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Lee Gyu-lee

Korea Times Business Reporter

Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.

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Companies

KHNP CEO reviews Dukovany project in Czech Republic

State-run Korea Hydro & Nuclear Power (KHNP) CEO Kim Hoe-chun met with Czech industry officials on Thursday (local time) to review progress on the Dukovany Nuclear Power Station project, marking one year since the two sides signed a landmark construction contract. During his two-day visit to the Czech Republic on Wednesday and Thursday, the KHNP CEO joined Industry Minister Kim Jung-kwan, Czech Deputy Prime Minister and Minister of Industry and Trade Karel Havlicek, and key engineering partners for a Dukovany Steering Committee meeting to review the project's progress. Participants reviewed progress on the project to build two nuclear reactors in the Dukovany region and discussed next steps, focusing on ensuring the project remains on schedule and strengthening bilateral cooperation. On Thursday, KHNP separately hosted a Korea-Czech nuclear industry partnership event in Prague to celebrate the contract’s first anniversary, where Korea Electric Power Corp. Engineering & Construction (KEPCO E&C) and the Czech firm Energoprojekt Praha signed a design support services agreement. "The Dukov

1d agoBy Lee Gyu-lee
KHNP CEO reviews Dukovany project in Czech Republic
Companies

POSCO accelerates low-carbon steel transition with Korea’s largest electric arc furnace

POSCO has completed construction of Korea’s largest electric arc furnace (EAF) at its steelworks in Gwangyang, South Jeolla Province with an annual production capacity of 2.5 million tons, marking a major step in its transition toward low-carbon steel production. The largest single EAF installation in Korea, which began construction in February 2024, is part of the company’s broader strategy to respond to tightening global decarbonization policies and rising demand for low-emission steel products. It was built with about 600 billion won ($392.6 million) in investment, with a cumulative 270,000 workers involved. Unlike traditional blast furnace-basic oxygen furnace operations, which rely on iron ore and coking coal, the EAF uses recycled steel scrap as its primary raw material. POSCO estimates the process can cut carbon emissions by up to 75 percent compared with the average emissions generated by its conventional blast furnace operations between 2017 and 2019. To enhance the quality of EAF-produced steel, the company is advancing its proprietary hot metal-scrap mixing technology, whi

1d agoBy Lee Gyu-lee
POSCO accelerates low-carbon steel transition with Korea’s largest electric arc furnace
Companies

POSCO International launches PT.PAR, strengthening integrated palm oil value chain

POSCO International has completed the postmerger integration of Indonesian palm oil company Sampoerna Agro, which it acquired last year, and unveiled a new corporate identity for the business under its new name, PT Prime Agri Resources (PT.PAR). The company held a launch ceremony for PT.PAR on Wednesday in Jakarta, Indonesia, formalizing the new brand and signaling a strategic milestone in its agribusiness expansion into a fully integrated palm oil value chain spanning seed development, plantation operations and refining. POSCO International secured management control of Sampoerna Agro through an investment of approximately 1.3 trillion won ($854.9 million) carried out from 2025 through early 2026. The acquisition added 128,000 hectares of plantation across Sumatra and Kalimantan, significantly expanding the company’s upstream production base. It also enabled the company to acquire Indonesia’s second-ranked palm seed business, along with its research and development capabilities. The deal expands POSCO International’s palm oil operations beyond plantation management into seed devel

1d agoBy Lee Gyu-lee
POSCO International launches PT.PAR, strengthening integrated palm oil value chain
Companies

Hyundai Steel, LSU partner on next-gen steelmaking research

Louisiana State University (LSU) and Hyundai Steel have signed a Master Research Agreement to support research, technology development and workforce training tied to Hyundai Steel’s $5.8 billion steel mill project in Louisiana. Signed Tuesday (local time) in Baton Rouge, the agreement creates a framework for collaborative research and jointly developed technologies across metallurgy, materials science, energy, robotics, automation and environmental engineering. It is also intended to help develop talent for Hyundai Steel’s planned North American production facility in Ascension Parish, about 50 kilometers from LSU’s main campus. The steel mill, slated for completion in 2029, will be one of the first fully integrated electric arc furnace (EAF)-based steel plants of its kind in North America. Located on an 1,800-acre site in RiverPlex MegaPark, the facility is expected to create about 1,300 jobs and support thousands more indirectly. The research pact complements workforce training efforts already underway through River Parishes Community College and Louisiana Economic Development

2d agoBy Lee Gyu-lee
Hyundai Steel, LSU partner on next-gen steelmaking research
Companies

Daewoo E&C launches sales for Jangwi Prugio Mark One with 1,032 units

Construction firm Daewoo Engineering & Construction (E&C) is set to launch sales this month for Jangwi Prugio Mark One, a large-scale apartment complex being developed as part of the redevelopment project of Jangwi-dong in Seongbuk District, Seoul. The project will comprise 23 residential towers, rising from five basement levels to 35 stories, with a total of 1,931 units. Of the total, 1,032 units, sized between 39 and 114 square meters, will be available for general sale, marking one of the largest private housing offerings in Seoul in the first half of the year. The development benefits from strong brand recognition under Prugio, its large-scale residential community, convenient subway access and direct proximity to an elementary school. Unlike many redevelopment projects, where general-sale units are concentrated on lower floors, most of the units offered to the public at the complex are located on the fifth floor or higher, a factor expected to appeal to end-users seeking better views and living conditions. The complex is part of the broader redevelopment project in Jangwi, one of th

2d agoBy Lee Gyu-lee
Daewoo E&C launches sales for Jangwi Prugio Mark One with 1,032 units
Tech & Science

Hyosung launches hyperscale AI data center in Seoul

Hyosung Group is expanding its push into artificial intelligence (AI) infrastructure with the launch of a hyperscale data center in Seoul, marking its entry into Korea’s fast-growing data center market. The company announced Wednesday that Hyosung-STT GDC, a joint venture between Hyosung Heavy Industries and Singapore-based operator ST Telemedia Global Data Centres (STT GDC), opened STT Seoul 1, a 30-megawatt data center, in Geumcheon District, Seoul, the previous day. Designed to support cloud and AI workloads, the new facility combines Hyosung’s power infrastructure expertise with STT GDC's global standards in data center design, operation and service management. The facility is capable of accommodating increasingly power-intensive and high-density computing environments driven by generative AI applications. The company explained that one of the center's biggest advantages is its location in Seoul, where securing large-scale power capacity has become increasingly difficult due to energy regulations and grid constraints, providing low-latency connectivity to major business districts

2d agoBy Lee Gyu-lee
Hyosung launches hyperscale AI data center in Seoul
Companies

GS launches AI training program for young job seekers

GS Group is joining a government-led initiative to train young job seekers in practical artificial intelligence (AI) skills, as Korea accelerates efforts to build a workforce ready for an AI-driven economy. The group announced Monday that it will launch its youth training program, 52g ReBoot Camp, in July as part of the public-private initiative led by the Ministry of Employment and Labor and the Ministry of Trade, Industry and Resources. The program is designed to offer hands-on experience in applying AI tools in the real world to participants who are facing challenges in employment. It will recruit around 120 participants from Seoul and Yeosu, South Jeolla Province, for a total of 520 hours of training. Its goal is to strengthen participants’ AI capabilities while equipping them with the problem-solving skills required by the industry. “As AI technology continues to expand across industries, it is becoming increasingly important for young people to develop practical AI skills and problem-solving experience that align with real-world business needs,” a group official said. “By le

Jun 16, 2026By Lee Gyu-lee
GS launches AI training program for young job seekers
Tech & Science

Upstage launches AI agent strategy with new ecosystem push

Upstage unveiled an ambitious push into artificial intelligence (AI) agents on Tuesday, launching a new corporate structure that integrates its proprietary models, an agent platform and a major consumer-facing portal service. The startup announced the launch of Upstage Company, a group comprising Upstage and its recently acquired companies, AI agent platform Timely and internet portal Daum’s operator AXZ. The move reflects the company’s strategy to vertically integrate AI models, agent technologies and large-scale user platforms into a single ecosystem as part of its vision of pushing AI for all. “The launch of Upstage Company marks a meaningful first step in connecting, for the first time in Korea, a powerful AI model, agents and a platform used by everyone,” Upstage CEO Kim Sung-hoon said during the company's media day in Yeouido, Seoul. “We will move beyond enterprise AI and usher in an era of AI for everyone.” Central to the strategy is Upstage’s focus on AI agents, in which autonomous and workflow-based agents carry out complex tasks, rather than standalone chatbot ser

Jun 16, 2026By Lee Gyu-lee
Upstage launches AI agent strategy with new ecosystem push
Companies

US-Iran deal eases pressure on supply chain, gov't cautious on fuel price cap

The United States and Iran are set to sign a peace agreement and reopen the Strait of Hormuz, easing concerns over crude oil supplies and broader disruptions to the global energy trade, but the Korean government is taking a prudent stance regarding the full normalization of supply chains. U.S. President Donald Trump announced on social media Sunday (local time) that “the Deal with the Islamic Republic of Iran is now complete,” adding he would authorize “opening of the Strait of Hormuz” and the removal of the U.S. naval blockade. The two countries have agreed on a framework deal to end the war, which is scheduled to be signed on Friday in Switzerland. The agreement is expected to improve crude import conditions for Korea, which sources roughly 70 percent of its oil from the Middle East as of last year, while also reducing pressures on shipping routes that have been strained for months by the conflict. The reopening of the critical oil chokepoint is set to help normalize supplies of petroleum and petrochemical products that faced delays and logistical bottlenecks after the war brok

Jun 15, 2026By Lee Gyu-lee
US-Iran deal eases pressure on supply chain, gov't cautious on fuel price cap
  • Korean firms express relief for eased uncertainties over US-Iran peace deal
Companies

BCCK Business Awards recognize innovation, excellence, community leadership

The British Chamber of Commerce in Korea honored companies and organizations advancing bilateral trade, sustainability, workplace inclusion and public health at its second annual British Business Awards on Friday, highlighting the growing role of business in strengthening U.K.-Korea ties. The awards, held Friday at the Four Seasons Hotel Seoul alongside the chamber’s annual King Charles III Birthday Dinner and in partnership with Dwight School Seoul, recognized organizations and initiatives across five award categories. This year's judging panel included The Korea Times' publisher and president Oh Young-jin, Dwight Seoul Head of School Tom Ferguson and British Ambassador to Korea Colin Crooks. Intralink, an international business development consultancy, received the U.K.-Korea Trade Award for its effort in helping British companies enter the dynamic Korean market by providing deep local expertise and prioritizing relationship-building, cultural bridging and long-term strategic partnerships over transactional wins. The company also helps Korean businesses gain their foothold in Britain

Jun 15, 2026By Lee Gyu-lee
BCCK Business Awards recognize innovation, excellence, community leadership
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