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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

YNCC default risk reveals broken Hanwha-DL ties

The prolonged downturn in the petrochemical industry has damaged the over-two-decade partnership between Hanwha Solutions and DL Chemical, which was formed for their joint venture, Yeochun NCC (YNCC). The third-largest ethylene producer in Korea recently faced the risk of defaulting on a 310 billion won ($223 million) loan set to mature Aug. 21. Having previously been hesitant to support YNCC, DL agreed Monday to inject up to 200 billion won into the joint venture, following Hanwha committing 150 billion won last month. Their support gave YNCC temporary relief. However, DL publicly criticized Hanwha for “irresponsibly” financing YNCC without addressing the underlying causes of its financial trouble. DL also asserted that Hanwha had been purchasing ethylene from YNCC at baselessly low prices. “Hanwha’s moral hazard has undercut YNCC’s competitiveness,” DL said in a statement. Hanwha immediately rejected the accusation, insisting DL had actually benefited from unfairly low-priced ethylene supplied by YNCC. “It was DL’s refusal to lend 150 billion won to YNCC that created this

Aug 12, 2025By Park Jae-hyuk
YNCC default risk reveals broken Hanwha-DL ties
Companies

US firms escalate opposition to Korea's new corporate regulations

U.S. business leaders in Korea are increasing efforts to prevent the government and the ruling Democratic Party of Korea (DPK) from advancing the proposed amendment to the Commercial Act and the revision of the Trade Union and Labor Relations Adjustment Act, better known as the “yellow envelope law.” Following a closed-door roundtable discussion on Friday with Trade Minister Yeo Han-koo, the American Chamber of Commerce in Korea (AMCHAM) said senior executives from its member companies talked about the difficulties their businesses are facing in Korea. “Participants shared insights from firsthand experience operating in Korea and offered recommendations aimed at improving the country’s investment environment and business competitiveness,” the largest foreign chamber of commerce in Korea said in a press release. The roundtable was initially arranged to discuss a recent tariff agreement signed between Korea and the U.S. and to explore opportunities for strengthening bilateral economic cooperation. During a dialogue open to the press, AMCHAM Chairman James Kim outlined the chambe

Aug 8, 2025By Park Jae-hyuk
US firms escalate opposition to Korea's new corporate regulations
Companies

Hanwha regains REC Silicon control in return for $6.5 million loan offer

Hanwha Group's proposal to appoint three new board members at REC Silicon, including a new chairman, was approved at an extraordinary general meeting of the Norwegian silicon materials maker's shareholders on Thursday (local time). The outcome enables the Korean conglomerate to regain control of the Norwegian firm, which it lost in June to the U.S. hedge fund Water Street Capital. At the previous meeting of REC Silicon shareholders, the U.S. hedge fund, allied with Norwegian minority shareholders, defeated Hanwha and ousted board members appointed by the Korean company. The proxy fight erupted after a group of minority shareholders objected to Hanwha's plan to acquire all outstanding shares of REC Silicon for 2.2 Norwegian krone ($0.22) per share and delist the company from the Oslo Stock Exchange. The plan followed an abrupt shutdown late last year of REC Silicon's Moses Lake plant in the United States, which also angered minority shareholders due to the resulting plunge in the company's stock price. The backlash from minority shareholders eventually left Hanwha with only a 44 percent st

Aug 8, 2025By Park Jae-hyuk
Hanwha regains REC Silicon control in return for $6.5 million loan offer
Companies

PHOTO China-free battery materials sent to US

POSCO Future M employees applaud at the company's cathode materials plant in Gwangyang, South Jeolla Province, July 26, celebrating the first shipment to the United States of cathode materials manufactured out of Korean-made precursors. The battery materials firm said Friday that it has used precursors produced at its Gwangyang plant to make cathode materials being sent to Ultium Cells, so that the joint venture between LG Energy Solution and General Motors can cope with tightening U.S. regulations on batteries containing Chinese materials. Courtesy of POSCO Future M

Aug 8, 2025By Park Jae-hyukphoto
[PHOTO] China-free battery materials sent to US
Tech & Science

Samsung SDI batteries power world’s longest journey by EV on single charge

Samsung SDI said Thursday that Lucid Motors’ Lucid Air Grand Touring electric vehicle (EV), equipped with the Korean firm’s 21700 cylindrical batteries, set a Guinness World Record for the longest journey by an electric car on a single charge, traveling 1,205 kilometers during a test drive last month. The test was conducted between St. Moritz, Switzerland, and Munich, Germany. It included alpine roads, highways and secondary roads. The U.S. EV maker exceeded the previous record of 1,045 kilometers set in June. This milestone was attributed to the synergy across Samsung SDI’s cutting-edge battery technology combined with Lucid’s in-house powertrain platform, outstanding design and engineering. “With Samsung SDI’s cylindrical battery powering the world’s longest-range vehicle, we have proven our technological prowess,” a Samsung SDI official said. “We will strengthen our partnership with Lucid to expand our global market share and accelerate the development of products that combine differentiated performance and safety.” Lucid Air Grand Touring is the longest-range vari

Aug 7, 2025By Park Jae-hyuk
Samsung SDI batteries power world’s longest journey by EV on single charge
Companies

HanmiGlobal joins refurbishment of Romania's Cernavoda nuclear plant

HanmiGlobal, Korea's leading construction project management company, said Wednesday it has signed a 10 billion won ($7.2 million) deal with Korea Hydro & Nuclear Power (KHNP) to oversee the construction of infrastructure needed to refurbish Unit 1 of Romania's Cernavoda Nuclear Power Plant. This is the first time HanmiGlobal has joined an overseas nuclear plant project. KHNP formed a consortium with Canada's Candu Energy and Italy's Ansaldo Nuclear, signing a contract last December with Romanian state-owned energy company SNN to refurbish Unit 1, which began commercial operation in 1996. The project aims to keep the reactor running for an additional 30 years. The Korean government-owned nuclear operator is working with Doosan Enerbility, Hyundai E&C and Samsung C&T to build the necessary infrastructure. Given the need for coordination among multiple global firms, HanmiGlobal has been tasked with establishing strategies for each project phase, managing costs and risks, ensuring compliance with local regulations and providing technical advice. “As the Cernavoda project marks Korea’s fi

Aug 6, 2025By Park Jae-hyuk
HanmiGlobal joins refurbishment of Romania's Cernavoda nuclear plant
Companies

PHOTO 'Too early to celebrate US tariff deal'

Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won, right, shakes hands with Industry Minister Kim Jung-kwan at the KCCI in Seoul, Monday. Chey welcomed Kim and other Korean negotiators signing a tariff deal with the United States, but he also remained cautious of viewing the tariff talks as concluded. The same day, Kim held separate meetings with Korea Enterprises Federation Chairman Sohn Kyung-shik and other representatives from major business associations. Yonhap

Aug 4, 2025By Park Jae-hyukphoto
[PHOTO] 'Too early to celebrate US tariff deal'
Companies

Regulations on online platforms delayed until after Lee-Trump summit

The government and the ruling Democratic Party of Korea (DPK) decided Monday to suspend their push to legislate regulations on online platforms until after the summit in Washington between the leaders of Korea and the United States later this month. The decision followed a request last month from the U.S. House of Representatives for the Fair Trade Commission to brief it by Thursday on how the proposed regulations on online platforms would affect U.S. companies. “Without discussion on the bill to regulate monopolistic online platforms, we initially planned to discuss the bill for fair intermediary transactions on online platforms," Rep. Kang Jun-hyeon of the DPK told reporters after meeting with FTC officials. "But we decided to reach a conclusion after hearing feedback from the presidential office and the government following the summit." The lawmaker also noted that a cautious approach is needed, given the serious concerns the U.S. has over this issue. In line with President Lee Jae Myung’s campaign pledge, the DPK had pushed ahead with two separate bills aimed at regulating monopol

Aug 4, 2025By Park Jae-hyuk
Regulations on online platforms delayed until after Lee-Trump summit
Companies

SeAH files antidumping suit over steel bar imports from China

SeAH Besteel and SeAH CSS, two steelmaking subsidiaries of SeAH Group, said Monday they have filed an antidumping complaint against special steel bar imports from China. The move came after the government recently accepted Hyundai Steel's request to impose antidumping tariffs on Chinese thick steel plates and hot-rolled steel plates, aimed at countering an oversupply of low-priced and lower-quality steel products in the Korean market. SeAH Besteel warned that excessive inflows of Chinese special steel bars could undermine the competitiveness of Korean companies, as these materials are critical to the automotive, defense, heavy equipment, aerospace and nuclear energy industries. “As the United States, Europe and India have recently tightened antidumping sanctions against Chinese special steel bars, we expect imports to Korea to further increase,” a SeAH Besteel official said. “By establishing minimum levels of protection for the special steel bar industry, we hope Korea will secure sovereignty in material supply and enhance fundamental competitiveness in the materials, components a

Aug 4, 2025By Park Jae-hyuk
SeAH files antidumping suit over steel bar imports from China
Companies

US tariff deal unfavorable to oceans ministry's bid to control shipbuilders

The proposed transfer of the shipbuilding and offshore plant industry division to the Ministry of Oceans and Fisheries appears to be losing momentum, as the Ministry of Trade, Industry and Energy convinced the United States to lower tariffs on Korea by proposing a revitalization of U.S. shipyards through Korean investments. Before the two countries signed a tariff deal on Thursday, the oceans ministry had emphasized the need for the transfer, citing potential synergy effects after the ministry's planned relocation from Sejong to Busan later this year. “If the division consisting of 10 officials is transferred to our ministry, we will perform 1,000 or even 10,000 times better,” Oceans Minister Chun Jae-soo told reporters on July 24, despite Industry Minister Kim Jung-kwan’s claim that the administration should remain cautious about the matter. “The shipbuilding industry relates to materials, components, equipment, machinery and digital industries, not just shipping,” Kim said July 21. According to sources from the government and ruling party, the latest tariff deal is expected t

Aug 3, 2025By Park Jae-hyuk
US tariff deal unfavorable to oceans ministry's bid to control shipbuilders
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