my timesThe Korea Times
gyulee

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.

Go to Email

Read more

Companies

Steelmakers face escalating labor tensions over bonuses, hiring demands

Steelmakers POSCO and Hyundai Steel are heading into annual wage talks amid escalating tensions with their respective labor unions. Workers' growing demands for bonus payouts and subcontractor employment are placing an additional burden on the companies already grappling with weak steel demand and growing global competition. At Hyundai Steel, its labor union is demanding a 150 percent increase in performance-based bonuses compared to last year as part of this year’s wage talks. The union said the request reflects rising productivity despite a shrinking workforce. “Despite workforce reductions and no additional hiring, blast furnace output has continued to increase, improving quality and achieving target production levels,” the union said. It argued that while the number of technical staff members across the company declined by 398 between 2021 and 2025, overall blast furnace production increased by 497 tons over the same period, resulting in higher output per worker. The union cited the company’s improved operating profit last year for its demand. Hyundai Steel reported a revenue

Jun 1, 2026By Lee Gyu-lee
Steelmakers face escalating labor tensions over bonuses, hiring demands
Companies

GS Global expands social outreach with veteran, childcare support

GS Global recently launched a series of volunteer initiatives supporting childcare services and providing memorial activities honoring late veterans. Ahead of Korea’s month honoring veterans and patriots in June, the company said it carried out volunteer activities on Wednesday at the Seoul National Cemetery in Dongjak District, Seoul, paying respect to those who sacrificed their lives for the country. About 40 employees from its finance and management division, including CEO Kim Sung-won, conducted maintenance work across the burial grounds by cleaning headstones, removing weeds and tidying the surrounding area. On Friday, the company visited a childcare facility in Pyeongtaek, Gyeonggi Province, in time for Family Month in May. Around 40 of its employees, led by Kim, spent time having lunch and engaging with children, while also carrying out practical indoor and outdoor improvements, such as installing window blinds and walking around the facility to pick up litter. GS Global said that its social contribution initiatives go beyond financial support, emphasizing hands-on participation

Jun 1, 2026By Lee Gyu-lee
GS Global expands social outreach with veteran, childcare support
Policy

ICT minister touts AI infrastructure, R&D expansion in 1st-year review

Deputy Prime Minister and Science and ICT Minister Bae Kyung-hoon highlighted expanded artificial intelligence (AI) infrastructure, record research funding and regulatory reforms as key achievements during his first year in office, while calling for more aggressive investment to make Korea one of the world's top three AI powers. During a press briefing in Seoul on Friday, Bae said the ministry had focused on rebuilding research ecosystems while accelerating AI development through infrastructure investment and institutional reforms. In the past year, the ministry has allocated 35.5 trillion won ($23.6 billion) in research and development spending, up more than 20 percent from a year earlier and the largest on record. "The ministry prioritized revitalizing the research ecosystem above all else,” he said, adding the ministry has also established institutional foundations through the AI Basic Act and pursued deregulation to encourage large-scale investment and innovation. "Built on robust infrastructure and institutional foundations, our proprietary AI models are being deployed across indu

May 31, 2026By Lee Gyu-lee
ICT minister touts AI infrastructure, R&D expansion in 1st-year review
Companies

KEPCO launches Guam power plant, expands overseas energy portfolio

Korea Electric Power Corp. (KEPCO) commissioned the Ukudu combined cycle power plant in Guam on Thursday (local time), marking a major step in strengthening its overseas energy portfolio. The state-run utility said it held an inauguration ceremony for the new plant, joined by Guam government officials including Gov. Lou Leon Guerrero and representatives from Korean organizations such as Korea East-West Power (EWP) and Doosan Enerbility. Ahead of the ceremenomy, KEPCO CEO Kim Dong-cheol met with the governor and officials from the Guam Power Authority (GPA) to outline Korea’s advanced energy technologies and discuss cooperation. The parties have agreed to share the vision for supporting Guam’s carbon neutrality goals and to expand long-term cooperation across future energy businesses. The Ukudu plant, with a capacity of 198 megawatts, is jointly owned by KEPCO, which holds a 60 percent stake, and EWP, which owns the remaining 40 percent. The facility is capable of supplying around 75 percent of Guam’s peak electricity demand, positioning it as a critical baseload asset in a region wi

May 28, 2026By Lee Gyu-lee
KEPCO launches Guam power plant, expands overseas energy portfolio
Companies

LG Energy Solution secures $1.8 bil. ESS deal with DTE Energy

LG Energy Solution's U.S. subsidiary, LG Energy Solution Vertech, has signed a $1.8 billion supply agreement with DTE Energy to develop Michigan-made battery energy storage systems (ESS) across the state, in a deal covering 6 gigawatt-hours (GWh) of storage capacity, the company said Thursday. Under the agreement, LG Energy Solution Vertech will supply battery energy storage systems for eight projects over the next two years. The projects will provide a combined 1.5 gigawatts, or 6 gigawatt-hours, of battery storage capacity aimed at enhancing grid reliability and supporting clean energy deployment. The systems will store electricity during periods of excess generation and supply power during peak demand, helping reduce strain on the grid and improving operational efficiency. “Michigan is a key U.S. manufacturing region for our company, where many of our colleagues live and work,” said Park Jae-hong, CEO and president of LG Energy Solution Vertech. “We’re thrilled to work with DTE to bring Michigan-made energy storage to local communities.” LG Energy Solution said the projects

May 28, 2026By Lee Gyu-lee
LG Energy Solution secures $1.8 bil. ESS deal with DTE Energy
Companies

Incheon's Gyeongwonjae by Walkerhill retains 5-star status

Gyeongwonjae by Walkerhill in Songdo, Incheon, has retained its five-star rating, maintaining its status as Korea’s first five-star traditional hanok hotel. The hotel recently secured recertification by the Korea Tourism Association after scoring over 90 percent of the possible 600 points in a hotel rating assessment, the Incheon Free Economic Zone (IFEZ) said Wednesday. The assessment combines scheduled on-site inspections with unannounced evaluations Opened in 2015, the hotel has become one of Incheon’s landmark hospitality properties that blends traditional hanok architecture with modern hotel services. The latest certification follows a series of rebranding and service enhancement initiatives after the Daeil International Hospitality Group took over as the new hotel operator in May last year. Since then, the hotel has rolled out premium upgrades, such as redesigning its lobby layout to improve guest flow, installing new signage and a totem created in collaboration with national intangible cultural heritage artisan Choi Ki-young, as well as upgrades to in-room amenities and consum

May 27, 2026By Lee Gyu-lee
Incheon's Gyeongwonjae by Walkerhill retains 5-star status
Tech & Science

KEPCO deploys AI-powered grid system to cut annual power costs by $73 mil.

The Korea Electric Power Corp. (KEPCO) is deploying an artificial intelligence (AI)-based power grid management system aimed at reducing annual electricity procurement costs by approximately 110 billion won ($73.4 million), as it seeks to improve efficiency and stability amid rapidly shifting power demand patterns. The state-run utility company said on Wednesday that it has overhauled its grid demand forecasting model using AI and optimized the operation of advanced power facilities, including static synchronous compensators (STATCOM), to enhance overall grid performance. The move comes as electricity consumption patterns in Korea are undergoing structural changes, driven by the rapid expansion of data centers, growing electric vehicle (EV) adoption and rising renewable energy generation. In regions such as the East Coast, where power generation capacity is abundant but transmission infrastructure remains limited, operators have repeatedly been forced to curb electricity output due to grid bottlenecks. To address the issue, KEPCO rebuilt its demand forecasting model using AI-driven big d

May 27, 2026By Lee Gyu-lee
KEPCO deploys AI-powered grid system to cut annual power costs by $73 mil.
Companies

Samsung Display exclusively supplies 4 OLED panels for Ferrari Luce

Samsung Display said Tuesday it is exclusively supplying four OLED displays for the all-new Ferrari Luce, highlighting the growing role of OLED technology in premium automotive interiors. The Ferrari Luce, unveiled during Ferrari’s World Premiere event in Italy on Sunday, features three digital display zones throughout the cabin: a driver’s binnacle, a central control panel and a rear passenger control panel. Samsung Display is providing OLED displays in 12.9-inch, 12-inch, 10.1-inch and 6.3-inch sizes. The centerpiece is the driver’s binnacle, which Samsung Display said is the industry’s first multilayered OLED display structure. The system combines 12.9-inch and 12-inch OLED panels to create greater visual depth and a more analogue-like driving experience. The lower 12-inch panel displays background graphics and gauge indexes, while the upper 12.9-inch panel contains three circular openings that expose the underlying display. Around the openings, the upper display shows torque-shift indicators, pop-up alerts and tell-tales. Physical mechanical hands move within the space between

May 26, 2026By Lee Gyu-lee
Samsung Display exclusively supplies 4 OLED panels for Ferrari Luce
Companies

LG hosts multicultural youth camp to foster global student growth

LG held a two-day immersive camp for middle school students from multicultural backgrounds on Saturday and Sunday, as part of its long-running multicultural education initiative, LG Global School. Over the weekend, the camp brought together around 90 students representing eight language backgrounds nationwide in Gangneung, Gangwon Province, for intensive training designed to strengthen bilingual proficiency and deepen cross-cultural understanding. Launched in 2010, LG Global School is the company’s corporate social responsibility program in partnership with government and academia. The program selects roughly 450 elementary and middle school students annually for a two-year curriculum. In partnership with academic institutions including Hankuk University of Foreign Studies and Seoul National University, it focuses on improving proficiency in eight languages — including Vietnamese, Chinese, Thai and Russian — while also strengthening students’ cultural and scientific competencies. More than 7,000 students have completed the program as of last year. LG positions multicultural youth a

May 24, 2026By Lee Gyu-lee
LG hosts multicultural youth camp to foster global student growth
Tech & Science

1st-ever strike looms at Kakao as final mediation talks set for Wed.

Kakao’s first-ever strike hangs in the balance as the company’s labor union and management prepare to hold a second — and final — mediation session Wednesday. Unless the two sides reach a deal in talks overseen by the Gyeonggi Regional Labor Relations Commission, employees at the operator of Korea’s most widely used messaging app, KakaoTalk, and its four affiliates are expected to walk off the job. The union filed for mediation with the commission after wage negotiations with management broke down on May 18. The mediation period, which may be extended by up to 10 days with mutual consent, was subsequently extended following the first round of talks. Two days later, the union said workers at Kakao and four affiliates — Kakao Pay, Kakao Enterprise, DK Techin and XL Games — voted in favor of a strike. The union is also said to be considering a range of collective actions, including strikes, work-to-rule campaigns and slowdowns. The union is reportedly seeking performance-based incentives equivalent to around 13 to 14 percent of the IT giant's operating profit. It has also call

May 24, 2026By Lee Gyu-lee
1st-ever strike looms at Kakao as final mediation talks set for Wed.
previous page
89101112
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.