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Maintenance for US naval ships

POSCO mulls investing in Hyundai Steel's US plant project: sources

POSCO, Korea's leading steelmaker, is considering investing in smaller local rival Hyundai Steel's steel mill project in the United States as part of efforts to ride out U.S. President Donald Trump's sweeping tariffs, industry sources said Monday. Last month, Hyundai Steel announced it will invest $5.8 billion to build an electric arc furnace-based integrated steel mill in Louisiana by 2029, with an aim to start production in the same year. The announcement came after Trump imposed 25 percent tariffs on steel and aluminum imports in mid-March. "POSCO is considering a stake investment in the Hyundai Steel project," an industry source familiar with the matter told Yonhap News Agency. Earlier this month, POSCO said it was giving "serious consideration" to investment plans for "upstream steel processes" in the U.S. Asked about its possible investment in Hyundai Steel's project, POSCO said it is considering a variety of options, but no decision has been made yet. Hyundai Steel said it will sell corporate bonds and take loans from financial institutions to fund half of its planned investment in

Celltrion gets interchangeability approval for biosimilar of Humira in US

Celltrion, a major Korean biopharmaceutical firm, said Monday it has obtained an interchangeability approval for its biosimilar drug for autoimmune disease treatment in the United States. The U.S. Food and Drug Administration (FDA) designated Celltrion's biosimilar Yuflyma as interchangeable medicine for its original drug Humira in the U.S., the company said in a press release. Interchangeability approval is a designation given to drugs that can be substituted for another drug at pharmacies without doctors' prescriptions. The global Humira market reached 12.59 trillion won ($8.99 billion) last year, with nearly 80 percent of the sales in the U.S. market, it said. Celltrion expects the interchangeability approval will help drive up its Yuflyma sales in the world's biggest pharmaceutical market. Celltrion has significantly expanded its global biosimilar lineup, increasing the number of approved products from six to 11. It aims to commercialize 22 biosimilar products by 2030, when the targeted global market size is expected to nearly double to 261 trillion won from 138 trillion won this year.

BMW surpasses Mercedes-Benz in sales for 1st time in decade

Mercedes-Benz Korea has yielded its top sales position to BMW Korea amid the falling popularity of its high-end S-Class sedans, data and industry officials said Sunday. According to data from the Financial Supervisory Service, BMW Korea reported 5.99 trillion won ($4.2 billion) in sales last year, outpacing Mercedes-Benz Korea's 5.68 trillion won by a slight margin for the first time since 2014. Mercedes-Benz's unseating is largely attributed to weakening sales of its S-Class luxury sedans. According to data from the Korea Automobile Importers & Distributors Association, S-Class sales — excluding the Maybach and AMG variants — fell to 4,678 vehicles in 2024, marking a drop of more than 50 percent from the previous year. This was in contrast to the strengthening sales of the BMW 7 Series, its counterpart with a sportier image than the S-Class. Sales of the 7 Series jumped some 22 percent to 4,259 vehicles during the same period. The S-Class available for sale here was launched in February 2021, while BMW introduced its new version of the 7 Series in November 2022. BMW Korea also outnum

Hyundai Motor Group looks to restart Russian business

Hyundai Motor Group is moving to restart its business in Russia amid growing signs of a possible truce with Ukraine, according to industry data and officials on Sunday. After Russia began its invasion of Ukraine in February 2022, the Korean carmaker suspended its Russian business in December 2023 after selling its St. Petersburg plant for approximately 140,000 won ($98). However, the deal also includes a buyback option that allows the company to repurchase it within two years of the initial sale. Since U.S. President Donald Trump took office in January, peace talks have been picking up steam, leaving the possibility open for Hyundai to exercise its option before the deadline. In response, Kia unveiled its renewed global sales strategy last week during its 2025 CEO Investor Day event. Under the strategy, the carmaker aims to widen its sales channel with a focus on not only North America, but also Europe and India. The company set its sales target for Europe, including Russia, at 770,000 vehicles by 2030, and for India at 400,000. “It remains unconfirmed whether and when we will be able

Samsung remains vigilant despite US tariff exemptions for smartphones

Samsung Electronics remains on alert amid the Donald Trump administration’s unpredictable trade policies, despite the United States granting tariff exemptions for smartphones, laptops, personal computers and semiconductor equipment. The U.S. Customs and Border Protection said Saturday (local time) that those devices will be excluded from the sweeping 10 percent baseline tariff on nearly all countries, as well as the retaliatory 125 percent duty on China. Following the updated guidance, Samsung has been considered one of the beneficiaries along with Apple and TSMC. Bloomberg described the measure as a “big win” for major tech firms. The optimistic outlook stems from Samsung’s heavy reliance on production in Vietnam, which is on the verge of facing a 46 percent “reciprocal tariff” from the U.S. if trade talks between Hanoi and Washington fail following the current 90-day pause. The Korean company produces nearly 50 percent of all Galaxy smartphones sold globally at its Vietnamese facilities. However, Samsung has maintained a cautious stance. “We’re continuing to monitor U.S.

KCCI proposes 'mega sandbox' as solution to regional imbalance

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, who also heads SK Group, appeared in a television documentary Saturday to propose a “mega sandbox” concept to revitalize non-capital areas suffering from population decline. During a roundtable with young startup CEOs featured in the program, Chey suggested designating specific regions as zones with significantly relaxed regulations to attract talent and companies developing future-oriented technologies. “Creating decent jobs in a region brings people in and improves living conditions, which in turn helps prevent regional decline and low birth rates,” he said. “If we choose one or two places and focus on making them successful, we can use them as models for other regions.” Chey also encouraged local universities to guarantee employment opportunities for students after graduation. Emphasizing the need for advanced infrastructure, he highlighted the importance of a foundational hub for artificial intelligence (AI) technologies. “There should be at least one place in Korea with proper AI infrastructure,” he

Outlook rosy for Korean shipbuilders as US hints at purchasing vessels

Korean shipbuilders are seeing a wave of opportunity on the horizon as U.S. President Donald Trump said Thursday his administration will likely purchase vessels from countries with a competent shipbuilding industry to strengthen its maritime presence across the world. Top-ranking U.S. Navy officials also said Wednesday the country needs vessels built by strong private shipbuilders overseas to bolster the country's navy firepower. The remarks have fueled speculation that Korean shipbuilders may log lucrative orders from the U.S. Trump made the remark during a cabinet meeting as China's shipbuilding capability has grown to trigger U.S. concerns. Cooperation with Korea has emerged as a key countermeasure. "We're going to be rebuilding our shipbuilding business. We may order ... would have to go to the Congress for this, but we may buy some ships from other countries that we're close to and that do great jobs with ships, but we're going to start the process of rebuilding," Trump said. "We don't really essentially build ships anymore, which is ridiculous. It's going to be a very big business

Naver and Kakao’s favorite characters to collaborate

Naver's popular webtoon character Maru from “Maru is a Puppy” and Kakao Friends’ character Choonsik will meet in a merchandise collaboration in a rare example of partnership between Korea's top internet service companies. According to Naver Webtoon on Friday, it will roll out a short webtoon on Instagram on Monday showing Maru and Choonsik's new friendship. Collaborative merchandise featuring both characters will be unveiled on Wednesday and Thursday and will be available for sale on April 18. The merchandise will be sold on Naver Webtoon's online merchandise store, Webtoon Friends, and on Kakao Friends’ online and offline stores, as well as online platforms like Kakao Talk, 29cm and Musinsa. The webtoon “Maru is a Puppy” follows the daily life of a poodle named Maru who suddenly turns into a human child. It has gained enormous popularity, resulting in a profusion of memes and accumulating a total of over 270 million views since it was first released in 2022. Despite the series ending last November, the company helped maintain its popularity through collaborations and pop-up

Eastar Jet rolls out preorder vegetarian, Halal in-flight meals

Korean budget airline Eastar Jet is expanding its in-flight meal options to better serve global travelers, introducing preorder vegetarian dishes and halal-certified instant noodles for Muslim passengers. The new offerings include a ragout meatball penne pasta made with plant-based meat and a hoagie sandwich packed with fresh vegetables and a carrot ravigote — both aimed at vegetarian passengers seeking meat-free alternatives during international flights. In a nod to religious dietary needs, Eastar Jet has also launched chicken-flavored halal ramen. The airline said the product reflects the religious profile of Kazakhstan, where over 70 percent of the population is Muslim. Eastar Jet began operating two flights per week to Almaty, Kazakhstan, on Monday. The move marks the first time a Korean low-cost carrier has introduced halal food options, the company said. Passengers on international routes can preorder the meals up to 72 hours before departure. “Our goal is to offer more inclusive meal options for diverse travelers,” an Eastar Jet spokesperson said. “We’re committed to deve