Industry

  • Hyundai Steel halts operations at Pohang plant amid falling demand
    Hyundai Steel halts operations at Pohang plant amid falling demand SEOUL, June 12 (AJP) - Hyundai Steel has indefinitely suspended operations at its Pohang Plant No. 2, one of South Korea’s key production hubs for steel H-beams, citing deteriorating market conditions and a complete lack of production orders. The shutdown, which took effect on June 7, marks a significant retrenchment for the nation’s second-largest steelmaker. The Pohang facility had already been operating under a reduced two-shift system since late 2024 in response June 12, 2025
  • Xiaomi to open its first offline store in Korea
    Xiaomi to open its first offline store in Korea SEOUL, June 11 (AJP) - Chinese electronics giant Xiaomi will open its first offline retail store in South Korea later this month, the company said on Wednesday. Branded as the “Mi Store,” the retail space will be located on the second floor of the IFC Mall in Yeouido, Seoul. The store is designed to be more than a traditional retail outlet, offering product experience zones and on-site customer support services. The move signals Xiaomi’s broader ambitions in t June 11, 2025
  • Trump trade war to hit US harder than China: World Bank
    Trump trade war to hit US harder than China: World Bank SEOUL, June 11 (AJP) - The World Bank sharply lowered its forecast for U.S. economic growth this year, citing mounting fallout from the Trump administration’s trade policies. In its latest Global Economic Prospects report, released Tuesday, the bank revised its U.S. growth estimate to 1.4 percent for 2025, down from 2.8 percent in 2024. The Washington-based institution attributed the downgrade primarily to U.S. President Donald Trump’s tariff measures, which it said a June 11, 2025
  • Samsung SDI signs battery supply deal with German energy firm
    Samsung SDI signs battery supply deal with German energy firm SEOUL, June 11 (AJP) - Battery manufacturer Samsung SDI said on Wednesday that it has signed a new supply agreement with Tesvolt, a leading German energy storage company. While the company did not disclose the value or exact timing of the deal, a Samsung SDI spokesperson confirmed that executives from both firms met on May 8 regarding the agreement. The contract will see Samsung SDI deliver its flagship battery solution, the Samsung Battery Box, to Tesvolt by the end of June. The June 11, 2025
  • Poland set to acquire 180 more K2 tanks from South Korea
    Poland set to acquire 180 more K2 tanks from South Korea SEOUL, June 11 (AJP) - Defense manufacturer Hyundai Rotem is close to finalizing a multibillion-dollar arms agreement with Poland, paving the way for the delivery of an additional 180 K2 main battle tanks. Valued at approximately 9 trillion won, or around $6 billion, the contract is expected to be signed by late June or early July, industry sourced close to the deal said Wednesday. If concluded, it would mark the largest single arms export deal in South Korea’s history an June 11, 2025
  • Samsung Electronics sees surge in AI appliance sales
    Samsung Electronics sees surge in AI appliance sales SEOUL, June 10 (AJP) - Samsung Electronics reported a sharp rise in sales of its flagship artificial intelligence-powered home appliances in the first five months of 2025. The company said sales of its AI-enhanced air conditioners, refrigerators, and washing machines grew significantly year-over-year between January and May, underscoring growing consumer appetite for connected, adaptive home devices. Sales of Samsung’s AI air conditioners — including both stand-alon June 10, 2025
  • Musinsa aims to be gateway for Korean fashion abroad
    Musinsa aims to be gateway for Korean fashion abroad SEOUL, June 10 (AJP) - South Korean fashion platform Musinsa on Tuesday unveiled an ambitious international expansion strategy, aiming to position itself as the leading conduit for domestic fashion brands seeking global markets. At a press briefing held at Dongdaemun Design Plaza in Seoul, CEO Park Jun-mo said the time is ripe for Korean fashion to capitalize on the global popularity of Korean culture. He noted that despite the international success of K-pop, television dramas, an June 10, 2025
  • President Lee to meet corporate leaders this week
    President Lee to meet corporate leaders this week SEOUL, June 10 (AJP) - President Lee Jae-myung is set to hold his first meeting with the heads of largest conglomerates this week. The meetings are expected to take place Thursday or Friday at the presidential office in Yongsan, ahead of Lee’s departure for the Group of Seven summit in Canada, scheduled for June 15 to 17. The agenda is expected to focus on current economic challenges and the administration’s policy priorities. According to business people briefed on June 10, 2025
  • Bank of Korea sounds alarm as won-backed stablecoin momentum builds
    Bank of Korea sounds alarm as won-backed stablecoin momentum builds SEOUL, June 10 (AJP) - As interest in won-denominated stablecoins intensifies, the Bank of Korea is cautioning that a premature rollout could jeopardize the nation’s monetary stability. Central bank officials say that without carefully designed regulations, stablecoins could pose systemic risks and weaken the South Korean currency's status as legal tender. In response, the Bank of Korea will host a high-profile conference on July 1 to address the implications of stablec June 10, 2025
  • Doosan Enerbility signs $650 million deal to build gas-fired power plant in Vietnam
    Doosan Enerbility signs $650 million deal to build gas-fired power plant in Vietnam SEOUL, June 10 (AJP) - South Korean energy company Doosan Enerbility has secured a contract valued at approximately 900 billion Korean won, or $650 million, to build a major gas-fired power plant in southern Vietnam, in partnership with the state-owned Petrovietnam. The agreement, signed on June 6 in Hanoi, marks one of the largest foreign energy infrastructure deals in Vietnam this year. The project involves construction of a combined cycle gas turbine power plant, located rou June 10, 2025