The Korea Times

Smaller shipyards set to join US shipbuilding cooperation

Seoul and Washington’s proposed shipbuilding partnership is creating new business opportunities not only for the country’s three leading players, but also for Korea’s small and medium-sized shipbuilders. After HD Hyundai Heavy Industries, Hanwha Ocean and Samsung Heavy Industries submitted prospectuses to the U.S. Department of Commerce for their participation in the so-called Make American Shipbuilding Great Again (MASGA) project, smaller shipbuilders also began preparing submissions, targeting maintenance, repair and overhaul (MRO) contracts for U.S. naval vessels. HJ Shipbuilding & Construction (HJSC) expects to sign a master ship repair agreement (MSRA) with the U.S. Navy by the end of this year. This agreement is necessary for a civil shipyard to maintain and repair U.S. battleships. Earlier this month, the company hosted Alex Krutz, deputy assistant secretary for manufacturing at the U.S. Department of Commerce, at its Busan shipyard. His visit came seven months after a visit by Rear Adm. Neil Koprowski, commander of U.S. Naval Forces Korea. “U.S. government officials have

Nov 26, 2025By Park Jae-hyuk

Smaller shipyards set to join US shipbuilding cooperation

Companies

Judoka paralyzed in training rewarded for empowering disabled people with jobs

A former Korean national judo team member who became paralyzed after a training accident has been named the grand prize winner of the third HD Hyundai Honor Awards, recognized for his four decades of efforts to empower disabled people to lead independent lives by securing jobs. The HD Hyundai 1% Nanum Foundation, a charity funded by donations from HD Hyundai employees, announced Monday that Eden Welfare Foundation founder Jeong Deok-hwan will receive 150 million won ($102,000) as this year's top prize recipient. Since establishing Eden Welfare Foundation in 1983, Jeong has focused on enabling disabled individuals to become self-sufficient rather than dependent on others. Over the past four decades, the foundation has helped a total of 1,303 people with disabilities find employment. In 2008, Jeong advocated for a law requiring public institutions to prioritize products manufactured by people with severe disabilities. In 2019, he led the Eco-Fair campaign to promote eco-friendly goods made by marginalized groups. “The award recipients have made a real difference in the lives of those in

Nov 24, 2025By Park Jae-hyuk

Judoka paralyzed in training rewarded for empowering disabled people with jobs

Companies

Petrochemical firms ramp up efforts to streamline NCC operations

Efforts to reorganize Korea's struggling petrochemical industry have gained momentum ahead of the year-end deadline for companies to submit self-rescue plans to the government. Since the government made it clear that a credible self-rescue plan is a prerequisite for regulatory relief, financial support and tax incentives aimed at revitalizing the sector, companies have begun taking their own steps to streamline naphtha cracking center (NCC) operations. Lotte Chemical and HD Hyundai Oilbank are set to sign an agreement by the end of this month for the former to transfer its NCC in Seosan, South Chungcheong Province, to HD Hyundai Chemical, their joint venture in the same city. The deal is aimed at cutting NCC output in response to a prolonged downturn driven by oversupply from China and the Middle East. “The transaction will allow Lotte Chemical to reduce its deficits,” Hana Securities analyst Yoon Jae-sung said. LG Chem and GS Caltex, which both operate NCCs in Yeosu, South Jeolla Province, have reportedly hired Bain & Company to discuss jointly operating their facilities and reducin

Nov 23, 2025By Park Jae-hyuk

Petrochemical firms ramp up efforts to streamline NCC operations

Companies

Korean firms urged to harness APEC gains for US market expansion

The positive momentum generated by the recent Asia-Pacific Economic Cooperation (APEC) events in Gyeongju, North Gyeongsang Province, has been cited as a key opportunity for Korean companies looking to enter or expand their presence in the U.S. market. At Thursday’s Doing Business in the U.S. Seminar, co-hosted by the American Chamber of Commerce in Korea (AMCHAM) and Korea Chamber of Commerce and Industry (KCCI), AMCHAM Chairman James Kim highlighted the importance of building on that strength. He referred to the Seoul-Washington joint fact sheet released last week as a further milestone in the countries’ deepening economic partnership. “Korea’s leadership at the APEC summit demonstrated what our two countries can achieve when we work together,” he said. “Today’s seminar builds on that momentum by helping Korean companies prepare for the next wave of opportunities in the U.S. market.” Now in its seventh year, the seminar attracted heightened attention, especially in light of fast-changing trade dynamics and uncertain U.S. policies. “Global uncertainty continues to grow

Nov 21, 2025By Park Jae-hyuk

Korean firms urged to harness APEC gains for US market expansion

Companies

POSCO International to invest $862 mil. in Indonesian palm oil business

POSCO International completed the full value chain of its palm oil business through the acquisition of an Indonesian plantation company and the completion of a palm oil refinery in the Southeast Asian nation. The trading and energy arm of POSCO Group said Thursday that its Singapore-based subsidiary acquired a 65.72 percent stake in Sampoerna Agro for $566 million. The total investment is expected to reach up to $862 million, given Indonesia’s financial regulations requiring POSCO International to make a tender offer for the remaining shares held by minority investors. “With this acquisition, POSCO International has added 128,000 hectares to its existing Papua plantations, bringing its total global agricultural base to 150,000 hectares,” a POSCO International official said. POSCO International began developing palm oil plantations in Indonesia’s province of Papua in 2011 and started commercial production in 2016. It now operates three crude palm oil mills that produce a combined 210,000 tons annually. Because the newly acquired plantations are already in full production, the compa

Nov 20, 2025By Park Jae-hyuk

POSCO International to invest $862 mil. in Indonesian palm oil business

Companies

Calls grow to increase subsidies for production, use of sustainable jet fuel

The government has been urged to take additional measures to mandate the use of sustainable aviation fuel (SAF) on all international flights departing from domestic airports. As both oil refiners and airlines face the inevitability of higher costs to produce and use the jet fuel, made from used cooking oil and other renewable energy sources, calls are intensifying for the government to offer tax credits and expanded subsidies to companies working to lower carbon emissions in aviation. In September, the government announced a minimum blending ratio of 1 percent SAF on all outbound flights beginning in 2027, with plans to raise the requirement to 3 to 5 percent by 2030 and 7 to 10 percent by 2035. At the same time, it promised several incentives and support measures to accompany the mandate. The Ministry of Trade and Industry pledged to fund up to 25 percent of facility investment costs and up to 40 percent of research and development costs, while the Ministry of Land, Infrastructure and Transport committed to reduce facility usage fees by 500 million won ($353,000) at Incheon Internation

Oct 23, 2025By Park Jae-hyuk

Calls grow to increase subsidies for production, use of sustainable jet fuel

Companies

Shaheen project underway without capacity cut

ULSAN — Construction of Korea’s largest petrochemical facility was in full swing near S-Oil’s plant in the southeastern port city of Ulsan Tuesday. Despite a government recommendation that the struggling petrochemical industry reduce output at naphtha cracking centers (NCCs), the Saudi Aramco-owned refiner was proceeding with the over $7 billion Shaheen project as planned. As of Tuesday, the project was more than 85 percent complete. A supervisor from Hyundai E&C told reporters that last-minute efforts were underway to finish work that began in March 2023. Hyundai E&C leads a consortium of construction firms involved in the project, including Hyundai Engineering, Lotte E&C and DL E&C. “Just a year ago, the project was about 40 percent finished,” the supervisor said at an observatory overlooking the construction site. “Around 11,000 workers from Ulsan and nearby cities come to the site every day.” There had been speculation that S-Oil might cut the new facility’s capacity to join domestic petrochemical firms’ joint efforts to lower combined output at NCCs nationwide by up

Oct 22, 2025By Park Jae-hyuk

Shaheen project underway without capacity cut

Companies

PHOTO For safer ESS

Samsung SDI CEO Choi Joo-sun, third from left, and Korea Electrical Safety Corp. CEO Nam Hwa-yeong, second from left, pose at the battery maker's plant in Yongin, Gyeonggi Province, Monday, after signing a memorandum of understanding to bolster safety of energy storage system (ESS) products. Samsung SDI said Wednesday the agreement was signed to align with the government's plan to increase ESS supplies for energy transitions. Courtesy of Samsung SDI

Oct 22, 2025By Park Jae-hyuk

Companies

Georgia governor to thank Hyundai, LG, SK, CJ during 3-day visit

Georgia Gov. Brian Kemp will meet high-level executives from Hyundai Motor, LG Energy Solution (LGES), SK On and CJ Foodville during his three-day visit to Korea this week, and express his gratitude for their investments in his state. In an apparent attempt to address negative public sentiment stemming from the mass detention of Korean workers in early September at a construction site in the state, Kemp is also scheduled to join a series of interviews with Korean-language newspapers, though he reportedly does not plan to meet any government officials. According to sources familiar with the matter, Kemp will arrive in Korea on Thursday morning and leave Saturday morning. This is his third visit to Korea since his inauguration in 2019. His latest trip was initially arranged to celebrate the 40th anniversary of the state's economic development office in Seoul. However, the weeklong detention of more than 300 Korean workers has sparked calls for Kemp to offer an apology during his visit. The detentions followed a major immigration raid on Sept. 4 at the construction site of a plant jointly o

Oct 22, 2025By Park Jae-hyuk

Georgia governor to thank Hyundai, LG, SK, CJ during 3-day visit

Others

BCCK wins 2025 International Chamber of Year award

The British Chamber of Commerce in Korea (BCCK) has been named “International Chamber of the Year” at the 2025 British Chambers of Commerce (BCC) Business Awards, in recognition of its outstanding service to members, innovative programming and leadership in strengthening United Kingdom–Korea business relations. The BCCK received the award from among more than 70 accredited chambers across the global British Chambers of Commerce network, for its dynamic events program, advocacy and commitment to helping members navigate an evolving business landscape. The award highlights the chamber’s success in providing a strong platform for British and international businesses to connect, collaborate and grow in Korea. “This recognition is a tremendous honor for our Chamber and our community,” said BCCK CEO Lucinda Walker, who accepted the award at the BCC Business Awards ceremony in London, Wednesday (local time). “Over the past year, we’ve focused on deepening our engagement with members and creating meaningful opportunities for collaboration between the U.K. and Korea. This award r

Oct 17, 2025By Park Jae-hyuk

Park Jae-hyuk

Read more

Smaller shipyards set to join US shipbuilding cooperation

Judoka paralyzed in training rewarded for empowering disabled people with jobs

Petrochemical firms ramp up efforts to streamline NCC operations

Korean firms urged to harness APEC gains for US market expansion

POSCO International to invest $862 mil. in Indonesian palm oil business

Calls grow to increase subsidies for production, use of sustainable jet fuel

Shaheen project underway without capacity cut

PHOTO For safer ESS

Georgia governor to thank Hyundai, LG, SK, CJ during 3-day visit

BCCK wins 2025 International Chamber of Year award

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