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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.

InterviewSeasoned 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

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

Hyundai Mobis seeks 2-track growth in auto chips, robotics

Hyundai Mobis will push for a two-track growth strategy in automotive semiconductors and robotics to preemptively seize opportunities in an era of electrification and robot-driven smart factories, the auto parts maker said during its CEO Investor Day Wednesday. Hyundai Mobis CEO Lee Gyu-suk presented the company's long-term vision to reduce its reliance on traditional auto parts sales and seek new growth engines in chips used for electric vehicles (EVs) and smart robot components. In semiconductors, the company is pursuing a two-track strategy in system semiconductors and power semiconductors. Hyundai Mobis is developing system-on-chips (an electronic integrated circuit) for in-vehicle communication and battery monitoring integrated circuits. It is also accelerating in-house mass production of power semiconductors, which are considered critical components for EV drive systems. The company has so far developed 16 types of chips and plans to produce 20 million units this year by investing more in semiconductor research. Hyundai Mobis recently won the highest ISO 26262 safety rating and re

Aug 27, 2025By Lee Min-hyung
Hyundai Mobis seeks 2-track growth in auto chips, robotics

Incheon airport to open dedicated aisle for foreign business travelers

Incheon International Airport will launch a new immigration lane for foreign business travelers Sunday, aimed at cutting waiting times and improving convenience. The dedicated lane, reserved for foreign travelers with investment or business purposes in Korea, allows faster processing through a separate inspection window. The measure, proposed by business lobby groups and company representatives during a June meeting with President Lee Jae Myung, addresses complaints that foreign investors often wait 24 to 35 minutes on average — and sometimes up to 92 minutes — at regular immigration counters. By comparison, Korean travelers typically wait less than two minutes at unmanned automated inspection kiosks and about five minutes with an immigration officer. The new system will begin with a test run until December, before its official launch. Depending on feedback, the service may expand to Gimpo International Airport in Seoul and Gimhae International Airport in Busan. Airport authorities also plan to introduce fully automated inspections to further cut down processing times. The service is

Aug 27, 2025By Ko Dong-hwan
Incheon airport to open dedicated aisle for foreign business travelers

Sangdong Mine to sustain AKTC’s global tungsten supply

The Sangdong Mine in Gangwon Province, currently under expansion for reopening before the end of this year after its shutdown in 1994, will produce the largest volume of tungsten among Almonty Industries’ global reserves, according to the company’s Korean subsidiary, Almonty Korea Tungsten Corp. (AKTC). Almonty Industries in 2015 wholly acquired Canada-based Woulfe Mining, which had failed to reopen the Sangdong Mine in Yeongwol County. The company then set up AKTC to take charge of the key future reserve. AKTC said that once the expansion is complete, the mine will dominate Almonty Industries’ overall mineral output. The company currently runs production at Panasqueira Mine in Portugal and owns tungsten mines in Los Santos, Spain. AKTC estimates that the Sangdong Mine, first discovered in 1916, will provide enough minerals to remain productive for more than 90 years. The company said past drilling indicates the mine contains the world’s largest tungsten deposits. The company added that the minerals there have a grade three times higher than both Chinese and global averages. It a

Aug 27, 2025By Ko Dong-hwan
Sangdong Mine to sustain AKTC’s global tungsten supply

InterviewAlmonty Korea transforms Yeongwol into global tungsten hub

Almonty Korea Tungsten Corp. (AKTC) is resurrecting a defunct mine in Gangwon Province to transform it into a strategic global supplier of tungsten, a high-density mineral that is essential across aerospace, defense, electronics, manufacturing and other industries. The development is the company's bid to make Korea the world's second-largest supplier of the mineral next to China. China currently supplies more than 80 percent of the world's tungsten output. The Sangdong Mine in Yeongwol County closed in 1994 due to competition from cheaper Chinese imports, but is now set to become a key tungsten supplier for the United States, Korea and other allied countries, according to Lewis Black, CEO of AKTC. He said the U.S. Department of Defense will start banning Chinese, Russian and North Korean tungsten from its procurement in 2027. The Korean subsidiary of Almonty Industries is currently expanding the mine’s ore extraction and treatment facilities. With the first phase of construction now complete, the second phase is due for completion within two years. “Following the first phase’s comp

Aug 27, 2025By Ko Dong-hwan
Almonty Korea transforms Yeongwol into global tungsten hub
  • Sangdong Mine to sustain AKTC’s global tungsten supply

Advanced electrification to take center stage at IAA 2025

Global automakers are ready to present their latest achievements in electrification by showcasing the newest electric models and promoting updated mobility strategies at the world’s most influential auto fair in Germany. The biennial IAA Mobility 2025 is set to start its six-day run on Sept. 9 in the German capital of Munich. Participants will focus on hyping their technological developments in electric vehicles (EVs) during the exhibition. IAA is gaining increasing strategic importance as boundaries between the auto and tech sectors blur, with carmakers and global IT firms seeking partnerships with each other at the exhibit, just like the annual CES tech fair. Reflecting on the trend, Hyundai Motor has decided to take part in the upcoming event after a four-year hiatus. The carmaker will unveil a concept model for its new compact electric SUV, tentatively named the IONIQ 2, on the sidelines of the upcoming IAA. This will mark the second time the Korean carmaker has joined the fair since first appearing in 2021. Hyundai’s decision to unveil the vehicle in Europe is aimed at absorbing

Aug 27, 2025By Lee Min-hyung
Advanced electrification to take center stage at IAA 2025

Financial watchdog looking into MBK Partners over Homeplus takeover

The country's financial watchdog sent staff to MBK Partners Ltd.'s office Wednesday, to investigate any irregularities in the process of the private equity fund's acquisition of now-troubled retailer Homeplus Co. MBK Partners acquired a 100 percent stake in Homeplus in 2015 from British retailer Tesco Plc for 7.2 trillion won ($5.2 billion). The on-site probe by the Financial Supervisory Service (FSS) came as the watchdog is expanding its investigation into details of MBK Partner's takeover of Homeplus, including the fundraising scheme. The move came after the FSS referred MBK Partners to the prosecution for a further probe into Homeplus' debt sale fiasco. The FSS has accused Homeplus of selling short-term debts while being aware of an imminent rating downgrade, while also arguing that the equity fund had prepared for a court rehabilitation scheme for a long period of time without self-recovery efforts amid the retailer's weakening financial status. Homeplus entered court-led rehabilitation proceedings in March. MBK Partners earlier said its chair, Kim Byung-ju, will use his personal asset

Aug 27, 2025By Yonhap
Financial watchdog looking into MBK Partners over Homeplus takeover

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

SUMMIT Hyundai Motor Group levels up US investment after summit

Hyundai Motor Group will ramp up its U.S. investments by $5 billion to $26 billion for the next four years in a drive to build a stronger mobility value chain that covers steelmaking, automobiles and robots, the carmaker said following the Korea-U.S. Business Roundtable in Washington, Monday (local time). The Korean company aims to navigate mounting policy challenges in the U.S. by increasing their investment in the three strategic areas. The latest announcement came shortly after President Lee Jae Myung held his first summit with U.S. President Donald Trump. Hyundai Motor Group expressed hopes of widening business opportunities in the U.S. by bolstering its competitiveness in future mobility. Under the large-scale investment drive, Hyundai Motor Group will build a steel mill in the U.S. state of Louisiana. The facility will be capable of producing 2.7 million tons of steel each year. Quality low-carbon steel products from the mill will be supplied to key industries in the U.S., according to the company. “Once we finish construction of the facility, Hyundai Motor Group will be able to

Aug 26, 2025By Lee Min-hyung
[SUMMIT] Hyundai Motor Group levels up US investment after summit
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