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Park Jae-hyuk

Korea Times Business Reporter

Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.

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Companies

SK's rebalancing of business portfolio hits snag

Uncertainty is growing over SK Group’s ongoing efforts to sell several of its affiliates as part of its portfolio rebalancing plan. Before SK Group announced Wednesday that Doosan Group was selected as the preferred bidder to acquire SK Siltron, the semiconductor wafer maker's union held a protest Monday, the day that Doosan officials visited its plant in Gumi, North Gyeongsang Province, to conduct on-site due diligence. Doosan seeks to acquire a 70.6 percent stake in SK Siltron from SK Inc., SK Group’s holding company. Union members criticized the company for excluding them from the sale process, but the protest arose from frustration over their stalled collective bargaining. SK Siltron employees are said to be open to the idea of Doosan’s acquisition, as it would prevent a private equity firm from becoming their new owner. Last week, SK Siltron workers also picketed in front of SK Group’s headquarters in Seoul, demanding job security. The union has warned it will take strong action if the conglomerate proceeds with the sale before completing collective bargaining. “This deal i

Dec 17, 2025By Park Jae-hyuk
SK's rebalancing of business portfolio hits snag
Companies

Debate heats up over sale of Hyundai LNG Shipping to Indonesian firm

Controversy has reignited over the potential sale of a Korean liquefied natural gas (LNG) shipping firm to foreign buyers after residents of Busan joined protests against private equity firm IMM’s plan to sell Hyundai LNG Shipping to Indonesia’s Sinar Mas. Critics denounced the deal as a serious threat to President Lee Jae Myung’s maritime policy and urged the government to block the transaction. “The deal could pave the way for foreign takeovers of private equity-owned firms like SK Shipping and H-LINE Shipping, destabilizing Korea’s energy transport infrastructure,” a Busan civic group said Tuesday. SK Shipping and H-LINE Shipping, owned by another private equity firm, Hahn & Company, recently announced plans to relocate their headquarters to Busan following the Ministry of Oceans and Fisheries’ move to the city. The government says the relocation aims to develop Busan into a hub for the maritime industry in preparation for the era of Arctic shipping routes. “If a foreign buyer replaces skilled, high-paid Korean crews with foreign workers to cut costs, Busan’s job mar

Dec 17, 2025By Park Jae-hyuk
Debate heats up over sale of Hyundai LNG Shipping to Indonesian firm
Companies

PHOTO 'Antiaging' oil refinery

HD Hyundai Oilbank employees examine facilities during the "antiaging" project at the oil refiner's factory in Seosan, South Chungcheong Province, in this undated photo. The company said Wednesday the 10-year project has been underway since January to preemptively improve productivity and stability of key facilities. Courtesy of HD Hyundai Oilbank

Dec 17, 2025By Park Jae-hyukphoto
[PHOTO] 'Antiaging' oil refinery
Law & Crime

EXPLAINER Why Unification Church is so desperate for Korea-Japan undersea tunnel

The Unification Church's long-cherished Korea-Japan undersea tunnel proposal is regaining public attention after Rep. Chun Jae-soo of the ruling Democratic Party of Korea resigned as oceans minister last week. He stepped down amid allegations that the church bribed him and other politicians to win support for the project. Questions are mounting over why the church has spent more than four decades lobbying for a megaproject that the government has already concluded makes little economic sense. The tunnel plan dates back to 1981, when the church's founder, Moon Sun-myung, proposed the construction of a "Great Asian Highway" to link major Asian cities by road. "This would be a great international highway around which freedom is guaranteed," Moon said that year at the 10th International Conference on the Unity of the Sciences in Seoul. His proposal echoed the Japanese Empire’s idea from the 1910s and 1940s to connect the island nation to the continent by land to improve wartime logistics. Former Korean presidents — including Roh Tae-woo, Kim Dae-jung and Roh Moo-hyun — also brought up

Dec 16, 2025By Park Jae-hyuk
[EXPLAINER] Why Unification Church is so desperate for Korea-Japan undersea tunnel
Companies

POSCO Future M to build LFP plant for ESS batteries

POSCO Future M has decided to build a lithium iron phosphate (LFP) plant dedicated to supplying cathode materials for batteries used in energy storage systems (ESS). The battery materials unit of POSCO Group said Tuesday that its board of directors has approved the construction of a new factory in Pohang, North Gyeongsang Province, to meet the growing global demand for LFP batteries for ESS projects. Mass production is scheduled to begin in 2027, and construction of the new plant is expected to begin sometime next year. “We are currently focusing on cathode materials composed of nickel, cobalt and manganese (NCM) or nickel, cobalt and aluminum (NCA)," a POSCO Future M official said. "The investment in the new LFP plant will help us diversify our products and strengthen our competitiveness in the global market." For the construction, POSCO Future M will make an additional investment in C&P Advanced Technology, its joint venture with China’s CNGR. Through the planned investment, the company aims to produce up to 50,000 tons of LFP annually. POSCO Future M will also convert some NCM prod

Dec 16, 2025By Park Jae-hyuk
POSCO Future M to build LFP plant for ESS batteries
Companies

FTC head backs big fine on Coupang

Fair Trade Commission (FTC) Chairman Ju Biung-ghi signaled the antitrust watchdog’s intent Monday to continue pursuing regulations on monopolistic online platforms — an effort that had been on hold due to strong opposition from the United States ahead of the final trade agreement between the two countries signed last month. Known as someone who has helped shape President Lee Jae Myung’s economic policies, Ju also described Korea’s economic sanctions against unfair business practices as too lenient, backing the president’s push to impose substantial fines on Coupang for a massive data breach that affected nearly 34 million users. The FTC chief shared these views during a policy dialogue hosted by the American Chamber of Commerce in Korea (AMCHAM) to discuss fair trade policies in the digital era. The session followed his previous closed-door meeting with AMCHAM representatives last month. Ju emphasized that the FTC follows the principle of nondiscrimination against foreign companies and ensures they do not face unnecessary barriers. His remarks aligned with the Korea-U.S. Joint

Dec 15, 2025By Park Jae-hyuk
FTC head backs big fine on Coupang
Companies

LS C&S to produce rare-earth magnets in Virginia

LS Cable & System (C&S) said Monday it is reviewing the feasibility of building a U.S. rare-earth magnet plant in Chesapeake, Virginia, which it says will enhance energy security and stabilize supply chains in both Korea and the United States. The announcement came after LS C&S CEO Koo Bon-kyu met with Virginia Gov. Glenn Youngkin in the state Friday (local time) to unveil a plan to invest an additional $689 million in Chesapeake, which is expected to create more than 430 new jobs. "We’re not only expanding our manufacturing capabilities, we’re strengthening the U.S. domestic supply chains and supporting America’s leadership in energy and technology," Koo said. "By continuing partnerships with the Commonwealth of Virginia, the City of Chesapeake and the Hampton Roads region, we’re creating opportunities for the local community while helping to ensure secure, reliable infrastructure that supports national security and the nation’s energy future." LS C&S broke ground in April on LS GreenLink USA’s cable manufacturing and pier facility. The proposed rare-earth magnet plant is ex

Dec 15, 2025By Park Jae-hyuk
LS C&S to produce rare-earth magnets in Virginia
Companies

Hanwha Ocean gains favor in KDDX race, backed by Lee’s praise

Speculation is growing that Hanwha Ocean could be allowed to join the Korean Next-Generation Destroyer (KDDX) project, following President Lee Jae Myung’s public endorsement of the company’s improved labor practices for subcontracted workers. Combined with the president’s negative stance on awarding a sole-source contract to HD Hyundai Heavy Industries (HHI) for the 7.8 trillion won ($5.3 billion) program to build six 6,000-ton destroyers by 2030, the situation is prompting expectations that the Defense Acquisition Program Administration (DAPA) will ask both shipbuilders to jointly design the KDDX-class destroyers — a departure from the usual practice of granting a sole-source contract to the company that drafted the basic design. While being briefed on the Ministry of Employment and Labor’s operations on Thursday, Lee unexpectedly mentioned Hanwha Ocean’s unannounced decision to eliminate discrimination against subcontracted workers in bonus payments. “This is an example of a desirable corporate culture,” he said. According to Hanwha Ocean, the ratio of subcontracted wor

Dec 12, 2025By Park Jae-hyuk
Hanwha Ocean gains favor in KDDX race, backed by Lee’s praise
Companies

POSCO's steel supply for Alaska LNG project irks US manufacturers

An advocacy group for U.S. manufacturers has voiced concerns over the proposed use of POSCO’s steel for pipelines transporting liquefied natural gas (LNG) from Alaska, fueling uncertainty over the Korean steelmaker’s participation in the Donald Trump administration’s much-hyped energy project. A week after POSCO International, the group's trading and energy unit, signed an agreement Dec. 1 with Glenfarne, the project’s lead developer, regarding the former’s supply of steel in exchange for importing LNG, the Coalition for a Prosperous America (CPA) issued a statement raising alarm over the use of “made-in-Korea” steel. “A proposed 807-mile natural gas pipeline intended to bring gas from Alaska’s North Slope to a new export terminal on the Kenai Peninsula in Southcentral Alaska will be fabricated in Korea despite the administration’s headline ‘50 percent’ steel tariff,” CPA said Wednesday (local time). “CPA is reiterating its call for the Trump administration to prioritize domestic metal fabricators and not allow the outsourcing of critical infrastructure suppl

Dec 12, 2025By Park Jae-hyuk
POSCO's steel supply for Alaska LNG project irks US manufacturers
Companies

Mexico’s new tariff hikes alarm Korean exporters

Concerns are mounting over the operations of Korean companies in Mexico after the Latin American nation on Wednesday (local time) approved tariff hikes of up to 50 percent on 1,463 products from Asian countries that lack a free trade agreement (FTA). The affected products include machinery, auto parts and electronic components, which account for about 30 percent of Korea’s exports to Mexico — its largest trading partner in Latin America. Since 1993, Korea has recorded an annual trade surplus with Mexico. During the first three quarters of this year alone, Korea’s trade surplus with Mexico exceeded $12 billion. Given Mexico’s importance for Korea’s trade, the Korean government had asked Mexico to exempt Korean products from the tariff hikes after the administration of President Claudia Sheinbaum proposed the measure in September. At the time, the Ministry of Trade, Industry and Resources said it would continue monitoring the issue and work with industry officials to minimize the negative impact on Korean businesses. However, the ministry ultimately failed to secure exemptions f

Dec 12, 2025By Park Jae-hyuk
Mexico’s new tariff hikes alarm Korean exporters
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