Business - The Korea Times

Automotive steel supply deal follows Hyundai Motor-GM partnership

General Motors has selected Hyundai Steel to replace China’s Baoshan Iron & Steel, which has provided the U.S. carmaker’s Korean plants with around 100,000 tons of automotive steel plates annually. The supply deal comes after a meeting last September between Hyundai Motor Group Executive Chair Chung Euisun and GM CEO Mary Barra, where they signed a memorandum of understanding (MOU) to collaborate in various areas. These included joint development of internal combustion engines, electric and hybrid vehicles and joint sourcing of raw materials such as batteries, steel and other components. Although Hyundai Steel denied any relevance between the new agreement and the previous MOU, industry officials are watching closely to see whether the two automotive giants will expand their cooperation beyond steel. “The supply deal can be attributed partially to GM’s efforts to manage supply chain risks,” a Hyundai Steel official said. Hyundai Steel has long depended on its affiliates, Hyundai Motor and Kia, for the majority of its revenue, though it has also supplied automotive steel plates

Jun 13, 2025By Park Jae-hyuk

Automotive steel supply deal follows Hyundai Motor-GM partnership

Homeplus plans M&A ahead of rehabilitation as liquidation value exceeds going-concern value

Homeplus' liquidation value exceeds its going-concern value by over 1.2 trillion won ($883 million), according to a financial investigation released Thursday by the court-appointed accounting firm. In response, the major supermarket chain decided to pursue mergers and acquisitions (M&A) ahead of approval of its rehabilitation plan. Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4, citing a credit rating downgrade. Samil PwC, the country's largest accounting firm and the court-appointed investigation committee, conducted the review. Earlier in the day, the firm submitted its report to the court and held a briefing for creditors at Homeplus headquarters to present its findings and outline the next steps. The report cited three main factors leading to Homeplus' rehabilitation filing — rising fixed costs, the impact of the COVID-19 pandemic coupled with a shift to online retail, and liquidity risks stemming from a credit rating downgrade. Homeplus' assets were reported at 6.8 trillion won, with liabilities totaling 2.9 trillion won, indicating a signific

Jun 12, 2025By Jun Ji-hye

Homeplus plans M&A ahead of rehabilitation as liquidation value exceeds going-concern value

IFEZ pushes new zone in southern Ganghwa

The Incheon Free Economic Zone (IFEZ) Authority is in the final stages of an administrative process to designate the southern part of Ganghwa Island as an additional free economic zone, aiming to expand and strengthen the IFEZ for long-term sustainability. According to the authority Thursday, it will collect public opinions on the proposal through June 23. Meanwhile, the Ministry of Trade, Industry and Energy is set to hold a third preliminary consultation on Monday to gather expert feedback. Following these consultations, the IFEZ Authority plans to revise the proposal and submit an official application to the ministry by the end of the month. If approved, the government is expected to officially designate southern Ganghwa as part of the IFEZ in the second half of this year. Southern Ganghwa is regarded as a strategic location within the airport economic zone due to its proximity to Incheon International Airport and its potential connections with existing IFEZ areas, including Songdo, Yeongjong and Cheongna. The region’s rich cultural heritage and natural attractions along the West S

Jun 12, 2025By Lee Gyu-lee

IFEZ pushes new zone in southern Ganghwa

Possible inter-Korean thaw sparks surge in reunification-related stocks

Stocks related to inter-Korean economic cooperation surged as signs of easing military tensions between North and South Korea emerged, market analysts said Thursday. According to the Korea Exchange, shares of Ananti closed at 9,870 won ($7.27), a whopping 26.7 percent increase from the previous day. The resort hotel operator previously built a golf course and resort in North Korea's Mount Geumgang. Hyundai Elevator, which holds a stake in Hyundai Asan — the company that owns the rights to the Mount Geumgang tourism project and the development of the Gaeseong Industrial Complex — also closed at 84,300 won, marking a 7.25 percent increase from the previous session. Other related stocks also posted strong gains. Good People, In the F and Ilshin Stone rose by 7.28 percent, 12.67 percent and 5.39 percent, respectively, due to their past operations in the Gaeseong Industrial Complex. The upward momentum was sparked by President Lee Jae-myung’s directive on Wednesday to suspend loudspeaker broadcasts toward the North. In response, North Korea halted its own propaganda broadcasts toward th

Jun 12, 2025By Lee Yeon-woo

Possible inter-Korean thaw sparks surge in reunification-related stocks

FTC rejects Korean Air’s mileage integration plan

The nation’s antitrust watchdog rejected Korean Air’s proposed plan to integrate mileage points with Asiana Airlines Thursday, citing concerns that the proposal may harm the interest of Asiana’s customers. Details for the mileage merger plan have not been disclosed, but the Fair Trade Commission (FTC) said the latest proposal by Korean Air needs to be “immediately revised and supplemented.” The agenda was one of the hot potatoes for the high-profile merger of the two carriers. This is because Korean Air’s mileage points are typically valued higher in the market. However, the flag carrier cannot apply the market value, as this will draw backlash from Asiana’s customers. There is also a strong possibility that the antitrust authority flatly denies such a move, citing the need to protect the rights of Asiana customers. The general view is that mileage points from Korean Air and Asiana Airlines will be integrated at a 1-to-1 ratio, following in the footsteps of similar overseas cases. For instance, Delta Air Lines and Northwest Airlines integrated their mileage points with the

Jun 12, 2025By Lee Min-hyung

FTC rejects Korean Air’s mileage integration plan

China’s Doublestar under increasing pressure to support Kumho Tire

Doublestar, the Chinese tire manufacturer that acquired Kumho Tire in 2018, is facing growing pressure to provide financial support to the Korean tire company, which was severely impacted by a devastating factory fire last month. Kumho Tire is still dealing with the aftermath of the fire that completely burned down one of its two production lines in the southwestern city of Gwangju. The loss is expected to result in a massive earnings drop for the company, and thousands of workers from the company and its partner firms are also at risk of losing their jobs. However, Doublestar, which holds a 45 percent stake in Kumho Tire, has kept a low profile, taking no specific actions to help stabilize the company's operations. In response, union members of Kumho Tire recently traveled to the Chinese city of Qingdao to meet with Doublestar’s management and urge them to take prompt action by supplying funds for the cash-strapped tire company. “Doublestar has not presented any alternative action plans regarding the latest factory fire, apparently because the Chinese firm is walking on eggshells ar

Jun 12, 2025By Lee Min-hyung

China’s Doublestar under increasing pressure to support Kumho Tire

ExclusiveGlass Lewis backs proposed probe into terminated Hanwha-REC Silicon deal

Glass Lewis, one of the world's most influential proxy advisers, has sided with minority shareholders of REC Silicon, who have locked horns with the Norwegian silicon materials maker's largest shareholder, Hanwha Group. In a report published Tuesday, the proxy adviser recommended that REC Silicon investors vote for a shareholder proposal to initiate an investigation into the termination of its supply agreement with Hanwha Q Cells in January. The termination followed the abrupt shutdown of REC Silicon's Moses Lake plant in the United States late last year, which led the company's stock price to plunge 50 percent on the first trading day of this year — from 3.59 Norwegian krone ($0.36) to 1.79 krone. "We believe the proposed investigation could strengthen the alignment of shareholder interests with those of the company's management through establishing evident compliance with the applicable laws and regulations discussed by the board," Glass Lewis said. According to REC Silicon's regulatory filing posted ahead of its annual general meeting of shareholders scheduled for June 25, four undi

Jun 12, 2025By Park Jae-hyuk

Glass Lewis backs proposed probe into terminated Hanwha-REC Silicon deal

PHOTO Free dental checkup service

A Haleon Korea official promotes a free dental checkup bus service in Nowon District, Seoul, Wednesday. In celebration of the 10th anniversary of Denture Day, the company partnered with the Korean Academy of Prosthodontics to offer free denture and prosthetic checkups, aiming to raise awareness of proper oral health care. Denture Day, observed on July 1, commemorates the implementation of revised national health insurance coverage for dentures. Courtesy of Haleon Korea

Jun 12, 2025By Nam Hyun-woo

PHOTO HD Hyundai launches OPV for Philippine Navy

Joo Won-ho, sixth from left, head of HD Hyundai Heavy Industries (HD HHI) Naval & Special Ships Business Unit, and Gen. Romeo Brawner, seventh from left, chief of staff of the Armed Forces of the Philippines, pose with participants in the launching ceremony of BRP Rajah Sulayman at the Korean shipbuilder's shipyard in Ulsan, Wednesday. The BRP Rajah Sulayman is the first of six offshore patrol vessels that HD HHI will deliver to the Philippine Navy by 2028. Courtesy of HD Hyundai

Jun 12, 2025By Park Jae-hyuk

[PHOTO] HD Hyundai launches OPV for Philippine Navy

Hanjin, LS deepen business ties to counter Hoban

Hanjin Group and LS Group are deepening their business alliance to counter Hoban Group’s aggressive stock purchases of the two firms. The move is aimed at fending off Hoban, best known for its construction business, which has engaged in a buying spree of shares in Hanjin KAL and LS Group. Hanjin KAL is the holding firm of Hanjin Group. Hoban Group recently increased its stake in Hanjin KAL to 18.46 percent, narrowing the gap to just 2.29 percentage points with Hanjin Group Chairman Cho Won-tae, who holds 20.75 percent. Hoban also acquired over a 3-percent stake in LS Group, posing a potential threat to the management rights of both firms. In response, Hanjin and LS signed three memorandums of understanding (MOUs) in April and May, in an apparent move to overcome the uncertain management environment. Last month, Korean Air, a flagship aviation business affiliate from Hanjin Group, decided to forge ties with LS Electric, which offers power equipment and smart factory consulting and maintenance services, in aerospace and defense at the International Maritime Defense Industry Exhibition. T

Jun 12, 2025By Lee Min-hyung

Companies

Companies

Automotive steel supply deal follows Hyundai Motor-GM partnership

Homeplus plans M&A ahead of rehabilitation as liquidation value exceeds going-concern value

IFEZ pushes new zone in southern Ganghwa

Possible inter-Korean thaw sparks surge in reunification-related stocks

FTC rejects Korean Air’s mileage integration plan

China’s Doublestar under increasing pressure to support Kumho Tire

ExclusiveGlass Lewis backs proposed probe into terminated Hanwha-REC Silicon deal

PHOTO Free dental checkup service

PHOTO HD Hyundai launches OPV for Philippine Navy

Hanjin, LS deepen business ties to counter Hoban

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