion won. Results fell from the previous quarter due to lower sales volume of polysilicon for semiconductors tied to customer delivery schedules, as well as scheduled maintenance for products including caustic soda (CA) and TDI. The carbon chemicals division posted revenue of 336.1 billion won and operating profit of 31.7 billion won. OCI said higher product prices amid stronger oil prices, along with increased pitch sales volume, drove sharp gains in both revenue and profit. It said it expects solid profitability to continue in the second quarter, supported by firm oil prices and stable supply and demand based on the use of steelmaking raw materials. OCI said it aims to make this year a turning point for improving profitability and strengthening its mid- to long-term growth base. In semiconductor materials, it plans to pursue earnings growth by expanding sales of key products including polysilicon, hydrogen peroxide and phosphoric acid, supported by capacity expansion. The company said a 5,000-ton expansion of phosphoric acid capacity is scheduled to be completed in the third quarter of 2026, and it is also reviewing additional expansion to prepare for longer-term demand growth. OCI also plans to ramp up mass production in the second half for specialty materials used in silicon anode materials for secondary batteries, based on a long-term supply contract with Nexeon. Vice Chairman Kim Yushin said external uncertainty remains high due to geopolitical risks such as the recent war in the Middle East, but the company will sustain its recovery by responding flexibly to markets and diversifying raw material sourcing. “Based on stable profits from basic materials and carbon chemicals, we will generate results in new businesses such as semiconductor materials,” Kim said.* This article has been translated by AI. 2026-04-22 16:13:11 -
HD Hyundai Heavy Industries signs deal to supply power equipment for US data center SEOUL, April 22 (AJP) - HD Hyundai Heavy Industries has signed a mega contract to supply power-generation equipment to U.S. energy solutions company Aperion Energy Group, the shipbuilder said on Wednesday. Under the contract, worth 627.1 billion Korean won (US$424 million), which is the largest of its kind the shipbuilder has ever signed, the equipment with a total capacity of 684 megawatts based on its HiMSEN engines will be installed at the Texas-based company's data center, where a stable supply of large-scale electricity is required. The latest contract marks HD Hyundai Heavy Industries' entry into the U.S. market, where the rapid growth of artificial intelligence (AI)-related services and cloud computing has fueled surging demand for reliable, large-scale data centers. "We believe the contract will be a great stepping stone for us in establishing our presence in the North American market," said Han Ju-seok, an HD Hyundai Heavy Industries executive. "We will further expand our business portfolio beyond data centers." According to a recent forecast by the International Energy Agency (IEA), U.S. electricity demand is expected to keep rising through 2030, with about half of the increase attributed to the rapid expansion of data centers. 2026-04-22 15:06:55 -
HD Hyundai Heavy Industries to Supply $4.6 Billion in Power Equipment for U.S. Data Centers HD Hyundai Heavy Industries has taken its first step into the U.S. market as demand for data centers grows. The company said Tuesday it recently signed a supply contract with U.S. energy infrastructure developer Aperion Energy Group for power-generation equipment based on 20-megawatt HiMSEN engines. The deal totals 684 megawatts and is worth 627.1 billion won, the largest power-engine contract HD Hyundai Heavy Industries has signed to date. The equipment will be used for data center power infrastructure, where stable, large-scale electricity supply is required. The 20-megawatt HiMSEN units are large, medium-speed engines that the company said offer world-class generation efficiency and reliability. HD Hyundai Heavy Industries said the contract is significant as it expands its business portfolio into power generation for data centers. The U.S. data center market has been growing rapidly, driven by the spread of generative AI services and increased investment in cloud infrastructure. The International Energy Agency has projected that U.S. electricity demand will continue to rise through 2030, with about half of the increase attributed to the rapid expansion of data centers, the company said. HD Hyundai Heavy Industries said it plans to broaden applications for its HiMSEN engine lineup across data centers, industrial power, and emergency and auxiliary power. Han Ju-seok, head of the company’s Engine & Machinery Business, called the contract “an important bridgehead” for entering the U.S. data center market. “Building on this achievement, we will strengthen our presence in North America and continue to create diverse power-generation business opportunities, including data centers,” he said.* This article has been translated by AI. 2026-04-22 11:33:43
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SK Eternix Starts Commercial Operations at 40MW SOFC Plant in Chungju SK Eternix said Tuesday it has begun commercial operations at its Daesowon Eco Park fuel cell power plant in the Chungju Megapolis general industrial complex in North Chungcheong Province. Daesowon Eco Park is a 40-megawatt, high-efficiency solid oxide fuel cell (SOFC) plant built on a 16,423-square-meter site. It uses 120 Bloom Energy fuel cells rated at 330 kilowatts each and can generate about 330 gigawatt-hours of electricity a year — enough to power about 94,000 households for one year. The commercial launch was carried out in connection with the nearby Chungju Eco Park (40MW), which began operating in December. With the two plants, SK Eternix has established an approximately 80MW distributed power cluster in the Chungju area. The company said it is the world’s largest high-efficiency SOFC fuel cell power complex in a single region and is expected to help improve local energy self-sufficiency and secure a stable power supply base. SK Eternix said the project brings its cumulative fuel cell operating capacity to 169MW. With Paju Eco Green Energy (31MW) now under construction and a 28MW project awarded in South Korea’s general hydrogen power generation market to be completed in stages, the total is expected to expand to 228MW. The company also said it strengthened project stability through strategic cooperation with co-investor Chambit Group. Chambit participates as a major shareholder in the Chungju Eco Park and Daesowon Eco Park projects and supplies city gas, helping secure stability across the process from fuel supply to plant operations. "The start of commercial operations at Daesowon Eco Park is an achievement that proves our capabilities in distributed power and our competitiveness in project execution," CEO Kim Hae-jung said. He said the company will continue expanding distributed power to support national energy transition policy and refine a sustainable energy business model based on coexistence with local communities. SK Eternix operates an eco-friendly energy business based on a portfolio that includes fuel cells, solar, wind and energy storage systems. It has recently been expanding into areas such as power brokerage and U.S. ESS projects to boost corporate value.* This article has been translated by AI. 2026-04-22 09:24:17 -
Hanwha Ocean Teams With Leidos’ Gibbs & Cox to Speed U.S. Naval Shipbuilding Push Hanwha Ocean is partnering with a U.S. defense contractor long associated with U.S. Navy ship design standards as it accelerates its push into the American naval shipbuilding market. Hanwha Ocean said it signed a memorandum of understanding with Leidos’ Gibbs & Cox on April 21 local time at SAS 2026 (Sea-Air-Space 2026) in Maryland. The company announced the agreement on April 22. Under the MOU, the two sides agreed to work on: designs tailored to U.S. Navy specifications; joint development of next-generation vessels; building a supply chain using production bases in the United States and South Korea; and advancing ship designs aimed at efficient production and long-term maintenance. Hanwha Ocean said the agreement creates a practical joint front with Gibbs & Cox to strengthen competitiveness in U.S. Navy shipbuilding programs and in global naval vessel projects. Gibbs & Cox, a key Leidos affiliate, has a leading position in naval design and has designed more than 70% of U.S. Navy surface combatants since World War II, Hanwha Ocean said. The company said Gibbs & Cox is regarded as a top partner because it understands and implements U.S. Navy operational requirements and technical specifications. Hanwha Ocean said it aims to build a success story in the United States that surpasses the example of Italy’s Fincantieri establishing itself in the market. Gibbs & Cox is known to have played a key role as a partner when Fincantieri entered the U.S. naval ship market. Hanwha Ocean said Fincantieri successfully settled into the market through cooperation with Gibbs & Cox while carrying out the Constellation-class frigate and Freedom-class littoral combat ship programs. Eo Seong-cheol, head of Hanwha Ocean’s special ship business division, said the agreement would help the company secure a firm technological advantage not only in the U.S. market but also worldwide. “Through cooperation with Leidos, a leading U.S. defense company, we will accelerate our entry into the global maritime defense market and deliver visible results,” Eo said. * This article has been translated by AI. 2026-04-22 09:00:56 -
South Korea closes gap with China in global shipbuilding orders SEOUL, April 6 (AJP) - Despite an overall decline in global ship orders, South Korea increased its share last month, narrowing the gap with China, according to data released by London-based Clarkson Research Services on Monday. In March, South Korea won orders totaling 1.59 million compensated gross tons (CGT) for 38 ships, accounting for about 39 percent of the global market, while China secured 2.15 million CGT for 84 ships, taking a 53 percent share. In February, South Korea's share was just 11 percent, compared with China's 80 percent. Global ship orders reached 4.06 million CGT for 135 vessels, down 36 percent from February's 6.38 million CGT, but up 31 percent from a year earlier. Clarkson's index measuring the cost of building new ships stood at 182.07 in March, down 0.07 percentage points from the previous month, but it is considered very high. By type of vessels, prices were $248.5 million for a liquefied natural gas (LNG) carrier, $129.5 million for a very large crude carrier, and $260 million for an ultra-large container ship. 2026-04-06 11:18:52 -
Seoul Debuts BTS Comeback Video Displays From Gwanghwamun to DDP BTS comeback videos and welcome messages appeared around Gwanghwamun Square at 7 p.m. on the 20th, one day before the group’s concert. The Seoul Metropolitan Government said it premiered BTS-related videos and Korean- and English-language welcome messages on 10 large outdoor screens on buildings near Gwanghwamun Square. The videos will run until midnight on the 21st, when the concert is scheduled. The newly released “BTS The City Arirang Seoul” is a two-minute video showing the members walking through major Seoul landmarks while holding lanterns. The video follows a day-to-night progression, starting at Sungnyemun and moving across the city. The video is broadcast on media facades at 10 sites: the Haechi Madang media wall, Atelier Gwanghwa, the National Museum of Korean Contemporary History, KT Square, Segwang Building, Dajeong Building, Ilmin Museum of Art, Koreana Hotel, The Dong-A Ilbo and Seoul Shinmun. It airs at 5, 25 and 45 minutes past each hour. The three public platforms — the Haechi Madang media wall, Atelier Gwanghwa and the National Museum of Korean Contemporary History — show silhouette-based graphics, while the other seven screens play live-action footage. Alongside the video, the message “서울 광화문광장에서 BTS 컴백을 환영합니다” and its English version, “Welcome back BTS at Gwanghwamun Square in Seoul,” is also displayed. Separately, Dongdaemun Design Plaza will host “DDP Music Light” from the 20th through April 12. Centered on the new album “Arirang,” the event links music and light with a media show of about three minutes, held daily from 7 p.m. to 10 p.m. at 30-minute intervals. Choi In-gyu, director general for design policy at the Seoul Metropolitan Government, said the city aims to develop Seoul’s nights into new cultural content that combines K-culture and urban culture, offering global fans “new experiences, emotion and enjoyment.” He said the BTS comeback show would be used as an opportunity to highlight Seoul to the world again.* This article has been translated by AI. 2026-03-20 19:36:19 -
HD Hyundai Chairman Chung Ki-sun’s 2025 Pay Rises 5.3% to 2.39 Billion Won Chung Ki-sun, chairman of HD Hyundai, received about 2.39 billion won in compensation for 2025, the company’s business report disclosed on Thursday. According to the filing, Chung was paid 1.3 billion won by HD Hyundai and 1.09 billion won by HD Korea Shipbuilding & Offshore Engineering. That was up 5.3% from the 2.27 billion won he received in 2024 — 960 million won from HD Hyundai and 1.31 billion won from HD Korea Shipbuilding & Offshore Engineering. The report noted that the actual increase could differ if compensation not subject to disclosure is included. Chung is the eldest son of Chung Mong-joon, chairman of the Asan Foundation, and a third-generation member of the Hyundai founding family. He was promoted in October from executive vice chairman to chairman. Kwon Oh-gap, honorary chairman of HD Hyundai, received a total of 15.2509 billion won, including 11.6756 billion won in severance pay.* This article has been translated by AI. 2026-03-20 19:09:16 -
Refiners, Gas Stations Clash Over Fixes as Oil Prices Surge on U.S.-Iran War As oil prices surge amid the war between the United States and Iran, refiners and gas station operators say their business burdens are growing. Lawmakers convened an industry meeting at the National Assembly to discuss countermeasures, but the roughly hourlong session ended without agreement, underscoring the gap between the two sides. The Democratic Party’s Euljiro Committee held the meeting on March 20 at the National Assembly Members’ Office Building, citing rising household costs as international oil prices jump on Middle East risks. Attendees included the Korea Gas Station Association and representatives from SK Innovation, GS Caltex, HD Hyundai Oilbank and S-Oil. Gas station operators focused on what they called structural disadvantages in the retail market. Ahn Seung-bae, chairman of the Korea Gas Station Association, said stations do not set prices but sell at prices determined by refiners. When prices rise, he said, stations are blamed for profiteering despite lacking pricing power. Ahn urged refiners to address practices including all-volume purchasing, after-the-fact settlement, credit card fee burdens and what he described as prices being reflected in advance. He said many stations are effectively tied to buying nearly 100% of their fuel from a single refiner, and that paying before supply prices are finalized — followed by later settlement — increases financing pressure. Refiners said they shared the need to stabilize supply and ease consumer burdens but were cautious about offering specific solutions on distribution structure, citing limits on what companies can do as crude supply risks intensify. Lee Sang-yoon, a vice president at SK Innovation, said a blockade of the Strait of Hormuz has become the biggest variable for crude supply, and that any disruption would inevitably have a major impact on the domestic market. Ahn Young-mo, a managing director at GS Caltex, said the company is using all private inventories to supply petroleum but described the situation as severe. If the Strait of Hormuz blockade is not lifted, he said, “there could be a situation where even naphtha cannot be helped.” Refiners’ stockpiled volumes could be depleted as early as April, the article said. Additional supplies secured from outside the Middle East and through diplomatic efforts would not be enough to replace existing volumes. The refining industry is asking the government to release strategic reserves. However, even in a closed-door discussion after opening remarks, participants did not meaningfully address crude supply plans, which refiners consider the top issue. The meeting was seen as confirming the reality of supply uncertainty and the perception gap between refiners and gas stations, rather than producing detailed steps to respond to the price surge. The Democratic Party’s Euljiro Committee said it plans to form a social dialogue body as early as next week to begin fuller discussions.* This article has been translated by AI. 2026-03-20 15:55:01