The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Song Joong-ki marries British woman, expects baby

  • 3

    K-pop releases for February

  • 5

    Koreans reluctant to unmask on first day of eased indoor mask rule

  • 7

    Stock-leveraged investments rise again amid bullish KOSPI

  • 9

    Itaewon music fest brings love to the healing process

  • 11

    ANALYSISPandemic awakens demand for data-driven automation

  • 13

    SPC opens 120th Paris Baguette store in US

  • 15

    Busan seeks to take lead in expo race after BIE's April visit

  • 17

    Korea ranks 31st in international corruption perception index in 2022

  • 19

    Biohealth geared for growth

  • 2

    Korean Lunar New Year vs. Chinese Lunar New Year

  • 4

    Over 76% of South Koreans support development of nuclear weapons

  • 6

    Base taxi fare to rise by 1,000 won to 4,800 won next month

  • 8

    INTERVIEWProduction company AStory expects great success with 'Extraordinary Attorney Woo' franchise

  • 10

    Cute canine film 'My Heart Puppy' reunites Yoo Yeon-seok, Cha Tae-hyun

  • 12

    TWICE becomes first K-pop group to win Billboard Women in Music award

  • 14

    Hybe acquires 56.1 percent stake in AI sound startup Supertone

  • 16

    Most people masked up on 1st day of lifting of mandate rules

  • 18

    Retailers seek to bolster beauty product sales as lifting of mask mandate approaches

  • 20

    US bill introduced to honor Korean War hero

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
Wed, February 1, 2023 | 20:44
Manufacturing
Samsung, Hyundai, SK, LG in emergency management mode amid virus
Posted : 2020-03-23 17:09
Updated : 2020-03-23 21:07
Nam Hyun-woo
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
From left, Samsung Electronics Vice Chairman Lee Jae-yong, Hyundai Motor Group Executive Vice Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo and SK Group Chairman Chey Tae-won
From left, Samsung Electronics Vice Chairman Lee Jae-yong, Hyundai Motor Group Executive Vice Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo and SK Group Chairman Chey Tae-won

By Nam Hyun-woo

Samsung, Hyundai Motor, SK, LG and other domestic conglomerates are coming up with emergency management measures to deal with the impact of the COVID-19 pandemic on their profitability.

The companies have so far employed protective measures for their workers, but are now looking to the industrial fallout from the outbreak as it is sure to cause problems for their manufacturing bases and supply chains, industry officials said Monday.

SK Group Chairman Chey Tae-won will hold a meeting with unit CEOs this week to come up with strategies to contain the impact of COVID-19.

Though SK Group officials said they are yet to decide the exact schedule and participants in the meeting, the heads of SK Innovation, SK hynix and other core units are expected to attend.

Industry officials said the main topic of the meeting will likely be SK Innovation, whose main business is refining, petrochemicals and rechargeable battery production.

SK Innovation is expected to post an operating loss of up to 800 billion won ($625.3 million) in the first quarter of this year due to plunging oil prices.

"Despite the plummeting demand for oil products amid the COVID-19 outbreak, major oil producing countries have failed to cut production, and this has led global oil prices to nosedive," Yuanta Securities analyst Hwang Kyu-won said. Hwang predicted that the company will likely see a 733.7 billion won operating loss in the first quarter while its annual operating profit will be 38.8 billion won, down 97 percent year-on-year.

For SK hynix, the group's semiconductor affiliate, the priority is to ensure its memory chip supply chain keeps functioning, as semiconductor processing equipment firms in Europe and the U.S. have shut down their plants.

Hyundai Motor Group is also in emergency mode due to setbacks in operating its plants abroad. Since March 27, employees of the group have been working from home to prevent the spread of the virus, but most returned to their offices Monday after a number of overseas plants shut down.

According to the group, a Hyundai Motor plant in Chennai, India, ceased operation after the Indian government issued an order to shut down businesses in 75 cities by March 31.

Affiliate Kia Motors' plant in Andhra Pradesh was not included in the affected cities, but the group said the plant is preparing for a potential shutdown.

Prior to this, the Hyundai Motor Group decided to shut down a Hyundai Motor plant in Alabama from March 18 to March 31 and a Kia Motor plant in Georgia from March 19 to March 31, after an employee at the Alabama plant was confirmed to be infected with the virus.

Their European plants ― Hyundai's in Czech and Kia's in Slovakia ― will also cease operations for two weeks starting Monday.

Samsung Electronics and LG Electronics are facing shutdowns in their smartphone and home appliance plants in India. Samsung has also halted operations at its Slovakian plant that produces televisions.

Samsung's Indian plant is the company's largest smartphone manufacturing facility, capable of producing 120 million phones a year.

During a visit to its domestic display manufacturing facilities last week, Samsung Electronics Vice Chairman Lee Jae-yong said: "Unexpected internal and external variables are putting pressure on Samsung but we should not stop."

"As the fallout of coronavirus looms, companies are now viewing this as a matter of their survival," a conglomerate official said. "So far, companies have been focusing on employee safety, but it is now about their corporate fundamentals."


Emailnamhw@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Korean Lunar New Year vs. Chinese Lunar New Year Korean Lunar New Year vs. Chinese Lunar New Year
2US bill introduced to honor Korean War hero US bill introduced to honor Korean War hero
3Garbage collector mistakes sex doll for corpse Garbage collector mistakes sex doll for corpse
4South Korea, US to expand size and content of joint military drills South Korea, US to expand size and content of joint military drills
5Popular travel YouTuber recalls painful memories of being bullied at school Popular travel YouTuber recalls painful memories of being bullied at school
6Samsung refuses to cut chip output despite plunging profits Samsung refuses to cut chip output despite plunging profits
7Holy Moly concert series brings 4 punk bands to Haebangchon Holy Moly concert series brings 4 punk bands to Haebangchon
8IMF slashes Korea's 2023 economic growth outlook to 1.7% IMF slashes Korea's 2023 economic growth outlook to 1.7%
9Korean corporations' dividend payout system to follow global standards Korean corporations' dividend payout system to follow global standards
10Yoon urges private sector to use UAE's $30 bil. investment as stepping stone for 'Middle East boom' Yoon urges private sector to use UAE's $30 bil. investment as stepping stone for 'Middle East boom'
Top 5 Entertainment News
1Song Joong-ki marries British woman, expects baby Song Joong-ki marries British woman, expects baby
2K-pop releases for February K-pop releases for February
3[INTERVIEW] Production company AStory expects great success with 'Extraordinary Attorney Woo' franchise INTERVIEWProduction company AStory expects great success with 'Extraordinary Attorney Woo' franchise
4Itaewon music fest brings love to the healing process Itaewon music fest brings love to the healing process
5Cute canine film 'My Heart Puppy' reunites Yoo Yeon-seok, Cha Tae-hyun Cute canine film 'My Heart Puppy' reunites Yoo Yeon-seok, Cha Tae-hyun
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group