The Korea Times

Korea faces dilemma on Arctic routes due to international sanctions on Russia

BUSAN — Korea’s Ministry of Oceans and Fisheries appears at a loss over how it will help domestic shippers tap into the Arctic shipping route, which was one of the main reasons for the ministry’s relocation to Busan. The ministry on Monday declined to elaborate on how it plans to work with Russia, which is under international sanctions, to enable Korea’s use of Arctic routes, or how it intends to persuade local firms to transport cargo via the North Pole. Although the ministry relocated from Sejong to Busan just six months after President Lee Jae Myung floated the idea, stressing the need to prepare for the era of Arctic shipping, uncertainty still surrounds the ministry’s plan to operate a 3,000-TEU container ship from Busan to Rotterdam via the North Pole in September. “Cooperation with Russia is absolutely crucial for using Arctic shipping routes, as I mentioned during last month’s presidential policy briefing,” acting Oceans Minister Kim Sung-bum told reporters. “However, we cannot disregard the Western bloc’s sanctions on Russia, since Korea is also part of them

Jan 6, 2026By Park Jae-hyuk

Korea faces dilemma on Arctic routes due to international sanctions on Russia

Companies

Struggling battery makers bet on ESS, AI, cost cutting to power 2026 rebound

Korea's three major battery manufacturers began 2026 with renewed confidence in their ability to regain growth momentum, despite lingering skepticism about their earnings prospects amid sluggish global demand for electric vehicles (EVs). Acknowledging a difficult business environment, the leaders of LG Energy Solution (LGES), Samsung SDI and SK On urged employees to overcome current challenges by diversifying portfolios, cutting costs, improving technology and adopting artificial intelligence (AI). LGES and SK On both stressed the need to expand the production of batteries for energy storage systems (ESS), along with broader cost-saving efforts and the use of AI in daily operations. “Demand for ESS is growing more sharply than ever before, and this is the crucial opportunity for the success of portfolio rebalancing,” LGES CEO Kim Dong-myung said in his New Year’s address Monday. “We will speed up converting our facilities in North America, Europe and China to produce ESS batteries, stabilizing their supply and streamlining operations.” To reduce costs, Kim pointed to innovation

Jan 5, 2026By Park Jae-hyuk

Struggling battery makers bet on ESS, AI, cost cutting to power 2026 rebound

Companies

HD Hyundai kicks off new year with employees at chairman’s meeting

HD Hyundai Chairman Chung Ki-sun broke tradition Monday by inviting rank-and-file employees to the company's New Year's meeting, in an effort to encourage communication across the group. The shipbuilding group said it hosted the Opening 2026 event at its headquarters in Seongnam, Gyeonggi Province, reflecting the chairman’s intent to simplify the celebration and communicate more directly with employees. Around 300 workers, including those born in the year of the horse, attended the event after expressing interest in meeting with the chairman. "Your honest feedback will help make the company’s direction clearer and stronger," Chung told employees. "I will continue to hold similar gatherings to openly exchange ideas and opinions with everyone." HD Hyundai said Chung took notes during the session and personally responded to employee questions. When asked about the company’s greatest achievement in 2025, he cited the proactive restructuring of its shipbuilding, construction equipment and energy businesses, alongside continued investments in next-generation technologies. Since being appoi

Jan 5, 2026By Park Jae-hyuk

HD Hyundai kicks off new year with employees at chairman’s meeting

Business

Jeju farmers protest tariff-free US mandarins, Coupang's sale of imported fruits

Citrus growers and politicians on Jeju Island are expressing concerns over the elimination of tariffs on mandarin oranges imported from the United States, which took effect this year under the Korea-U.S. Free Trade Agreement (KORUS FTA). They have urged the central and municipal governments to take steps to protect the island’s citrus industry while condemning Coupang for promoting imported agricultural products. “We urge the government to act immediately to compensate for the damage and stabilize supply and demand,” local farmers’ groups said during a joint press conference on Tuesday. The Jeju branch of the Korean Successor Advanced Farmers Federation also called for a “special emergency tariff,” as permitted under the Customs Act. The president can impose such a tariff when the volume of agricultural imports rises rapidly. When the KORUS FTA was signed in 2012, Korea agreed to gradually cut its 144 percent tariff on U.S. mandarins by 9.6 percentage points each year, phasing it out completely by 2026. The Ministry of Agriculture, Food and Rural Affairs noted that this tarif

Jan 5, 2026By Park Jae-hyuk

Jeju farmers protest tariff-free US mandarins, Coupang's sale of imported fruits

Companies

Musinsa ridicules Coupang's 'stingy' compensation

Musinsa has joined the public ridicule of Coupang’s plan to compensate users affected by last November’s data breach with 50,000 won ($35) vouchers that can only be used on Coupang’s services, by handing out 50,000 won vouchers to all of its own users “for no particular reason.” The fashion platform began handing out 50,000 won vouchers to all its users on Thursday, using Coupang’s brand colors — red, orange, green and blue — in an ad for its New Year’s event. Each Musinsa user can receive two 20,000 won vouchers that can be used on Musinsa Store, its main shopping platform, and Musinsa Shoes and Player, which covers sportswear and footwear, as well as two 5,000 won vouchers that can be used on Musinsa Beauty for cosmetics and Musinsa Used for secondhand items. Coupang, where 33.7 million users' data was exposed in a massive breach, has invited criticisms with its plan to compensate customers with two 20,000 won vouchers that can be used on its less popular platforms — flight and hotel booking service Coupang Travel and luxury shopping platform R.LUX. For its main sh

Jan 4, 2026By Park Jae-hyuk

Musinsa ridicules Coupang's 'stingy' compensation

Companies

Will Korean steelmakers rebound as China’s export controls take effect?

Cautious optimism is emerging over a potential recovery of Korea’s steel industry in 2026, following China’s decision to regulate steel exports through a licensing system starting Jan. 1. Amid a prolonged slump in the sector, attention is on whether the world’s largest steel-producing country’s latest measure will curb the glut of low-priced steel products in the global market. In December, China’s Ministry of Commerce announced that exporters of some 300 steel items would need to apply for licenses based on export contracts and product-quality inspection certificates from manufacturers. “This measure should help keep global supply, demand and trade in better balance,” the state-backed China Iron and Steel Association said in a statement. China’s robust steel exports fueled a growing protectionist backlash worldwide throughout 2025. Seoul has imposed antidumping tariffs on thick steel plates and hot-rolled coils from China and is reviewing precoated and galvanized steel sheets from the country at the request of Korean firms that have long suffered against the aggressive pr

Jan 1, 2026By Park Jae-hyuk

Will Korean steelmakers rebound as China’s export controls take effect?

Companies

US LNG, MASGA projects set to fuel Korea's shipbuilding growth in 2026

The shipbuilding industry is expected to remain one of the biggest contributors to Korea’s economy in 2026, supported by rising demand for liquefied natural gas (LNG) carriers in the United States and the full-scale launch of the “Make American Shipbuilding Great Again (MASGA)” project. The industry’s business sentiment for the first quarter of 2026 rose 19 points from the previous quarter to 96, well above the overall average of 77, according to a recent survey conducted by the Korea Chamber of Commerce and Industry. The Korea Economic Research Institute also projected that higher ship and semiconductor exports will play a key role in increasing the nation’s total exports by 0.8 percent in 2026. “The shipbuilding industry will continue receiving a healthy amount of orders, particularly for high-value-added vessels and naval ships,” the institute said. Despite a global downturn in shipbuilding orders in 2025 — which nearly halved the volume of orders placed with Chinese firms — Korea’s three major shipbuilders still met their annual order targets. HD Korea Shipbuilding

Dec 31, 2025By Park Jae-hyuk

US LNG, MASGA projects set to fuel Korea's shipbuilding growth in 2026

Companies

Canceled EV battery orders push Korean firms to double down on ESS

Repeated cancellations of supply deals with North American electric vehicle (EV) companies have rattled the Korean battery industry, prompting cell makers to shift their focus to energy storage systems (ESS). With recent year-end reshuffles all strengthening ESS teams, expectations are growing that LG Energy Solution (LGES), Samsung SDI and SK On will ramp up efforts to secure ESS experts at home and abroad. On Monday, battery materials maker L&F said the value of its high-nickel cathode material supply deal signed in February 2023 with a North American EV company, later revealed as Tesla, was slashed from $2.9 billion to $7,386 due to changes in the global EV market and battery supply conditions. The de facto cancellation followed the termination on Dec. 17 of a 9.3 trillion won ($6.4 billion) battery supply contract signed in October 2024 between LGES and Ford Motor. LGES also disclosed on Dec. 26 that a 3.9 trillion won module supply deal with Freudenberg Battery Power Systems, signed in April 2024 for the EV battery business of the U.S. firm’s parent, Freudenberg E-Power Systems,

Dec 31, 2025By Park Jae-hyuk

Canceled EV battery orders push Korean firms to double down on ESS

Companies

New Musso pickup truck carries legacy of classic 2002 model

KG Mobility (KGM) unveiled its new Musso pickup truck during a two-day media preview from Monday to Tuesday at KGM Experience Center Ilsan in Goyang, Gyeonggi Province. According to KGM, the new vehicle inherits the legacy of the SsangYong Musso Sports, a pickup introduced in 2002 by KGM’s predecessor, SsangYong Motor, and recognized as Korea’s first sport utility truck. After announcing prices for each trim next month, KGM plans to begin sales shortly afterward. “The new Musso combines the toughness of a pickup with modern technology and convenience, reinventing itself as a powerful and dynamic vehicle,” a KGM official said. “By offering a variety of options that reflect customers’ needs, we aim to deliver a wide range of utility suitable for both leisure and business.” Customers can choose between two powertrains — diesel and gasoline — depending on their driving preferences. For off-road stability, the new Musso features a four-wheel drive system, locking differential and clear site view function. The truck also offers a maximum towing capacity of 3 tons and includes

Dec 31, 2025By Park Jae-hyuk

New Musso pickup truck carries legacy of classic 2002 model

Sports

Legendary jockey retires after 38 years of horse racing

Jockey Park Tae-jong, often dubbed the “president of Korean horse racing,” ended his 38-year career at the official retirement age of 60 with 2,249 wins in 16,014 races — the most in the 103-year history of Korean horse racing. To mark his retirement, the Korea Racing Authority (KRA) held a ceremony Sunday at LetsRun Park Seoul in Gwacheon, Gyeonggi Province, where fans could meet Park and view special exhibits showcasing his career. “The applause and congratulations from my fans for staying focused and giving my best have truly encouraged and moved me,” Park said. “I would like to thank the horse owners, trainers, stable staff, track riders, fellow jockeys and fans.” Born in Jincheon County, North Chungcheong Province, Park originally wanted to become an excavator operator when he moved to Seoul after high school. But after his uncle suggested he apply to be a jockey, he realized his height of 150 centimeters could be a strength in horse racing. Since debuting in April 1987, Park has broken numerous records in Korean horse racing. A model of discipline, he neither smoked no

Dec 29, 2025By Park Jae-hyuk

Park Jae-hyuk

Read more

Korea faces dilemma on Arctic routes due to international sanctions on Russia

Struggling battery makers bet on ESS, AI, cost cutting to power 2026 rebound

HD Hyundai kicks off new year with employees at chairman’s meeting

Jeju farmers protest tariff-free US mandarins, Coupang's sale of imported fruits

Musinsa ridicules Coupang's 'stingy' compensation

Will Korean steelmakers rebound as China’s export controls take effect?

US LNG, MASGA projects set to fuel Korea's shipbuilding growth in 2026

Canceled EV battery orders push Korean firms to double down on ESS

New Musso pickup truck carries legacy of classic 2002 model

Legendary jockey retires after 38 years of horse racing

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