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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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Seasoned shipyard worker behind turtle ship gifted to Trump

A golden miniature turtle ship that President Lee Jae Myung offered to U.S. President Donald Trump to commemorate their first summit at the White House on Monday (local time) has drawn public attention since the presidential office released photos of gifts exchanged by the two leaders. Modeled after the battleship designed by Adm. Yi Sun-sin of the Joseon Dynasty (1392-1910) to repel Japanese naval invasions between 1592 and 1598, the miniature was engraved with Yi's famous quote: "Those who seek death shall live and those who seek life shall die." The craftsman behind the symbolic gift is Oh Jeong-cheol, a 56-year-old assembler who has worked for HD Hyundai Heavy Industries in Ulsan since 1987. He was recognized by the president in 2017 as a Master Hand in machine assembling, after earning a title of excellent skilled technician from the Ministry of Employment and Labor in 2014. Oh said he spent two weeks in August making the miniature, after a request from the Ministry of Foreign Affairs in late July. At that time, Seoul and Washington had signed a tariff deal and agreed to revive U.S.

Aug 28, 2025By Park Jae-hyuk
Seasoned shipyard worker behind turtle ship gifted to Trump
Companies

HD Hyundai to merge 2 shipbuilding subsidiaries in Ulsan

HD Korea Shipbuilding & Offshore Engineering (HD KSOE), an intermediate holding company overseeing HD Hyundai’s shipbuilding business, announced plans Wednesday to merge HD Hyundai Heavy Industries (HHI) and HD Hyundai Mipo in a move to outpace competitors amid increasing shipbuilding cooperation with the United States. Once the merger of the two Ulsan-based shipbuilding subsidiaries is complete, the integrated entity will operate as HD HHI. Citing recent mergers of major shipbuilders in China and Japan, HD KSOE said the integration will especially bolster the company’s competitiveness in the naval vessel market. Unlike HD HHI, which has a proven record in building and exporting warships, HD Hyundai Mipo does not have a license to construct naval vessels, though it possesses docks and facilities suited for warship construction. According to the U.K. defense industry magazine Janes, new contracts for naval ships worldwide are expected to total 2,100 over the next 10 years, collectively worth $360 billion. HD KSOE said the integrated HD HHI aims to generate 10 trillion won ($7.1 billion

Aug 27, 2025By Park Jae-hyuk
HD Hyundai to merge 2 shipbuilding subsidiaries in Ulsan
Companies

Hanwha to invest $5 bil. in Philadelphia shipyard to build naval vessels in US

Hanwha Group announced Wednesday it will invest $5 billion in its shipyard in Philadelphia as part of the so-called "Make American Shipbuilding Great Again" (MASGA) project, which was agreed upon last month during the Korea-U.S. tariff talks as part of efforts to rebuild the U.S. shipbuilding industry. The size of the planned investment is 50 times larger than the $100 million it spent to acquire the shipyard last year. It also exceeds the $70 million the White House claimed earlier this month was the size of Hanwha's investment to expand the Philadelphia shipyard. Hanwha unveiled the investment plan as President Lee Jae Myung visited Hanwha Philly Shipyard on Tuesday (local time), a day after his first summit with U.S. President Donald Trump at the White House. Lee attended a ceremony to christen the U.S. Maritime Administration's third national security multi-mission vessel as the State of Maine. The training vessel is the first ship built at the shipyard since the Korean conglomerate's acquisition. “Today's christening ceremony is the embodiment of our two nations working side by si

Aug 27, 2025By Park Jae-hyuk
Hanwha to invest $5 bil. in Philadelphia shipyard to build naval vessels in US
Companies

AMCHAM, PTC to promote adoption of US industrial tech in Korea

PTC, a Boston-headquartered software company, will accelerate smart manufacturing innovation and promote the wider adoption of U.S.-developed industrial technologies in Korea by joining the "Buy America" campaign led by the American Chamber of Commerce in Korea (AMCHAM). Under the memorandum of understanding the two institutions signed Tuesday, they will cooperate in key areas including regulatory advocacy, supply chain optimization and strategic engagement with Korean industry stakeholders. AMCHAM said the collaboration will support PTC's artificial intelligence-driven solutions in gaining broader market access and contributing to productivity enhancement across Korea's manufacturing sector, in alignment with the government's smart factory initiatives. "By strengthening the presence of leading U.S. technologies in Korea, we are helping both countries unlock new opportunities for sustainable growth, industrial advancement and shared prosperity," AMCHAM Chairman James Kim said. Robert Dahdah, executive vice president and chief revenue officer of PTC, said the collaboration will reinforce

Aug 26, 2025By Park Jae-hyuk
AMCHAM, PTC to promote adoption of US industrial tech in Korea
Companies

SUMMIT US to buy Korean ships as Korean firms rebuild its yards

An initiative to revitalize shipyards in the United States with investments from Korea is on track, as the two countries' leaders reaffirmed cooperation in the shipbuilding sector during their first summit at the White House in Washington, Monday (local time). Aligned with the government-level talks, Korea's leading shipbuilders also announced U.S. expansion, declaring the launch of the so-called "Make American Shipbuilding Great Again" (MASGA) project, agreed upon last month during Korea-U.S. tariff talks. Touted as the key contributor to the deal, the project aims to rebuild U.S. shipyards with $150 billion in investments from Korea. U.S. President Donald Trump opened his remarks for the summit by addressing shipbuilding, and said the U.S. will buy ships from Korea and have Korean companies build ships in U.S. territory using American labor. "We are thinking about contracting some ships," he said. "They build them very well in South Korea. They're also thinking about coming to our country with some shipyards to start on the process of building ships again." Trump has frequently express

Aug 26, 2025By Park Jae-hyuk
[SUMMIT] US to buy Korean ships as Korean firms rebuild its yards
Companies

Bill Gates reaffirms ties with Korean business leaders

Bill Gates, best known for co-founding Microsoft, wrapped up his first visit to Korea in three years following a series of meetings with business leaders here. Before his departure, Gates visited Samsung Electronics' building in Seoul on Friday to meet Executive Chairman Lee Jae-yong of the Korean conglomerate, talking about possible ways of cooperation in global social contribution during a lunch with him. A day earlier, Gates attended a dinner hosted by SK Group Chairman Chey Tae-won at the conglomerate's headquarters in Seoul, after meeting Korean policymakers, including President Lee Jae Myung, in his capacity as the chairman of the Gates Foundation, one of the world's largest charity organizations. SK Group said Chey and Gates discussed strategic cooperation for the development and commercialization of small modular reactor (SMR) technologies owned by TerraPower, the U.S. company founded in 2008 by the American entrepreneur. Gates chairs TerraPower's board, while SK is the SMR company's second-largest shareholder through a $250 million investment in 2022. "I believe Korea and SK will

Aug 22, 2025By Park Jae-hyuk
Bill Gates reaffirms ties with Korean business leaders
Companies

Korea urged to diversify feedstock for plastic recycling

Korea's heavy reliance on domestically discarded colorless PET bottles for plastic recycling has emerged as a major obstacle to the government's plan to require beverage companies to use at least 10 percent recycled materials in PET bottle production starting next year. Kim Dae-wung, director of the Sustainability Management Division at the Korea Chemical Industry Association, warned that beverage companies will face shortages of qualified feedstock and rising production costs if Korea continues to depend only on colorless PET bottles discarded within its borders. "Although companies should prioritize using plastic waste generated in Korea, the government should allow a certain proportion of recyclable waste plastic from overseas for the time being," Kim said Thursday during a debate on preparing for the mandatory use of recycled materials in PET bottle manufacturing. Unlike Korea, which does not recognize imported plastic waste as fulfilling the obligation to use recycled materials, the European Union accepts feedstock from any country as long as it meets quality standards. Yoo Bong-joo

Aug 22, 2025By Park Jae-hyuk
Korea urged to diversify feedstock for plastic recycling
Companies

LX International recognized for restoring Philippine copper mine’s ecosystem

LX International, a trading company under LX Group, said Thursday it received a Certificate of Final Relinquishment from the Mines and Geosciences Bureau (MGB) under the Philippine Department of Environment and Natural Resources, after restoring the ecosystem of the Rapu Rapu copper mine in the Southeast Asian country. This marks the first time the Philippine government has granted the certificate since the 1995 amendment to the Philippine Mining Act, which mandated mine rehabilitation. The decision was based on the bureau’s review of LX International’s fulfillment of its plan to restore an abandoned mine. LX International also became the first Korean company to earn official recognition from a foreign government for restoring the ecosystem of an overseas mine. The company acquired the Rapu Rapu mine in 2008 to produce copper and zinc. It began rehabilitating the mine’s environment in 2018 in partnership with the local community. During this process, LX International improved village infrastructure near the mine, built an elementary school and donated funds to support residents att

Aug 21, 2025By Park Jae-hyuk
LX International recognized for restoring Philippine copper mine’s ecosystem
Companies

POSCO to raise $36 mil. to invest in promising global startups

POSCO, the steelmaking unit of POSCO Group, announced Wednesday that it will create a 50 billion won ($36 million) fund in partnership with POSCO Investment, the group’s corporate venture capital (CVC) unit, to address paradigm shifts in the global steel industry and pursue new business opportunities. The fund, called POSCO CVC No. 1, will launch Aug. 29 with 40 billion won invested by POSCO and 10 billion won from POSCO Investment. CVC refers to venture capital established by nonfinancial companies. Through a CVC, a company can identify promising firms and cooperate with them, investing in startups related to its own business domains. According to POSCO, the new fund will target startups developing technologies in digital transformation, energy efficiency, carbon reduction and renewable energy, aligning with the steelmaker’s strategies for future growth. In particular, 20 percent of the fund will be allocated to investing in promising startups overseas, aiming to strengthen the company’s ties with global innovators. “With this fund, we will expand cooperation with startups that h

Aug 20, 2025By Park Jae-hyuk
POSCO to raise $36 mil. to invest in promising global startups
Companies

Petrochemical companies accept 25% NCC capacity cut amid oversupply crisis

Korea's 10 leading petrochemical firms agreed Wednesday to reduce the combined output from their naphtha cracking centers (NCCs) nationwide by up to 25 percent, or 3.7 million tons, in an effort by the government and industry to revive the ailing sector. For the goal, the companies will submit their own self-rescue plans to improve competitiveness by the end of the year, which are likely to contain restructuring of each company as well as merger and takeovers among them. The government made it clear that each company's efforts are a prerequisite for eased regulations, financial support and tax incentives aimed at revitalizing the petrochemical industry. The scheme has come as the industry has been struggling with a prolonged recession fueled by oversupply from China and the Middle East. According to the government, the 25 percent cutback goal is based on Boston Consulting Group's advice that Korean NCCs should reduce their total output by at least 2.7 million tons and up to 3.7 million tons annually. The government said domestic NCC output will reach 14.7 million tons once S-Oil complet

Aug 20, 2025By Park Jae-hyuk
Petrochemical companies accept 25% NCC capacity cut amid oversupply crisis
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