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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

Fears of force majeure spread across industries as Iran war continues

A growing number of Korean companies have declared or warned of force majeure, as the ongoing war between the United States, Israel and Iran has disrupted cargo shipments through the Strait of Hormuz. While petrochemical firms are struggling with a naphtha shortage, shipping and aviation companies have suspended operations on Middle Eastern routes. Force majeure is a term used in contracts to free parties from liability or obligation when an extraordinary event or circumstance beyond their control prevents them from fulfilling contractual duties. On March 4, Yeochun NCC became Korea’s first petrochemical firm to declare force majeure since the war broke out. The nation’s third-largest ethylene producer informed its customers of delays in product supply, saying the blockade of the Strait of Hormuz had postponed deliveries of naphtha expected to arrive this month. “The company is facing a critical disruption in the procurement of raw materials due to the sudden and drastic escalation of geopolitical tensions in the Middle East,” the joint venture between Hanwha Solutions and DL Chem

Mar 13, 2026By Park Jae-hyuk
Fears of force majeure spread across industries as Iran war continues
Companies

Korea downplays US Section 301 investigations

Seoul's top trade negotiators dismissed concerns Thursday about potential fallout from the Office of the United States Trade Representative’s (USTR) decision to launch investigations into Korea and 15 other economies under Section 301 of the Trade Act of 1974. The law allows the U.S. to impose unlimited tariffs in retaliation against foreign practices it considers unfair and harmful to American commerce. Describing Washington’s latest measure as a forewarned follow-up action after the U.S. Supreme Court struck down “reciprocal” tariffs based on the International Emergency Economic Powers Act (IEEPA), the government said tariffs on Korean goods would return to 15 percent — the level agreed upon last November — once the investigations conclude. Currently a 10 percent global tariff is applied to Korean products through a new imposition following the court ruling. “The USTR has repeatedly explained the U.S. government’s plan to leverage Section 301 to restore tariff rates to the levels agreed upon before the Supreme Court’s ruling,” Trade Minister Yeo Han-koo told report

Mar 12, 2026By Park Jae-hyuk
Korea downplays US Section 301 investigations
Companies

Samsung SDI warns against prismatic battery patent infringement

Samsung SDI said Wednesday it will not tolerate patent infringement or technology theft involving its prismatic battery technology as more competitors move to enter the segment. “We will not overlook any patent infringement or technology misappropriation involving the prismatic battery,” Joo Yong-lak, executive vice president and head of Samsung SDI’s research center, said on the sidelines of InterBattery 2026 at Coex in Seoul. Responding to a question about competitors’ recent plans to enter the prismatic battery business, Joo said the company is closely monitoring the situation. “As a company leading the technology, we are keeping a close eye on developments,” he said. Joo emphasized that prismatic battery technology has a high barrier to entry. “The technology and manufacturing processes for prismatic batteries involve very high entry barriers,” he said. “Extensive know-how and technological expertise must be accumulated across materials, components, design, manufacturing and production processes, making it difficult to achieve in a short period of time.” He added th

Mar 11, 2026By Park Jae-hyuk
Samsung SDI warns against prismatic battery patent infringement
Tech & Science

Robots, ESS take center stage at InterBattery 2026

Exhibition halls at the InterBattery 2026 trade show in Seoul were packed Wednesday with visitors from around the world, underscoring continued international interest in Korea’s battery industry despite a lingering slowdown in the electric vehicle (EV) market. The absence of the industry minister and the CEOs of Korea’s top three battery manufacturers, however, also reflected the ongoing challenges in the sector, which is struggling with both an EV supply glut and dominance of Chinese companies. Trade, Industry and Resources Vice Minister Moon Shin-hak warned that Korea’s battery industry has only five to seven years left to overcome the current crisis. “We can strengthen our competitiveness before our European and U.S. rivals secure enough production capacity,” he said in his opening remarks for the three-day event. Korea Battery Industry Association Chairman and POSCO Future M CEO Eom Gi-chen told reporters that growth in markets for energy storage systems (ESS), humanoid robots and data centers for artificial intelligence (AI) is outpacing the slowdown in global EV demand. To

Mar 11, 2026By Park Jae-hyuk
Robots, ESS take center stage at InterBattery 2026
Companies

Subcontracted workers target POSCO, Hyundai Mobis, Hanwha Ocean

POSCO, Hyundai Mobis and Hanwha Ocean became the main targets of unionized subcontracted workers on Tuesday, as a pro-labor revision to the Trade Union and Labor Relations Adjustment Act — better known as the “yellow envelope law” — took effect after a six-month grace period. The subcontracted workers asked the clients of their actual employers to join negotiations over wages and working conditions, citing the new law that justifies their demands. President Lee Jae Myung said the same day cooperation between large corporations and small and medium-sized enterprises under the new law should be seen as “an investment rather than charity” and even “a survival strategy.” POSCO faced protests from subcontracted workers at its steel plants in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, for repeatedly refusing to negotiate even after the Supreme Court ruled that the company’s use of outsourced labor was illegal. Calling for direct employment of workers responsible for regular tasks, the subcontracted workers urged the company to accept their reques

Mar 10, 2026By Park Jae-hyuk
Subcontracted workers target POSCO, Hyundai Mobis, Hanwha Ocean
Companies

Kumho Petrochemical shifts focus to high value-added products

Kumho Petrochemical Group said Monday it is seeking to overcome widening market uncertainties and a prolonged supply glut across the global petrochemical industry by shifting its focus to a high value-added business structure. Closely analyzing market conditions to balance profitability and growth, the group aims to turn this period of uncertainty into new opportunities. Kumho Petrochemical, the group’s flagship unit, has been working to bolster its competitiveness in solution styrene butadiene rubber (SSBR), a high-performance synthetic rubber that improves tire wear resistance and fuel efficiency at the same time. The material is considered particularly suitable for electric vehicle tires, which require higher durability due to heavier batteries and frequent acceleration and braking. Last year, Kumho Petrochemical completed new facilities that increased its annual SSBR production capacity by 35,000 tons. With the new lines entering commercial operation in the first quarter of this year, the company expects to further strengthen its competitiveness in specialty products. Kumho Mitsui C

Mar 9, 2026By Park Jae-hyuk
Kumho Petrochemical shifts focus to high value-added products
Tech & Science

Samsung SDI to unveil all-solid-state battery for physical AI

Samsung SDI said Monday it will display a sample of its all-solid-state battery pouch under development for physical artificial intelligence (AI) applications during the three-day InterBattery 2026 trade show starting Wednesday in Seoul. This will be the first public unveiling of the battery maker’s all-solid-state battery for humanoids and other types of robots. “Our goal is to show how Samsung SDI’s battery technology can turn the full potential of the AI era into reality,” a Samsung SDI official said. “Building on decades of expertise, we will present premium battery solutions tailored to the evolving needs of AI-driven industries.” The official added that Samsung SDI will host the largest booth among exhibitors, featuring a comprehensive portfolio of new technologies and products under the slogan “AI thinks, Battery enables.” Aiming to begin mass production in the second half of next year, Samsung SDI has developed prismatic all-solid-state batteries for electric vehicles (EVs). To expand the use of its all-solid-state battery technology into robotics, aviation platfor

Mar 9, 2026By Park Jae-hyuk
Samsung SDI to unveil all-solid-state battery for physical AI
Companies

Heir's US citizenship puts Poongsan in dilemma over munitions business

Poongsan is remaining ambiguous about rumors that it may sell its profitable munitions business so the chairman’s son, who holds U.S. citizenship, can take over management without violating Korean laws that restrict foreign nationals from running defense firms. Poongsan produces 155-millimeter artillery shells used in the K9 self-propelled howitzer, which has been exported to multiple countries, including Poland and Romania. According to industry sources and media reports, the copper products and munitions manufacturer emailed employees Thursday to reassure them that no decision had been made. Poongsan Vice Chairman Park Woo-dong, known as Chairman Ryu Jin’s right-hand man, reportedly told employees in the email that the rumors seemed to have been fueled by heightened attention in the financial market to the company’s possible restructuring plans. On Wednesday, local news outlets reported that Poongsan had hired U.S. investment bank Lazard, law firm Kim & Chang and accounting firm Samil PwC as advisers for the possible sale of its munitions business to a domestic defense company fo

Mar 6, 2026By Park Jae-hyuk
Heir's US citizenship puts Poongsan in dilemma over munitions business
Companies

LG Energy Solution opens Canada's 1st commercial-scale battery plant

LG Energy Solution (LGES) said Friday that NextStar Energy, the Korean battery maker’s Canadian subsidiary, has completed Canada’s first and only commercial-scale battery manufacturing facility, built to produce batteries for electric vehicles and energy storage systems on a 390,000-square-meter site. During the grand opening ceremony on Thursday (local time), Industry Minister Kim Jung-kwan called the new factory “an important symbol and milestone” of industrial cooperation between Korea and Canada, and asked his Canadian counterpart to continue bilateral collaboration in the submarine sector as well, extending government support for Hanwha Ocean’s bid to win the Royal Canadian Navy’s order for 12 new patrol submarines worth 60 billion Canadian dollars ($43 billion). At the event, Kim said it was particularly meaningful that the plant was built in Ontario, a province that sent troops to help defend Korea during the 1950-53 Korean War. “Just as LGES has fulfilled its commitment to investment and employment, let’s build a long-term, trust-based partnership for the future

Mar 6, 2026By Park Jae-hyuk
LG Energy Solution opens Canada's 1st commercial-scale battery plant
Companies

Korea to cut investments if Canada splits submarine contract

Seoul made it clear Thursday that investments by Korean firms in Canada would be smaller than proposed if Ottawa splits a contract for 12 new patrol submarines worth 60 billion Canadian dollars ($43 billion) by purchasing an equal number from both Hanwha Ocean and Germany’s TKMS. Speaking to reporters before departing for Canada to support Hanwha’s bid and attend the completion ceremony for LG Energy Solution’s battery plant in the province of Ontario, Industry Minister Kim Jung-kwan said the level of industrial cooperation with the North American country would not remain the same if it orders only six submarines from the Korean shipbuilder. “Of course, we have been trying to win an order for 12 submarines,” he said. “However, it totally depends on the Canadian government’s decision.” Citing Canadian government sources, The Globe and Mail newspaper reported earlier this week that Ottawa is considering purchasing six KSS-III Batch-II submarines from Hanwha for the Pacific coast and six Type-212CD submarines from TKMS for the Atlantic coast. Following the report, concerns h

Mar 5, 2026By Park Jae-hyuk
Korea to cut investments if Canada splits submarine contract
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