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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

Mercedes chooses LG over Chinese firms in $11 bil. battery deal

LG Energy Solution (LGES) has reaffirmed its status as the main supplier to Mercedes-Benz, signing additional deals to provide the German automaker with 107 gigawatt-hours (GWh) of batteries, enough to power 1.5 million electric vehicles (EVs). According to its regulatory filings Wednesday, LGES will provide Mercedes-Benz AG with 32 GWh of batteries in Europe from August 2028 to December 2035 and to the German carmaker’s affiliate in the United States from July 2029 to December 2037. The combined value of the two deals is estimated at $10.7 billion, as the batteries are presumed to be 46-series products, which cost $100 per kilowatt-hour. LGES plans to begin mass production of the next-generation cylindrical batteries next year at its Arizona plant, currently under construction. “In compliance with our agreements with the client, we cannot confirm additional details,” an LGES official said. Last October, LGES signed a separate deal with Mercedes to supply 50.5 GWh of EV batteries in North America and other markets between 2028 and 2038. At the time, industry officials also assumed

Sep 3, 2025By Park Jae-hyuk
Mercedes chooses LG over Chinese firms in $11 bil. battery deal
Companies

Oceans ministry relocation to cost at least $85 mil.

The Lee Jae Myung administration has decided to spend at least 118.9 billion won ($85 million) between 2025 and 2026 to relocate the Ministry of Oceans and Fisheries to Busan. The oceans ministry announced Tuesday that 32.2 billion won from the total 7.3 trillion won allotted for its 2026 budget will cover the expenses for relocation, a process set to begin at the end of this year. The announcement follows the government’s decision last month to inject 86.7 billion won from the 2025 reserve fund to finance a new office building for the ministry, transfer cargo and assist employees with housing and commuting arrangements. Following Lee’s pledge to explore Arctic shipping routes, the ministry drew up plans to move to the southeastern port city from the administrative city of Sejong in the nation's interior. In July, two office buildings near Busanjin Station on Busan Metro Line 1 were selected for the ministry’s temporary use until new headquarters could be completed by the end of 2029. Throughout this process, there exists the possibility of further increases in relocation costs. The

Sep 2, 2025By Park Jae-hyuk
Oceans ministry relocation to cost at least $85 mil.
Companies

SK, GS warn investors of pro-labor law's impact on petrochemical sector

Major conglomerates operating petrochemical plants have urged investors to brace for possible negative effects from the revised pro-labor act, widely known as the “yellow envelope law,” which will take effect next year. The warnings come as the struggling petrochemical industry pushes to reduce the nationwide output from naphtha cracking centers (NCCs) by up to 25 percent, or 3.7 million tons. Last month, the government asked petrochemical firms to submit self-rescue plans by the end of the year, before seeking regulatory relief and financial support. SK Inc., the holding company of SK Group, Korea’s second-largest conglomerate, mentioned the amendment of the Trade Union and Labor Relations Adjustment Act in its prospectus released Thursday, explaining its planned restructuring at SK Geo Centric, its second-tier subsidiary producing chemical materials. “Approved by the National Assembly on Aug. 24, the yellow envelope law may influence the petrochemical industry’s efforts to reorganize and streamline, as this law justifies worker protests against business decisions that affect

Sep 2, 2025By Park Jae-hyuk
SK, GS warn investors of pro-labor law's impact on petrochemical sector
Companies

Martin Sorrell discusses Sydney Sweeney 'jeans' ad, Korean market

American Eagle's campaign featuring actor Sydney Sweeney, which ran with the tagline "Sydney Sweeney has great jeans," sparked one of the biggest controversies in the global advertising industry this year. While people in the United States discussed whether the ad promotes eugenics, U.S. President Donald Trump and his aides reacted to the debate by showing their support for the ad and the actor. Widely seen as a legendary figure in the advertising industry, Martin Sorrell also responded to the controversy during a recent interview with The Korea Times, saying the ad reflects a "swingback from wokeism." "What's happened under Trump, clearly there's been a swing away from that," he said. "If you look at how Mark Zuckerberg has shifted his political views and Facebook's, and compare what he was doing under Biden or before Biden to what he is doing now under Trump, they are very different." The British businessman did not judge whether American Eagle's ad was promoting the idea of genetic superiority. However, he described such a shift in the political landscape as moving back to "much more"

Sep 2, 2025By Park Jae-hyuk
Martin Sorrell discusses Sydney Sweeney 'jeans' ad, Korean market
Companies

President’s proposal to desalt seawater in drought-hit city draws skepticism

President Lee Jae Myung has been met with skeptical responses after suggesting desalting seawater from the East Sea to help prevent another severe drought in Gangneung, Gangwon Province. Industry insiders view the suggestion as too expensive, saying desalination is best suited for wealthy nations suffering extreme drinking water shortages. Lee proposed the idea during a visit to the drought-hit eastern town on Saturday, asking Gangneung Mayor Kim Hong-kyu if the city had ever considered preventing future crises by desalinating seawater. "Seawater is infinite and the East Sea has good water quality," Lee said. "If the city builds a desalination facility near the sea, it will only need purification facilities, so high costs can be avoided." Interior and Safety Minister Yun Ho-jung, who accompanied the president, referenced the use of desalination plants in the Middle East and said Doosan Enerbility could build such facilities at low costs, leveraging world-class technologies. However, the mayor told Lee that the cost of desalination remains too high for securing adequate water. An official f

Sep 1, 2025By Park Jae-hyuk
President’s proposal to desalt seawater in drought-hit city draws skepticism
Companies

HD Hyundai's merger plan spurs union protest threatening US shipbuilding project

HD Hyundai's plan to merge its two shipbuilding subsidiaries has sparked fierce opposition from unionized shipyard workers at both companies, raising concerns that it may cause major setbacks for cooperation between Korea and the United States in shipbuilding. The backlash has intensified with the National Assembly’s recent amendments to the Trade Union and Labor Relations Adjustment Act, which allow labor disputes to cover business decisions with significant impacts on workplace conditions. Better known as the “yellow envelope law,” the new amendments legitimize worker protests against restructuring and other business decisions, and prohibit companies from seeking compensation for damage related to strikes. Two days after Wednesday’s announcement of the planned integration of HD Hyundai Heavy Industries (HHI) and HD Hyundai Mipo, workers put down their tools for four hours, warning of another three-day strike beginning Tuesday. They condemned management for announcing the merger without prior notice and voiced concerns over the possible redeployment of employees or layoffs of t

Sep 1, 2025By Park Jae-hyuk
HD Hyundai's merger plan spurs union protest threatening US shipbuilding project
Companies

Waste management business loses appeal among Korean conglomerates

A growing number of major Korean conglomerates are withdrawing from the waste management business, once highly sought after for its alignment with the investing principles emphasizing environmental, social and corporate governance (ESG) factors. As ESG has received less attention in recent years, more companies have shifted their focus toward their core affiliates to adapt to challenging market conditions. SK Ecoplant announced Aug. 20 that it signed an agreement with KKR to sell its entire holdings in Renewus, Renewone and Renewenergy Chungbuk to the U.S. private equity firm for 1.78 trillion won ($1.3 billion). Renewus, acquired by the construction firm in 2020, specializes in wastewater treatment. Renewone was formed through the mergers of various waste incineration and landfill companies that SK Ecoplant acquired between 2021 and 2022. Renewenergy Chungbuk operates a waste incineration plant in Cheongju, North Chungcheong Province. Although SK Ecoplant changed its name from SK E&C in 2021 to signal its ambition to be an environmental company, it decided to divest the three unprofitab

Sep 1, 2025By Park Jae-hyuk
Waste management business loses appeal among Korean conglomerates
Companies

ESS batteries take center stage ahead of US removal of EV tax credit

Korean battery manufacturers are ramping up their focus on energy storage systems (ESS) as the United States moves to end subsidies for electric vehicle (EV) purchases. In July, U.S. President Donald Trump signed the One Big Beautiful Bill Act into law, announcing the planned elimination of up to $7,500 in tax credits for EV purchases after Sept. 30, seven years ahead of the original expiration date. Bracing for a longer-than-expected slowdown in U.S. demand for EV batteries, the top three battery makers here are broadening their foothold in the North American ESS market. LG Energy Solution (LGES) and Samsung SDI will attend the Renewable Energy Plus 2025 event. Both companies plan to showcase their newest ESS technologies at North America's largest renewable energy exhibition, scheduled for Sept. 8-11 in Las Vegas. LGES, the first battery manufacturer to mass-produce lithium iron phosphate (LFP) batteries for ESS at a U.S. facility, announced Sunday it will display its prismatic LFP battery. This marks the first public showing of the battery model known for high resistance to external sh

Aug 31, 2025By Park Jae-hyuk
ESS batteries take center stage ahead of US removal of EV tax credit
Companies

Signify unveils new lineup of WiZ smart lighting products

Lamps on the floor and strip lights attached to the ceiling and the back of a television emitted red, green, blue, yellow and other colors Thursday, detecting the movements of people inside a Seoul home used as an Airbnb residence. In another room, lights synchronized to music beats flickered and shifted colors. During a press conference introducing the Wi-Fi-enabled lighting products Signify brought to the Korean market, the world's leading lighting company said the five new products were designed to offer a more immersive entertainment experience. The Dutch company, formerly Philips Lighting, released the new products under the brand name of WiZ, a smart lighting startup acquired by Signify in 2019. The lineup includes the WiZ HDMI Sync Box TV Lightstrip, RGB LED Strip 15m, RGBIC LED Strip 5m, Gradient Floor and Dial Switch. Signify said users can easily control the new devices with the WiZ mobile app or the Dial Switch. WiZ HDMI Sync Box TV Lightstrip, a highlight of the event, features real-time syncing with television displays and rhythm-based lighting effects using its built-in micr

Aug 28, 2025By Park Jae-hyuk
Signify unveils new lineup of WiZ smart lighting products
Companies

POSCO helps university students teach science to underprivileged children

Another group of university students has begun volunteering with support from POSCO. The steelmaker said Thursday that its 18th Beyond members have engaged in volunteer activities since a launch ceremony in June. Beyond, a university student volunteer group organized by POSCO in 2007, has seen more than 1,500 students participate over the past 18 years, working to address environmental and social issues through volunteer work in Korea and abroad. In line with POSCO's efforts to develop future-oriented technologies, including its "intelligent factory" initiative, new Beyond members have focused on teaching science and technology to underprivileged children living near the company's steel mills in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province. Last month, the volunteers used engineering kits to teach around 60 children from four child welfare centers in Pohang. After developing their own kits, they also taught engineering to around 70 children from child welfare centers in Gwangyang. "We were proud to connect with the children and teach them science using the engin

Aug 28, 2025By Park Jae-hyuk
POSCO helps university students teach science to underprivileged children
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