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Samsung SDI wins $1 bln U.S. ESS battery deal to offset EV setbacks
SEOUL, March 16 (AJP) - Samsung SDI said Monday it has secured another large battery supply contract in the United States, underscoring the South Korean battery maker’s accelerating push into the rapidly expanding global energy storage system (ESS) market to offset the slowing demand for EV batteries in North America. The company said its Michigan-based subsidiary, Samsung SDI America, has signed a deal worth about 1.5 trillion won ($1 billion) to supply ESS batteries to a ma
March 16, 2026
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Korea's crackers edges toward shutdown as Hormuz blockade chokes naphtha supply
SEOUL, March 13 (AJP) - South Korea's petrochemical plants are rapidly running out of naphtha as the closure of the Strait of Hormuz cuts off a major supply route, forcing producers to declare force majeure and slash operating rates to bare-minimum levels to avoid a full shutdown that could ripple through the country's manufacturing economy. Yeocheon NCC, LG Chem, Lotte Chemical and Hanwha Solutions have all warned customers of potential force majeure on product deliveries.
March 13, 2026
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Hanmi Pharmaceutical taps first outside CEO in 53-year history
SEOUL, March 13 (AJP) - Hanmi Pharmaceutical announced it has nominated Hwang Sang-yeon, head of private equity at HB Investment, as its new chief executive, marking the first time in the South Korean drugmaker's 53-year history that an outsider has been tapped to lead the company. The board of Hanmi Science, the group's holding company, and Hanmi Pharmaceutical approved the nomination at separate meetings on Thursday. The appointment is subject to approval at the annual gen
March 13, 2026
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K-battery makers bet on premium to fight EV slump and China dominance
SEOUL, March 12 (AJP) - South Korea's battery industry is doubling down on premium technologies — from high-nickel chemistries to all-solid-state prototypes and advanced cell engineering — as it seeks to outpace Chinese rivals and move beyond the slowing electric-vehicle market. The strategic pivot was on full display at the InterBattery 2026, the three-day exhibition that opened Wednesday at COEX in southern Seoul. The 14th edition of the show drew 667 compan
March 12, 2026
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Hormuz halt deepens crisis for Korea's petrochemical makers
SEOUL, March 10 (AJP) - South Korea's petroleum refining and petrochemical industries are bracing for a deepening "compound crisis" as the Middle East war sends crude oil, naphtha and liquefied natural gas prices surging while new labor regulations threaten to complicate urgently needed restructuring. The prolonged conflict between the United States, Israel and Iran has sharply disrupted energy supply chains across Asia, with tanker traffic through the Strait of Hormuz
March 10, 2026
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HD Hyundai Electric breaks ground on $200 mln transformer plant in US amid AI boom
SEOUL, March 07 (AJP) - South Korea's HD Hyundai Electric has broken ground on a $200 million second transformer manufacturing plant in Alabama to meet surging power grid demand driven by artificial intelligence (AI) infrastructure and a resurgence in U.S. manufacturing. The power equipment maker held a groundbreaking ceremony on Saturday at its North American subsidiary in Montgomery. The new facility, spanning 48,215 square meters, is scheduled for completion in April nex
March 7, 2026
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Korean makers bet on ultra high-nickel batteries to challenge China's supremacy
SEOUL, March 06 (AJP) - South Korea is positioning ultra high-nickel batteries as its trump card in the global battery war, betting that a widening technology gap with China and fresh regulatory tailwinds from Europe will reshape the competitive landscape for premium electric vehicles and humanoid robots. The push comes at a pivotal moment, with the European Union this week unveiling its Industrial Acceleration Act (IAA) — a policy framework that effectively erects a double-la
March 6, 2026
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Middle East Crisis: Korean industries grapple with renewed oil shock
SEOUL, March 03 (AJP) - The widening Middle East crisis, triggered by U.S.-Israeli attacks on Iran and Tehran's closure of the Strait of Hormuz, is poised to ripple across South Korea's industrial landscape — compounding pressure on the struggling petrochemical sector while opening fresh prospects for defense exporters. The joint U.S.-Israeli airstrikes on Iran, launched on Feb. 28, killed Supreme Leader Ayatollah Ali Khamenei and triggered retaliatory Iranian missile
March 3, 2026
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Hanwha Aerospace diversifies into LNG trading with landmark Venture Global contract
SEOUL, February 27 (AJP) - Hanwha Aerospace has secured a 20-year liquefied natural gas supply agreement with U.S. producer Venture Global, signaling a strategic expansion beyond its core defense and aerospace operations into global energy markets. Under the deal revealed Friday, Hanwha Aerospace will secure 1.5 million tons of LNG annually for 20 years starting in 2030, supplying the fuel to end users across Europe and Asia. The volume represents about 4.4 percent of South Korea
February 27, 2026
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Korea's battery makers forge lithium alliance to counter China's grip
SEOUL, February 26 (AJP) - POSCO Group and SK On have sealed a long-term lithium supply deal worth up to 25,000 tons through 2028, in the latest sign that South Korean battery players are locking arms to build a domestic supply chain capable of challenging China's stranglehold on the global battery market. Under the agreement announced Wednesday, POSCO Argentina will ship lithium extracted from the Salar del Hombre Muerto salt flat in Argentina's Salta province to SK On'
February 26, 2026
