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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 On, Ford to disband US joint venture

SK On said Thursday it has agreed with Ford Motor to end their three-year joint operation of BlueOval SK, restructuring the U.S. battery manufacturing venture. Under the agreement, each company will independently own and operate the joint venture’s production facilities. A Ford subsidiary will take full ownership of battery plants in Kentucky, while SK On will own and run the factory in Tennessee. SK On said the decision is intended to strategically realign assets and production capacity to improve operational efficiency and respond more effectively to evolving market dynamics and diverse customer needs. The Korean company added it will maintain a strong strategic relationship with Ford, as the Tennessee plant is located within the automaker’s BlueOval City campus. “Taking ownership and control of the Tennessee plant will further strengthen SK On’s battery innovation and manufacturing leadership,” the company said in a press release. “SK On plans to focus on profitable and sustainable growth in the U.S. by supplying electric vehicle batteries to Ford and other customers, as we

Dec 11, 2025By Park Jae-hyuk
SK On, Ford to disband US joint venture
Companies

PHOTO Award ceremony for heroic firefighters

S-Oil CEO Anwar Al-Hejazi, back row seventh from left, and S-Oil President Ryu Yul, back row eighth from left, pose with Kim Sung-yi, back row fifth from left, chairman of the Korea National Council on Social Welfare, and Kim Seung-ryong, back row sixth from left, acting commissioner of the National Fire Agency, at Seoul Garden Hotel, Thursday, after recognizing firefighters for their heroic work. The oil refiner said it gave a combined 90 million won ($61,000) to eight award-winning firefighters. Courtesy of S-Oil

Dec 11, 2025By Park Jae-hyukphoto
[PHOTO] Award ceremony for heroic firefighters
Business

Oceans ministry falls victim to politics, again

Was the minister's resignation the best way to shield the Ministry of Oceans and Fisheries from the fallout over allegations that he accepted bribes from the Unification Church? After Oceans Minister Chun Jae-soo offered to resign Thursday, which the presidential office accepted, the ministry was left baffled by an unexpected leadership vacuum in the middle of its relocation from Sejong to Busan. Senior ministry officials told reporters they did not expect him to step down so soon. The bribery allegations surfaced earlier this week while he was in New York attending a United Nations meeting to officially designate Korea as a co-host of the 2028 U.N. Ocean Conference. Chun, a three-term lawmaker representing a Busan district, had been leading the ministry's relocation effort. Denying the allegations as baseless, he said he resigned to ensure policy consistency in the maritime sector. Although the ministry also denied any disruption to its relocation plans, Chun's abrupt resignation has raised concerns about the government's push to turn Korea’s second-largest city into a hub for the mar

Dec 11, 2025By Park Jae-hyuk
Oceans ministry falls victim to politics, again
Companies

PHOTO Partnership for plastic recycling

SK Chemicals President Ahn Jae-hyun, fifth from left, and SK Shantou Vice President Jung Jae-jun, sixth from left, pose with Kelinle President Zhang Xizheng, left, and other participants in a joint venture agreement signing ceremony in Shaanxi province, China, Monday. The companies agreed to build the Feedstock Innovation Center in the province to process waste plastic into feedstock. SK Chemicals said Wednesday this agreement makes it the first Korean company to achieve vertical integration in the plastic recycling business. Courtesy of SK Chemicals

Dec 10, 2025By Park Jae-hyukphoto
[PHOTO] Partnership for plastic recycling
Companies

Samsung SDI wins US ESS LFP battery deal amid talks with Tesla

Samsung SDI said Wednesday that its Michigan-based subsidiary signed a contract with a U.S. energy infrastructure developer to supply lithium iron phosphate (LFP) batteries for energy storage systems (ESS) over a three-year period starting in 2027. The Korean battery maker did not disclose the buyer’s name or the exact size of the deal, though it said the contract is worth more than 2 trillion won ($1.36 billion). The announcement has drawn attention as Samsung SDI is reportedly in talks with Tesla to sign a separate three-year agreement worth 3 trillion won to supply 10 gigawatt-hours of LFP batteries annually for ESS. However, the Korean firm denied speculation that the buyer in the recent deal is the U.S. electric vehicle manufacturer. "In addition to the latest contract, Samsung SDI is currently in discussions with multiple global customers regarding the supply of both LFP and NCA batteries, fueling expectations for additional contracts in the near future," the company said in a press release. Samsung SDI plans to fulfill the contract by converting some production lines at its joint

Dec 10, 2025By Park Jae-hyuk
Samsung SDI wins US ESS LFP battery deal amid talks with Tesla
Companies

Lanxess open to specialty chemical production, R&D in Korea

Lanxess, a German specialty chemicals company spun off from Bayer in 2005, did not rule out the possibility of establishing production and research facilities in Korea, which it regards as one of its most important markets, the company said Wednesday. “I don’t want to exclude (the possibility),” Lanxess management board member Hubert Fink told Korean reporters during a press conference in Seoul celebrating the company’s 20th anniversary. “At a certain point in time, we will also have our R&D facilities and maybe also our production facilities here in Korea.” Although Lanxess has supplied its specialty chemicals to Korean companies in various sectors ranging from semiconductors and batteries to construction, shipbuilding and cosmetics, it has so far operated only a local subsidiary employing around 40 people, most of whom handle sales. Of its 11,800 employees across 32 countries, most in Asia work in China and Taiwan, where the company runs factories. Its Asia-Pacific headquarters is located in Shanghai. “As of today, we are not producing in Korea, but we are working here wi

Dec 10, 2025By Park Jae-hyuk
Lanxess open to specialty chemical production, R&D in Korea
Companies

Construction equipment makers enter expansion mode

Korea’s leading construction equipment manufacturers have resumed efforts to expand their global presence ahead of a widely anticipated market recovery next year. HD Hyundai is preparing to launch HD Construction Equipment on Jan. 1, following shareholder approval in September for merging its two heavy machinery units, HD Hyundai Construction Equipment and HD Hyundai Infracore. The new entity aims to generate $10 billion in annual sales by 2030 and join the ranks of the world’s top 10 construction machinery makers. "With optimized product lineups and production system customized for each region, HD Construction Equipment will achieve economies of scale and build a full lineup of construction machinery ranging from compact to ultra-large models," an HD Hyundai official said. "The company will also diversify the sources of income, leveraging integrated R&D capabilities to secure future growth engines such as electrification, smart equipment and total solutions." Doosan, which has focused mainly on the North American equipment market, has begun targeting Europe through Doosan Bobcat’s

Dec 10, 2025By Park Jae-hyuk
Construction equipment makers enter expansion mode
Companies

PHOTO Import Day celebrated with trade minister

Korea Importers Association (KOIMA) Chairwoman Youn Young-mi, front row 12th from left, and Trade Minister Yeo Han-koo, front row 11th from left, pose with foreign ambassadors in Korea during an event to celebrate the 16th Import Day and the 55th anniversary of the association at The Shilla Seoul hotel, Tuesday. Youn and Yeo expressed their gratitude to importers for contributing to the Korean economy amid the challenging global trade environment. Courtesy of KOIMA

Dec 9, 2025By Park Jae-hyuk
[PHOTO] Import Day celebrated with trade minister
Companies

HD Hyundai honors everyday heroes

The HD Hyundai 1% Nanum Foundation, a charity funded by donations from HD Hyundai employees, held the third HD Hyundai Honor Awards ceremony Tuesday to recognize ordinary citizens who have shown extraordinary heroism. This year’s top prize went to Jeong Deok-hwan, a former Korean national judo team member who became paralyzed during training. In 1983, he founded the Eden Welfare Foundation to help people with disabilities achieve independence by creating job opportunities. He received 150 million won ($102,000) for his four decades of dedication to empowering people with disabilities to live self-sufficient lives. “Our society has a shared responsibility to support the independence and well-being of people with disabilities,” Jeong said. “I will keep working to raise public awareness so disabilities are not seen as weaknesses or barriers.” HD Hyundai 1% Nanum Foundation Chairman Kwon Oh-gap said the honorees have made society “warmer and stronger” through their selfless dedication. The runner-up honor went to Father Kim Ha-jong, founder of Anna’s House, which provides sup

Dec 9, 2025By Park Jae-hyuk
HD Hyundai honors everyday heroes
Companies

PHOTO Award ceremony for heroic coastguardsmen

S-Oil CEO Anwar Al-Hejazi, back row seventh from left, and S-Oil President Ryu Yul, back row fifth from left, pose with Kim Sung-yi, chairman of the Korea National Council on Social Welfare, back row sixth from left, and Kim Yong-jin, commissioner general of the Korea Coast Guard, back row eighth from left, at Seoul Garden Hotel, Tuesday, after rewarding coastguardsmen for their heroic activities. The oil refiner said it gave a combined 90 million won ($61,000) to the nine award-winning members of the coast guard. Courtesy of S-Oil

Dec 9, 2025By Park Jae-hyukphoto
[PHOTO] Award ceremony for heroic coastguardsmen
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