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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

SK On enters US ESS market with $1.4 bil. LFP battery deal

SK On has received its first large-scale order for energy storage systems (ESS) in the United States, signing an agreement estimated at $1.4 billion to supply up to 7.2 gigawatt-hours (GWh) of ESS products equipped with lithium iron phosphate (LFP) batteries. The Korean battery maker announced Thursday it will provide Flatiron Energy Development with 1 GWh of containerized ESS products equipped with LFP batteries starting next year for the Colorado-headquartered renewable energy firm’s project in Massachusetts. SK On also secured the right of first offer for Flatiron’s plan to additionally install 6.2 GWh of ESS in the U.S. by 2030. “This deal is meaningful because it expands both our product and business portfolios,” said Choi Dae-jin, head of ESS business at SK On. “We will keep strengthening our presence in the North American ESS market using our advanced technologies and production capabilities.” Jonathan Poor, chief operating officer and co-founder of Flatiron, said the company anticipates deploying several projects under this partnership over the coming years. SK On wil

Sep 4, 2025By Park Jae-hyuk
SK On enters US ESS market with $1.4 bil. LFP battery deal

Kia achieves 1 mil. cumulative sales in Australia after 37 years

Kia, Korea's second-largest automaker, said Thursday it has surpassed 1 million cumulative sales in Australia, 37 years after entering the Oceanian nation. The milestone was marked with a ceremony held Wednesday (local time) at a dealership in Queensland, according to the company. Kia first entered the country in 1988 and launched a local sales subsidiary in 2006. It reached 500,000 units in cumulative sales in 2018 before doubling the figure in just seven years. The Cerato, known as K4 in Korea, was Kia's bestselling model in Australia with 200,780 units sold, followed by the Sportage, Rio and Carnival models, with 188,159 units, 166,062 units and 123,854 units, respectively. "Kia has thrived in a competitive and dynamic market, backed by products that have evolved to meet changing expectations and a brand that has earned the trust of Australian customers," Damien Meredith, chief executive officer (CEO) of Kia Australia, said. "With a fresh wave of innovative models on the horizon, today's celebration marks an exciting starting point for our next chapter."

Sep 4, 2025By Yonhap
Kia achieves 1 mil. cumulative sales in Australia after 37 years

Celltrion to strengthen biosimilar lineup in Australia

Celltrion, a leading Korean biopharmaceutical company, said Thursday it will strengthen its biosimilar lineup in Australia to meet rising demand in the core Oceania market. Celltrion recently launched two biosimilars in Australia: Omlyclo, a treatment for allergic diseases, and Steqeyma, treatment for autoimmune diseases, the company said in a press release. The company plans to introduce two more biosimilars in Australia next year — Avtozma for autoimmune disease treatment and Stoboclo-Osenvelt for osteoporosis treatment. "The Australian biosimilar market is expected to expand further as local authorities provide various support measures, including a simplified approval process, to encourage adoption of biosimilars," a company spokesperson said. Previously, six Celltrion biosimilars were available in the Australian market: Remsima (sold locally as Inflectra), Remsima SC, Yuflyma, Herzuma, Truxima and Vegzelma. In the January-June period, the company posted a net profit of 171.6 billion won ($123 million) on sales of 961.5 billion won. Celltrion aims to achieve 5 trillion won in annual s

Sep 4, 2025By Yonhap
Celltrion to strengthen biosimilar lineup in Australia

SK Telecom declines panel's call to extend fee waiver after data breach

SK Telecom has declined a government panel's recommendation to extend its waiver of subscription cancellation fees through the end of the year as part of compensation for a massive data breach, industry sources said Thursday. Last month, a dispute mediation committee under the Korea Communications Commission advised the carrier to exempt fees for customers canceling their mobile service until year-end. SK Telecom had previously pledged to waive the fees for cancellations made by July 14. The sources said SK Telecom did not submit a written opinion to the panel's decision by Wednesday's deadline, effectively signaling its refusal. "We thoroughly reviewed the committee's decision but decided not to accept it after considering its impact on the company and related legal issues," an SK Telecom official said. In April, private data of more than 20 million SK Telecom users were leaked in a cyberattack on the company's network servers. In response, SK Telecom replaced the USIM chips for all 25 million users free of charge, while suspending new subscription services for two months. The company un

Sep 4, 2025By Yonhap
SK Telecom declines panel's call to extend fee waiver after data breach

Hyundai Motor, GM Korea strikes threaten to disrupt Korea’s auto exports

Korea’s major carmakers face an increasing risk of production disruptions and subsequent export shocks in the wake of partial strikes at Hyundai Motor and General Motors (GM) Korea. Hyundai Motor's union launched a four-day partial strike starting Wednesday, after wage negotiations broke down, marking the first large-scale walkout since 2018. It is expected to cause major financial damage to the carmaker. In 2016, the company was estimated to have suffered losses of approximately 2.5 trillion won ($1.8 billion) in the wake of a large-scale strike. Its union workers suspended production for 166 hours, resulting in the carmaker unable to produce some 114,000 vehicles. GM Korea’s union began a three-day partial strike Monday, stopping work for four hours each day. GM Korea’s production suspension also comes as a major risk for the export-reliant Korean economy, as more than 80 percent of vehicles produced at its factories here are exported to the United States. GM Korea, along with Hyundai Motor, serves as a major pillar supporting Korean auto exports to the world’s largest economy.

Sep 3, 2025By Lee Min-hyung
Hyundai Motor, GM Korea strikes threaten to disrupt Korea’s auto exports

Korea Zinc chairman accused of using activist platform to pressure Young Poong

Young Poong said Tuesday that Korea Zinc Chairman Choi Yun-beom had joined forces with shareholder activist platform ACT to prepare an offensive against it amid a long-standing dispute over management rights of the world’s largest zinc smelter. Young Poong has been aligned with private equity firm MBK Partners in the dispute against Choi since last year. The Young Poong–MBK alliance is currently the largest shareholder of the smelter. According to Young Poong, ACT’s internal report from September 2024 used the phrase “attack on Y (Young Poong)” and outlined tactics such as reviewing the shareholder registry, filing injunctions and appointing temporary shareholder representatives. The plan predates the Young Poong–MBK alliance’s tender offer on Sept. 13, 2024, which aimed to become the smelting firm’s largest shareholder. “This undermines Choi’s claim of being a hostile M&A (merger and acquisition) victim,” a Young Poong official said. ACT also amended part of its contract with Korea Zinc to include Young Poong Precision (now called KZ Precision), a company affiliated

Sep 3, 2025By Jun Ji-hye
Korea Zinc chairman accused of using activist platform to pressure Young Poong

CJ CGV’s 4DX rides success with 'Demon Slayer: Infinity Castle'

The animated film “Demon Slayer: Infinity Castle” is seeing unprecedented success in CJ CGV’s 4DX theaters, not only in Korea but also globally, recording an exceptional sales rate. The cinema chain announced the Japanese animation packed out local 4DX theaters with over 90 percent seat occupancy during the first weekend since its release on Aug. 22. The number sets new opening weekend records, previously held by the 2022 sci-fi film “Avatar: The Way of Water.” The popularity of the 4DX experience for the film extends worldwide, scoring 80 percent occupancy on average for the film. In countries like Malaysia, Vietnam and Macau, the movie saw the highest opening weekend 4DX gross of the year. Taiwan proved especially strong, maintaining an average occupancy of over 90 percent for the week after it opened on Aug. 15. The 4DX screening offers an immersive viewing experience for the audience with action sequences brought to life through multisensory effects. For one of the key battle scenes between characters Shinobu and Doma, audiences are immersed with fragrance and cooling effe

Sep 3, 2025By Lee Gyu-lee
CJ CGV’s 4DX rides success with 'Demon Slayer: Infinity Castle'

Theborn Korea to globalize Korean cuisine with signature sauces

Major restaurant and food franchise company Theborn Korea on Wednesday launched a globalization campaign to promote Korean cuisine with a new lineup of signature sauces and simplified recipes. CEO Paik Jong-won, a celebrity restaurateur, unveiled seven all-purpose sauces, with four more set for release later this year. The sauces, branded TBK, represent the company’s bid to effectively globalize Korean foods by making recipes easier. The business-to-business products are for local distributors of food products. Paik called the global sauce market a “Pandora’s box,” citing Korea Customs Service data showing Korean sauce exports have risen steadily since 2020 to $400 million last year, with an average annual growth rate of 5.5 percent. “Franchise restaurants serving Korean foods must realize consistent quality regardless of who are running the business. A key to do so is sauce. This is especially helpful for foreigners who aren’t familiar with recipes for Korean foods,” Paik said during a press conference in Seoul. “Some large companies outside Korea wanting to introduce Kor

Sep 3, 2025By Ko Dong-hwan
Theborn Korea to globalize Korean cuisine with signature sauces

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

LS Electric signs $46 mil. deal for US data center project

LS Electric has secured a $46 million contract to supply its power distribution solutions for a hyperscale artificial intelligence (AI) data center project in the United States, the Korean electric equipment maker said Wednesday. The project was commissioned by an undisclosed global big tech firm. LS Electric will begin phased deliveries of its power distribution products for gas-powered generation facilities within a microgrid there. The company will deliver the solutions for six months starting February 2026. The latest deal will expand LS Electric’s global footing rapidly at a time when demand for AI and cloud computing surges in the world’s largest economy. Reliable power supply to data centers has particularly emerged as a pressing issue in recent years, as aging transmission infrastructure and limited electricity availability have prompted a shift toward decentralized energy systems like microgrids. LS Electric is recognized for its global competitive edge in direct current power distribution equipment. The company expressed hopes to leverage the latest deal as a major steppin

Sep 3, 2025By Lee Min-hyung
LS Electric signs $46 mil. deal for US data center project
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