Journalist

Kang Il-yong
  • Samsung Heavy wins $520 million order for two LNG carriers
    Samsung Heavy wins $520 million order for two LNG carriers SEOUL, January 02 (AJP) - Samsung Heavy Industries said on Friday it has secured an order worth 721.1 billion won ($520 million) for two liquefied natural gas carriers. In a regulatory filing, the company said the contract was signed in December and that the vessels are scheduled for delivery in stages by September 2028. The name of the shipowner was not disclosed due to contractual confidentiality requirements, a common practice in shipbuilding deals involving commercial and strategic considerations. With the latest deal, Samsung Heavy said it booked total orders worth $7.9 billion for 43 vessels in 2025, surpassing its 2024 results of $7.3 billion for 36 ships. Orders last year included 11 LNG carriers, nine shuttle tankers, nine container ships, two ethane carriers, 11 crude oil carriers and a preliminary contract for offshore production facilities, the company said. As of the end of 2025, Samsung Heavy’s order backlog stood at 133 ships valued at $28.6 billion. A company official said Samsung Heavy exceeded the previous year’s order performance by prioritizing profitability and selectively accepting contracts, supported by a stable backlog, despite a volatile global business environment marked by U.S.-led trade tariff pressures. The official added that the company expects solid order momentum to continue this year, citing a recovery in demand for LNG carriers. 2026-01-02 15:30:03
  • Hyundai Group chair urges readiness for inter-Korean exchanges
    Hyundai Group chair urges 'readiness' for inter-Korean exchanges SEOUL, January 02 (AJP) - As the Lee Jae Myung administration signals renewed efforts to ease tensions with North Korea, Hyundai Group Chair Hyun Jeong-eun said the conglomerate must be ready to act swiftly should conditions for inter-Korean economic cooperation improve. In a New Year’s message to employees on Friday, Hyun reaffirmed her support for engagement with North Korea, saying expectations are rising again for a thaw on the Korean Peninsula. She expressed hope for “constructive change” in inter-Korean relations this year and urged employees to prepare thoroughly so the group can respond immediately if opportunities emerge. Hyundai Group, long associated with cross-border projects such as the Mount Kumgang tourism venture through affiliate Hyundai Asan, has been viewed as a potential private-sector partner in any future economic cooperation between the two Koreas. Hyun sent the message by email to about 6,000 employees across affiliates including Hyundai Elevator, Hyundai Movex and Hyundai Asan. Beyond inter-Korean issues, Hyun called for proactive execution across the group, urging employees to “show the will and action to lead this era of transition.” She said uncertainty often accompanies new opportunities and stressed that decisive action matters more than perfect information. 2026-01-02 14:25:24
  • State creditor bank demands more aggressive output cut from Korean naphtha makers
    State creditor bank demands more aggressive output cut from Korean naphtha makers SEOUL, December 30 (AJP) -The government is intensifying pressure on South Korea's major petrochemical producers to further reduce naphtha cracking capacity during the prolonged industrial slump, demanding more aggressive streamlining from Hanwha, DL and Lotte tenants of Yeocheon complex, industry sources said. According to the sources on Tuesday, Lee Bong-hee, executive vice president and head of corporate finance at the Korea Development Bank (KDB), visited Yeocheon NCC on Friday for an on-site inspection. He later held discussions with executives from Hanwha Solutions, DL Chemical and Lotte Chemical on voluntary reductions in naphtha cracking capacity. During the meetings, Lee asked the three companies to submit a concrete plan to permanently shut Yeocheon NCC’s third plant, which has been idled and has an annual capacity of 470,000 tons, the sources said. He also conveyed that if additional cuts are made at Yeocheon NCC’s first plant (900,000 tons) and second plant (910,000 tons), as well as at Lotte Chemical’s Yeosu NCC facility (1.23 million tons), the government and creditor banks could offer support in return. The state policy bank is the lead creditor bank for Hanwha Solutions, DL Chemical and Yeocheon NCC, and also serves as a creditor to Lotte Chemical. Lee oversees petrochemical restructuring and creditor-bank management at KDB. With the companies seeking bond maturity extensions and additional financing, his targeted visit to Yeocheon NCC was widely viewed as adding pressure on the firms to move faster on restructuring, the sources said. KDB has also urged the companies to submit detailed capacity-reduction plans alongside additional self-help measures, including further capital injections by major shareholders. The policy lender has made clear that it will not provide additional financial support unless the three companies reach agreement on concrete restructuring steps, the sources added. At the same time, Hanwha Solutions, DL Chemical and Lotte Chemical are accelerating preparations to establish a joint venture to consolidate their naphtha cracking operations. The companies aim to set up a jointly funded subsidiary by the first quarter of 2027 to jointly operate Yeocheon NCC’s first and second plants together with Lotte Chemical’s Yeosu NCC facility. They are currently conducting due diligence with Samil PwC and other advisers to finalize the joint venture structure and additional capacity-reduction measures, which they plan to submit to the government in January, the sources said. If the companies propose further cuts, total industry-wide reductions in naphtha cracking capacity could exceed the government’s initial target of 2.7 million to 3.7 million tons by roughly 1 million tons, according to industry estimates. Market participants are watching closely whether authorities and creditor banks will selectively accept voluntary restructuring plans. Companies fear that if their proposals fall short of official expectations, only the originally announced cuts may be recognized, limiting the scope of support. Lee Deok-hwan, emeritus professor of chemistry at Sogang University, cautioned that direct engagement by government-side officials with individual firms before voluntary restructuring plans are finalized could undermine trust in the process. “Companies may interpret such moves as groundwork for accepting only the measures favored by the authorities while rejecting others,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-30 17:43:18
  • OPINION: Why Korea Zincs US smelter deal makes strategic sense
    OPINION: Why Korea Zinc's US smelter deal makes strategic sense SEOUL, December 19 (AJP) - Korea Zinc recently signed a strategic partnership with the U.S. Department of Defense and the U.S. Department of Commerce, agreeing to pursue a joint investment to build a large, integrated smelter in Tennessee. The U.S. administration has increasingly treated critical minerals as strategic assets essential to national defense and economic security, elevating supply self-reliance and trusted supply chains to top policy priorities. Against that backdrop, the agreement signals that Korea Zinc — an allied-country company with world-class technology and production capacity in nonferrous metal smelting — has been incorporated into the U.S. critical-minerals supply chain as a trusted partner. The deal has the potential to serve as a model for South Korea–U.S. cooperation on economic security and supply chains, aligning with South Korea’s national interests while offering Korea Zinc a meaningful business opportunity. The United States, a global hub for advanced and strategic industries such as semiconductors, batteries, electric vehicles, artificial intelligence, aerospace and defense, also has strong demand for base metals such as zinc and copper, as well as strategic minerals including antimony, indium, gallium and germanium. For Korea Zinc, forming a joint venture with the U.S. government and jointly building a large-scale smelter in a market with sustained demand for strategic minerals represents an attractive opportunity — one that offers both operational stability and long-term profitability. Media reports and corporate disclosures indicate that Korea Zinc, the U.S. Department of Defense and U.S. investors plan to establish a joint venture to carry out the investment and formalize a strategic partnership, with Korea Zinc issuing new shares to the venture. Under South Korean law, such a transaction would constitute a third-party allotment of new shares. While the law generally protects existing shareholders’ preemptive rights, it also allows third-party allotments when a company’s articles of incorporation permit them and when there is a clear management purpose. Given the strategic context of the investment and public statements from U.S. officials, there is little basis to question that the principal purpose of the proposed share issuance is to establish a durable partnership with the U.S. government and help build a U.S.-based critical-minerals supply chain. That clearly qualifies as a management purpose. From a broader investment perspective, it is common in strategic alliances for joint projects to involve cross-shareholdings, whether through the transfer of existing shares or the issuance of new ones. Even in the midst of a management-control dispute, corporate executives retain a responsibility to pursue new businesses and invest when compelling opportunities arise. Large-scale industrial projects require financing, and issuing new shares through a third-party allotment is a standard corporate tool and a matter of reasonable business judgment. It is unconvincing to argue that a company should be barred from issuing new shares solely because it is facing a control dispute, particularly when the transaction serves a clear strategic and commercial objective. Indeed, if a board were to block decisions necessary to seize a valuable opportunity purely because of such a dispute, it could raise questions about a breach of directors’ duty of care. As a citizen, I hope this joint investment with the U.S. government in the critical-minerals sector moves forward smoothly and sets a constructive precedent for future economic security cooperation. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-19 09:47:26
  • SKs bet on chips pays off as the Korean group eyes $82b milestone exports
    SK's bet on chips pays off as the Korean group eyes $82b milestone exports SEOUL, November 25 (AJP) -Chipmaking — led by high-bandwidth memory (HBM) — accounted for 65 percent of record-setting outbound shipments by South Korea’s SK Group, which is on track to post historic exports of 120 trillion won ($82 billion) this year. Group-wide exports across SK’s portfolio — spanning semiconductors, batteries, energy, and telecommunications — reached 87.8 trillion won between January and September, up nearly 20 percent from a year earlier. With the semiconductor upcycle accelerating, annual exports are expected to easily surpass last year’s 100-trillion-won milestone. SK hynix alone generated 56.7 trillion won in overseas revenue in the first three quarters, representing 65 percent of the group total, up from 54 percent last year. The group’s external performance has long hinged on chips. During the previous semiconductor supercycle in 2017, SK’s exports hit 78.1 trillion won, while the rebound in SK hynix’s earnings last year lifted group exports to 96.8 trillion won. The company’s global dominance in HBM — the backbone technology of AI accelerators — has made it not only the growth engine for the group but also an increasingly important pillar of the national economy, a group official noted. South Korea’s total exports for the first three quarters reached $185 billion, the largest tally since data tracking began in 2010. High-value memory semiconductors, including HBM, accounted for $46.6 billion and led overall export momentum. SK hynix is also driving gains through surging tax payments and stock market performance. Its corporate tax contributions soared to 4.3 trillion won through the third quarter, roughly 45 times the 94 billion won paid a year earlier. The company’s market capitalization stood at 379 trillion won based on Nov. 24 closing prices. The gains come as SK Group pushes ahead with restructuring and revitalizing loss-making units by securing next-generation growth drivers. Chairman Chey Tae-won’s 2012 decision to acquire SK hynix — despite significant internal opposition at the time — followed by years of sustained investment, paved the way for the semiconductor powerhouse it has become. “Under Chairman Chey’s leadership, SK Group continues to contribute to the national economy through investment and job creation in future-growth sectors such as AI, semiconductors, energy, and bio,” an SK Group official said. “We plan to steadily expand investment, targeting 128 trillion won domestically by 2028, while maintaining more than 8,000 annual hires.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-25 14:52:20
  • POSCO removes Pohang steel plant chief after safety accidents
    POSCO removes Pohang steel plant chief after safety accidents SEOUL, November 21 (AJP) - POSCO has removed the head of its Pohang steel mill after a series of safety incidents, including a toxic gas leak on Thursday that sent six workers to the hospital. The company said it will launch a special safety task force led by its newly established subsidiary, POSCO Safety Solutions. Industry sources said Friday that POSCO dismissed Pohang mill chief Lee Dong-ryeol after subcontracted workers and a POSCO employee were exposed to harmful gas during an outdoor cleaning operation. POSCO CEO Lee Hee-geun will temporarily take charge of the mill as the company investigates the incidents and rolls out additional safeguards. The gas leak was the latest in a string of accidents at the site. Earlier this month, a chemical leak at the mill’s stainless steel plant left one worker dead and three others injured. POSCO Safety Solutions, launched in September, will lead the new task force in partnership with Swiss safety consultancies SGS and DSS. The unit, headed by veteran safety specialist Yoo In-jong, is expected to identify root causes and craft measures to prevent further incidents. The company said it will strengthen oversight of high-risk operations by ensuring safety managers are present for all hazardous tasks. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 17:19:15
  • POSCO apologizes after toxic gas accident leaves workers critically ill
    POSCO apologizes after toxic gas accident leaves workers critically ill SEOUL, November 21 (AJP) - South Korean steelmaker POSCO issued a formal apology on Friday after three workers were hospitalized for inhaling toxic gas during a sludge-cleaning operation at its steel mill in the southeastern city of Pohang. The company vowed to strengthen safety protocols to prevent similar incidents. In a statement, POSCO President Lee Hee-geun expressed “deep regret” over the accident, which occurred on Thursday and involved both POSCO employees and subcontracted workers. “On behalf of the company, I sincerely apologize to the victims and their families,” he said. Lee said an emergency response team was dispatched immediately to determine the cause of the gas leak and is working with authorities on the investigation. “We are prioritizing the recovery of the affected individuals and are providing all necessary support without delay,” he said. Acknowledging a string of safety lapses at the company this year, Lee pledged to implement comprehensive improvements. “We take full responsibility for recent safety incidents and will devote all available resources to ensuring they do not happen again,” he said. The accident involved two subcontractor workers in their 50s and a POSCO employee in his 40s, all of whom inhaled toxic gas at the STS 4 steelmaking facility. They were hospitalized in cardiac arrest; two have since stabilized but remain in critical condition, while the third suffers from severe impairment of consciousness. Three other people who responded to the scene were also exposed to the gas but sustained only minor injuries. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 15:20:39
  • South Koreas SK On hosts music festival for disabled in Hungary
    South Korea's SK On hosts music festival for disabled in Hungary SEOUL, November 09 (AJP) - South Korean battery maker SK On said Sunday it hosted a music festival for people with developmental disabilities at the Aranytiz Cultural Center in Budapest, Hungary, on Nov. 8. This event was co-organized by the Hungarian Association for Music for the Disabled and the Korean Cultural Center in Hungary. The association helped design the program, while the cultural center worked to engage local audiences through its networks and events. Three ensembles performed at the concert: Hungary’s Parapillék and Paraphonia, and Korea’s Vivace Ensemble. Parapillek, an orchestra founded in 2023 with support from SK Innovation and SK On, features musicians with developmental disabilities. Paraphonia, a group with a two-decade history, is recognized for its accomplished performances. The Vivace Ensemble closed the evening with a rendition of Arirang that drew prolonged applause, the company said. The event drew about 200 attendees, including representatives from SK On’s European operations, the Hungarian Ministry of Interior, the Hungarian Association for Music for the Disabled, and the Korean Embassy in Hungary, among others. “It was a meaningful event that united us through music beyond borders and languages,” said Kim Se-jin, head of SK On’s European production unit. “We will continue efforts to bring Korea and Hungary closer, extending our connection beyond economic ties.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-09 16:34:31
  • KCC unveils glass designed to prevent bird collisions
    KCC unveils glass designed to prevent bird collisions SEOUL, November 06 (AJP) - KCC Glass said Thursday it has developed South Korea’s first bird-safe glass. The product, named SAVIRDS, employs a sandblasting technique that etches subtle patterns across the surface of the glass. The markings, spaced five centimeters apart, are visible to birds and recognized as obstacles — reducing the risk of fatal collisions that have become a growing environmental concern. SAVIRDS recently received certification from the American Bird Conservancy, meeting the organization’s standards for bird-collision prevention. The launch comes amid increasing alarm over bird fatalities caused by glass structures. A 2019 report estimated that nearly eight million birds die each year in South Korea after flying into transparent or reflective windows. In response, the government amended the Wildlife Protection and Management Act in 2022, requiring public buildings to incorporate bird-safety measures into their designs. Conventional solutions — such as applying films or stickers — have proven difficult to maintain over time. KCC says SAVIRDS offers a more durable alternative, with permanently etched patterns that require no additional maintenance. The glass can also be processed like standard glass and features a special coating that improves insulation, combining wildlife protection with energy efficiency. KCC plans to promote SAVIRDS first for use in public buildings, before expanding to commercial and residential structures. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 15:46:27
  • South Koreas LG Chem partners with Germanys ZEISS on holographic windshield displays
    South Korea's LG Chem partners with Germany's ZEISS on holographic windshield displays SEOUL, October 30 (AJP) - LG Chem said Thursday that it has partnered with German optics maker ZEISS to supply advanced photopolymer film for use in next-generation holographic windshield displays in vehicles. The holographic windshield display, or HWD, projects navigation and entertainment content directly onto the windshield, effectively turning it into a transparent screen. Unlike traditional head-up displays, which show limited data in a small area, the holographic version provides a wider field of view and a more immersive experience, transforming the driver’s space into a dynamic digital interface. ZEISS, renowned for its precision optics, plans to use LG Chem’s film to produce holographic optical elements for these displays, with an eye toward commercialization by 2029. LG Chem said its siloxane-based photopolymer film simplifies the optical path while maintaining high brightness and enabling large-area applications. The material offers superior optical efficiency and thermal stability, supported by more than 150 patents. The company added that the same technology could be applied beyond automobiles, including in augmented reality head-up displays, holographic cameras, public transportation systems, and even aerospace cockpits. Stefan Hofer, a senior executive at ZEISS, said the partnership would allow the two companies to deliver “high-quality optical solutions” for the emerging holographic display market. LG Chem Vice Chairman Shin Hak-cheol described the collaboration as a strategic step toward “leading innovation in mobility displays.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-30 11:03:28