Industry

  • Hormuz halt deepens crisis for Koreas petrochemical makers
    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
  • Samsung Heavy secures new order for three crude oil tankers
    Samsung Heavy secures new order for three crude oil tankers SEOUL, March 10 (AJP) - Samsung Heavy Industries has won an order for three crude oil tankers from a Bermuda-based shipowner, the shipbuilder said on Tuesday. The order, worth 400.1 billion Korean won (about US$290 million), is scheduled for delivery by February 2029. The deal brings the shipbuilder's cumulative orders for this year to 11 vessels worth $2.1 billion, reaching 15 percent of its annual target of $13.9 billion. By ship type, the orders consist of three lique March 10, 2026
  • Travel time suggests USFK assets may join Iran nuclear raid
    Travel time suggests USFK assets may join Iran nuclear raid SEOUL, March 09 (AJP) - As Tehran remains defiant with the war entering its second week, intelligence signals suggest the United States and Israel are preparing for a potential special forces raid on Iranian nuclear facilities — an operation that could involve key air defense assets stationed in South Korea. Defense authorities in Seoul and Washington stressed Monday that the combined defense posture on the Korean Peninsula remains “ironclad,” regardless of any tac March 9, 2026
  • UAE airlifts Korean MSAM II interceptors as Gulf tensions rise
    UAE airlifts Korean MSAM II interceptors as Gulf tensions rise SEOUL, March 09 (AJP) - South Korea has delivered more than 30 interceptor missiles for its Cheongung-II (M-SAM II) medium-range surface-to-air missile system to the United Arab Emirates ahead of schedule, as the Gulf state seeks to bolster its air defenses amid rising tensions with Iran. According to government sources, the UAE had requested early delivery of additional Cheongung-II batteries. Seoul reportedly found the request difficult to meet due to existing supply commitments March 9, 2026
  • Samsung union vote on strike to add memory supply concerns
    Samsung union vote on strike to add memory supply concerns SEOUL, March 08 (AJP) - Unionized workers at Samsung Electronics on Monday begin a 10-day vote on whether to launch a strike, raising fresh concerns over chip supply at a time of surging demand for artificial-intelligence memory. The ballot, which runs from March 9 to 18, could pave the way for a joint protest next month and a full-scale strike from May 21 to June 7 if a majority of union members approve the action. The vote follows a breakdown in wage negotiations after the Na March 8, 2026
  • Hyundai JV Motional remains on track to put driverless taxi on roads this year
    Hyundai JV Motional remains on track to put driverless taxi on roads this year SEOUL, March 08 (AJP) -Motional, the autonomous driving joint venture of Hyundai Motor Group, said it remains on track to launch its fully driverless robotaxi service in Las Vegas in the second half of 2026, reaffirming the commercialization timeline it first outlined in January. Laura Major, chief executive of Motional, reiterated the plan during an appearance on Hyundai Motor Group’s official podcast channel, Hyundai Now, where she outlined the company’s technological March 8, 2026
  • Asian carmakers risk collateral damage from prolonged Iran war: report
    Asian carmakers risk collateral damage from prolonged Iran war: report SEOUL, March 08 (AJP) -Asian automakers, led by Chinese brands but also including Japan’s Toyota Motor Corporation and South Korea’s Hyundai Motor Company, could face the biggest fallout if the war triggered by U.S. and Israeli strikes on Iran turns into a prolonged conflict, according to a report by Bernstein Research. In a recent report, the brokerage said the conflict could hit the global automotive sector through three main channels: collapsing vehicle demand in Ir March 8, 2026
  • EV slump hits hard: SK On slashes 37 percent of Georgia plant staff
    EV slump hits hard: SK On slashes 37 percent of Georgia plant staff SEOUL, March 07 (AJP) - SK Battery America, the U.S. unit of South Korean battery maker SK On, has laid off 37 percent of the workforce at its Georgia plant, citing slowing electric vehicle (EV) sales and a shifting market landscape. The company announced on Saturday that it cut 968 jobs out of its 2,566 employees at the manufacturing facility in Commerce, Georgia. The restructuring comes as the global EV transition loses momentum. The plant, which supplies batteries to aut March 7, 2026
  • HD Hyundai Electric breaks ground on $200 mln transformer plant in US amid AI boom
    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
  • Hanwha Systems to sell 1.7 trillion won stake in Hanwha Ocean for defense, IT investments
    Hanwha Systems to sell 1.7 trillion won stake in Hanwha Ocean for defense, IT investments SEOUL, March 07 (AJP) - South Korea's Hanwha Systems said it will sell a 1.7 trillion won ($1.2 billion) stake in its shipbuilding affiliate Hanwha Ocean to secure funds for strategic investments in the defense and information technology sectors. The company's board on Friday approved the sale of 13.92 million shares, representing a 4.54 percent stake, at 122,100 won per share, based on Thursday's closing price. The transaction will reduce Hanwha Systems' ho March 7, 2026