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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.

Kumho Petrochemical to build optimal business portfolio for 2025

Kumho Petrochemical Group will focus on establishing an optimal business portfolio as part of its 2025 management priority to brace for the lingering market uncertainty, the company said Wednesday. To this end, the firm is placing a strategic focus on conducting in-depth industry analysis to anticipate potential demand in the future and build a stable and profitable business portfolio. Kumho Petrochemical, the key affiliate of the group, is particularly raising the profile of its technological prowess for the production of a high-performance synthetic rubber product, Solution Styrene Butadiene Rubber (SSBR), in response to its growing demand in an era of electric vehicles (EVs), it said. SSBR is best known for its ability to overcome inherent trade-offs among durability, wear resistance and fuel efficiency in existing tire technologies. As the global auto industry shifts to EVs, demand is rising for tires that can endure the increasing weight of batteries and frequent sudden acceleration and deceleration. The trend will help not just industry players, but even consumers to understand the

Apr 2, 2025By Lee Min-hyung
Kumho Petrochemical to build optimal business portfolio for 2025

SK Group digitizes former chairman’s archive

SK Group has digitized the archive of former Chairman Chey Jong-hyun’s business activities as part of its contribution to research on Korea’s modern economic history, the group said Wednesday. The group said it recently completed the digital restoration works for more than 17,000 documents, photos, audio recordings and video clips related to Chey, two years after it launched the project in 2023 to commemorate the 70th anniversary of the group's founding. Chey, who died in 1998 at the age of 69, was one of the tycoons who contributed to Korea’s rapid economic growth from the 1970s to the 1990s. When he took over as chairman from his older brother, SK Group founder Chey Jong-gun, the group was a midsize company with growth potential, but under his leadership, it grew into one of Korea’s top five conglomerates. During his tenure, Chey audio recorded most of his business activities, including performance reports, planning sessions, meetings with employees and other important conferences. These recordings captured key decision-making moments of the group, such as important meetings w

Apr 2, 2025By Nam Hyun-woo
SK Group digitizes former chairman’s archive

Hanwha Aerospace enters unmanned aircraft systems market with US military contractor

Hanwha Aerospace has partnered with General Atomics Aeronautical Systems (GA-ASI), a military contractor, to develop and produce unmanned aircraft systems (UAS) for the global defense market. GA-ASI is a global leader in UAS, renowned for its long-endurance, multi-mission platforms such as the MQ-9 Reaper and Gray Eagle. The collaboration marks a strategic move by Hanwha to expand its presence in the UAS sector and strengthen defense capabilities in Korea and beyond. The partnership follows a successful flight demonstration in 2024, where the companies tested the Gray Eagle's short takeoff and landing (STOL) from the Republic of Korea Navy’s amphibious landing ship, the ROKS Dokdo, while underway near Pohang. This test showcased the aircraft’s ability to operate from a variety of ship-based platforms, demonstrating new opportunities for multi-domain operations among U.S. and allied forces. “Unmanned systems are a strategic pillar for the future of defense,” Hanwha Group Vice Chairman Kim Dong-kwan said. “Through our collaboration with GA-ASI, we aim to enhance sovereign defense

Apr 2, 2025By Park Jae-hyuk
Hanwha Aerospace enters unmanned aircraft systems market with US military contractor

HD Hyundai Electric constructs Korea's largest phase shifting transformer

HD Hyundai Electric said Wednesday that it successfully completed the final testing of its 230-kilovolt, 653-megavolt-ampere (MVA) phase shifting transformer (PST). According to HD Hyundai's electrical equipment manufacturing unit, the supersized phase shifting transformer will be shipped by the end of August to a wind farm in New York, which is under construction by Invenergy, North America's largest privately held renewable power generation company. PSTs handling apparent power of 300 MVAs or more are generally categorized as supersized. HD Hyundai Electric said that its 653-MVA PST is Korea's largest in both size and apparent power it handles. A PST is a specialized transformer that helps maintain power supply stability by controlling the direction and magnitude of current flow during power transmission between electrical grids. Its advantage lies in enhancing the overall operational efficiency of the power system by ensuring the smooth flow of electricity. PSTs also optimize power usage when exchanging electricity between countries with different voltage systems or when integrating dir

Apr 2, 2025By Park Jae-hyuk
HD Hyundai Electric constructs Korea's largest phase shifting transformer

Hyundai, Kia post record March sales in US ahead of auto import tariffs

Hyundai Motor and its affiliate Kia reported record-breaking performances in the United States last month, extending their growth streak for the sixth consecutive month ahead of impending U.S. auto import tariffs, according to the companies Wednesday. Hyundai Motor's U.S. sales rose 13.1 percent on-year to 87,019 units last month, marking the best-ever performance in March and the company's second-highest monthly sales. The automaker attributed the growth to strong demand for key models, with sales of the Tucson sport utility vehicle (SUV) surging 28 percent, while those of the Elantra sedan and the Santa Fe SUV both jumped 25 percent on-year. Sales of the Palisade SUV also gained 20 percent, and those of the Ioniq 5 electric vehicle (EV) rose 17 percent. Hyundai's first-quarter sales totaled 203,554 units, up 10.1 percent from a year earlier, setting a new quarterly record. Kia also posted robust results, selling 78,540 units in March, up 13.1 percent from the same month last year. This also marked its best-ever March performance and the sixth straight month of on-year growth. Popular mod

Apr 2, 2025By Yonhap
Hyundai, Kia post record March sales in US ahead of auto import tariffs

Steelmakers search for answers to US protectionism

Major steelmakers in Korea have ramped up efforts to find their own solutions to Washington's 25 percent metal tariffs that took effect on March 12, as the government has yet to come up with practical countermeasures against the U.S. protectionist trade policy. While expressing their willingness to increase investments in the United States, these companies are also trying to curb the oversupply of low-priced Chinese products in the domestic market. Hyundai Steel has taken the most aggressive measures. The steelmaking unit of Hyundai Motor Group has already confirmed its $5.8 billion investment in the U.S. to build an electric arc furnace-based integrated steel mill in Louisiana, which will have an annual production capacity of 2.7 million tons. With the aim of beginning commercial production by 2029, the company seeks to use the new steel mill to supply steel sheets to U.S. factories of Hyundai Motor and Kia, as well as to American and European carmakers. "This investment is a clear demonstration that tariffs very strongly work," U.S. President Donald Trump said at the White House on Marc

Apr 2, 2025By Park Jae-hyuk
Steelmakers search for answers to US protectionism

LG Energy to acquire GM's stake in Michigan battery plant

LG Energy Solution (LGES), Korea’s leading battery maker, said Tuesday it will acquire General Motors’ entire stake in their joint-venture battery plant in Michigan for 3 trillion won ($2.03 billion). The acquisition of Ultium Cells joint venture's third plant in Lansing, Michigan, aims to reduce the burden of new facility investments and enhance operational efficiency at LGES's U.S. plants, the company added. LGES and GM have been building the 50-50 joint venture plant with plans to begin operations later this year. "The final contract amount may be lower than initially announced, and since it is a joint venture, the actual execution cost will be half of the total contract amount," LGES said in a statement. "The execution cost is already included in the capital expenditure plan announced earlier this year, so no additional investment costs will be required." Earlier this year, LGES said it would reduce facility investments by 20 to 30 percent compared to 13 trillion won in 2023. GM announced in December that it planned to sell its stake in the Lansing plant to LGES as it adjusted its

Apr 1, 2025By Park Jae-hyuk
LG Energy to acquire GM's stake in Michigan battery plant

US ramps up pressure on Korea ahead of reciprocal tariffs

Korea will hold additional negotiations with the United States to ease intensifying trade pressure on a range of issues, including domestic regulations on online platform firms, beef imports and network usage fees, officials from multiple government authorities said Tuesday. The U.S. Trade Representative (USTR) cited these items as major nontariff barriers to trade, urging Korea to amend relevant regulations that "distort or undermine fair competition," according to the 2025 National Trade Estimate Report it released on Monday (local time). This has heightened trade uncertainties in Korea, as the report comes at a critical juncture, with U.S. President Donald Trump expected to announce reciprocal tariffs soon. Trump has reaffirmed his plan to unveil details on each country’s reciprocal tariffs on April 2. Korea’s Ministry of Trade, Industry and Energy said it will engage in working-level talks with its U.S. counterpart and discuss details via a joint committee meeting under the Korea-U.S. Free Trade Agreement. “The trade ministry will conduct an in-depth analysis of the issues rais

Apr 1, 2025By Lee Min-hyung
US ramps up pressure on Korea ahead of reciprocal tariffs

FILA Holdings rebrands as Misto Holdings

FILA Holdings has officially changed its name to Misto Holdings, aiming to strengthen its position as a global brand portfolio company, the company announced Tuesday. The change was approved at a shareholders' meeting the previous day. The name FILA Holdings had been closely associated with the FILA brand, limiting perceptions of the company’s broader portfolio, which includes FILA, Titleist, FootJoy, Scotty Cameron and others, as well as its role in global brand management, the company said. The new name better reflects the company’s strategic approach to managing its diverse portfolio while ensuring that each brand retains its independence and unique identity. "Misto," derived from the Italian words for “harmony,” “blend” and “diversity,” symbolizes the company’s global brand portfolio. The name change represents more than just a rebranding; it signals a renewed vision for growth. To support this transformation, the company introduced four core values: synergy, empowerment, resilience and responsibility. The values reflect Misto Holdings' commitment to fostering syner

Apr 1, 2025By Nam Hyun-woo
FILA Holdings rebrands as Misto Holdings

Lotte to showcase value chain for eco-friendly energy at Seoul Mobility Show

Lotte Group will attend Korea’s largest mobility exhibition for the first time to showcase its eco-friendly energy value chain identified as the firm’s next major growth engine, the company said Tuesday. Lotte is best known for its retail expertise, but the firm’s chemical and energy affiliates will introduce a blueprint for the group-wide mobility business by joining the upcoming Seoul Mobility Show running for 11 days starting Thursday in Goyang, Gyeonggi Province. The participating Lotte affiliates include Lotte Chemical, Lotte Energy Materials and Lotte Infracell. They will display details on the group's mobility vision featuring eco-friendly energy, autonomous driving and electric vehicle (EV) chargers. The group is scheduled to set up booths under the theme of L.Mobility Panorama, so visitors can have a clear understanding of its future-oriented mobility value chain, the company said. The exhibition halls for Lotte consist of three sub-concepts: mobility technology, self-driving and hydrogen value chain. At the mobility zone, the company plans to promote its battery materials

Apr 1, 2025By Lee Min-hyung
Lotte to showcase value chain for eco-friendly energy at Seoul Mobility Show
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