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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.

Kia showcases tech excellence for Tasman pickup truck

Kia showcased the technological excellence of its first-ever pickup truck — the Tasman — during its Tech Day event on Thursday. The vehicle boasts a sturdy body-on-frame chassis and impressive driving performance. The automaker is pinning high hopes on the success of its new strategic model, with sales exceeding 4,000 units in just 17 days after its launch last month. Targeting the global market, particularly countries with high demand for pickup trucks, the Tasman is expected to serve as a strong revenue pipeline for the carmaker. Kia emphasized the vehicle’s body-on-frame chassis was designed to maintain its masculine identity as a pickup truck. The vehicle is capable of loading up to 700 kilograms and features a decent towing rating of 3,500 kilograms, allowing it to carry trailers. “We focused on keeping the essence of a pickup truck by equipping the vehicle with our newly developed body-on-frame chassis, which is the driving force behind the vehicle’s solid durability and powerful driving,” Lee Byung-woo, a senior engineer at the carmaker’s engineering solution unit,

Mar 27, 2025By Lee Min-hyung
Kia showcases tech excellence for Tasman pickup truck

Hyundai Motor Group opens much-touted EV plant in US

Hyundai Motor Group held a grand opening ceremony for Hyundai Motor Group Metaplant America (HMGMA) in Georgia on Wednesday (local time), aiming to establish it as a key manufacturing pillar for the carmaker’s electric vehicles (EVs) and hybrids. The latest announcement is widely seen as a well-timed commitment to and investment in the United States, coming on the same day that U.S. President Donald Trump decided to impose a 25-percent tariff on cars imported to the country, set to go into effect on April 3. The much-touted EV-dedicated production line currently has the capacity to manufacture 300,000 vehicles annually, but the carmaker plans to expand it to 500,000 to counter the mounting tariff risks from Trump. If realized, the combined production capacity of HMGMA and the group's two other U.S. plants would reach 1.2 million vehicles per year. “HMGMA not only represents the group’s advanced manufacturing capabilities and commitment to innovation but also our investment in relationships with our partners and communities right here in Georgia,” Hyundai Motor Group Executive Ch

Mar 27, 2025By Lee Min-hyung
Hyundai Motor Group opens much-touted EV plant in US

Hyundai Steel temporarily shuts down rebar plant on low demand

Hyundai Steel, Korea's second-biggest steelmaker, said Tuesday it has temporarily shut down one of its three domestic steel reinforcement bar (rebar) plants due to low demand. The rebar plant in Incheon, just west of Seoul, will be suspended for the entire month of April, a company spokesperson said, adding the other two plants remain operational. The company expects the plant's one-month suspension will help ease an oversupply in the market where steelmakers suffer from declining product prices amid tougher competition. "The company may consider partial operation of the plant even after the one-month period if the rebar market shows no sign of recovery," a company spokesperson said. On March 14, Hyundai Steel entered an emergency management mode in response to growing challenges, including the recent imposition of steel tariffs by the Donald Trump administration and ongoing strife with unionized workers. The company had temporarily suspended its cold-rolled steel facility in Dangjin, about 80 kilometers southwest of Seoul, from Feb. 24 to March 31 in the wake of a monthslong strike by it

Mar 27, 2025By Yonhap
Hyundai Steel temporarily shuts down rebar plant on low demand

US LNG imports becoming 'inevitable,' says SK Gas CEO

ULSAN — SK Gas has signaled its intent to import liquefied natural gas (LNG) from the United States, describing transactions with the world's largest economy as "inevitable" for both the company and other Korean energy firms. With the expectation of the U.S. surpassing Middle Eastern countries in global LNG exports, as it previously did with liquefied petroleum gas (LPG), SK Gas CEO Yoon Byung-suk warned that avoiding trade with the gas-rich country would be a "risk-taking" move that contradicts market trends. "Contracts for Middle Eastern LNG imports are rigid, often requiring us to accept their terms," Yoon said during a teleconference Tuesday with reporters visiting SK Gas facilities in Ulsan. "In contrast, market-friendly American suppliers offer more flexible terms as latecomers to the market." His remarks coincided with a visit to Seoul by Alaska Gov. Mike Dunleavy, who delivered a request from U.S. President Donald Trump for Korea's participation in a $44 billion project to build a nearly 1,300-kilometer gas pipeline in Alaska to export LNG to Korea and other Asian markets. SK

Mar 27, 2025By Park Jae-hyuk
US LNG imports becoming 'inevitable,' says SK Gas CEO

INTERVIEW Alaska governor urges Korea to buy LNG for 'mutual benefits'

Alaska Gov. Mike Dunleavy emphasized that Korea's commitment to purchasing liquefied natural gas (LNG) from his state is essential for the fourth-largest economy in Asia to achieve favorable outcomes in its ongoing trade negotiations with the United States. Promoting Alaska LNG imports as a way for Seoul to address Washington's request to rectify their trade imbalance, the Republican governor encouraged Korea to follow in the footsteps of Taiwan, the first stop on his tour of four Asian countries from March 19 to 30. On March 20, Taiwan signed a letter of intent to purchase LNG from Alaska, citing the need to bolster its energy security. Taiwan's state-owned CPC Corp. also expressed interest in investing in the $44 billion project to construct a nearly 1,300-kilometer pipeline in Alaska. "The goal is that Korea wants to buy our gas. That sets everything else into motion," Dunleavy said during a joint media interview hosted in Seoul by the American Chamber of Commerce in Korea (AMCHAM) on Wednesday. "Why even discuss theoretical things if Korea doesn't even want to buy gas? We can discuss

Mar 26, 2025By Park Jae-hyuk
[INTERVIEW] Alaska governor urges Korea to buy LNG for 'mutual benefits'
  • Alaska Gov. Dunleavy visits Korea to discuss energy, investment cooperation
  • INTERVIEW Concerns over Alaska LNG project ‘outdated,’ says lead developer
  • Industry minister discusses LNG project, bolstering bilateral cooperation with visiting Alaska governor

Top businesses join relief efforts in wildfire-hit areas

Korea’s major business groups have ramped up their relief and recovery efforts for residents affected by the recent wildfires in the southeastern region, donating billions of won. Samsung Group said Wednesday it decided to donate 3 billion won ($2.05 million) to support emergency relief and recovery efforts for the areas affected by wildfires in North and South Gyeongsang Provinces. A total of eight Samsung companies, including Samsung Electronics, participated in the donation drive, which will be delivered through the Korean Red Cross. The funds will be used for the recovery of special disaster zones designated by the government, including Sancheong and Hadong in South Gyeongsang Province, Uiseong in North Gyeongsang Province and Ulju County in Ulsan. Along with the donation, Samsung Group said it will provide 1,000 disaster relief kits containing daily necessities and 600 tents for those who have been displaced. Samsung said the group has been proactively participating in efforts to ease social hardship under Executive Chairman Lee Jae-yong’s philosophy of mutual growth and sharing

Mar 26, 2025By Nam Hyun-woo
Top businesses join relief efforts in wildfire-hit areas

Luxury Business Group partners with global hotel giant for resort project in Cambodia

Luxury Business Group (LBG) has joined hands with IHG Hotels & Resorts to build a large-scale resort in Cambodia, a consulting firm said Wednesday in a press release. With some 6,600 properties across 11 countries, IHG Hotels & Resorts is a global hospitality giant owning 19 hotel brands including InterContinental Hotels & Resorts. According to LBG, IHG Hotels & Resorts will debut its first InterContinental-branded hotel in Preah Sihanouk, Cambodia, also known as Sihanoukville, under the Peninsula Bay project. The hotel is expected to feature about 300 luxury rooms with signature dining venues, bespoke bars and a world-class spa with its unparalleled coastal views. Under the deal, LBG is expected to foster a luxury shopping precinct to introduce global brands to the Southeast Asian country, adding it will establish Sihanoukville as a new nexus for high-end retail in the region. “We are honored to collaborate with Peninsula Bay to pioneer Cambodia’s first globally recognized luxury shopping experience,” LBG Chairman & CEO Daniel Mayran said. “We look forward to introducing covete

Mar 26, 2025By Jhoo Dong-chan
Luxury Business Group partners with global hotel giant for resort project in Cambodia

POSCO Holdings stands at forefront of boosting shareholder value

POSCO Holdings is committed to enhancing shareholder value under its new corporate vision, “Materials for a better future, innovation for world-class excellence,” the company said Wednesday. The company is consolidating group-wide efforts to restructure its business portfolio, focusing on steel and energy materials to establish a sustainable growth framework for the long term. The holding firm of the nation's leading steelmaker is exploring fresh investment opportunities both domestically and internationally to ensure profitable growth. The company is also seeking to generate tangible outcomes in carbon reduction and cost efficiency by upgrading and optimizing manufacturing facilities. It is constructing a 2.5 million ton electric arc furnace at its steel mill in Gwangyang, South Jeolla Province. In the energy materials sector, the company identifies the ongoing industrial downturn as an opportunity to acquire high-quality resources and is considering investment in lithium brine and mines to strengthen its raw material supply chain. The company has already begun operations for the fir

Mar 26, 2025By Lee Min-hyung
POSCO Holdings stands at forefront of boosting shareholder value

Hyundai Motor chief clears away Trump risk with bold leadership

Hyundai Motor Group Executive Chair Chung Euisun made headlines for his bold multibillion-dollar bet on the United States to immediately eliminate the carmaker’s mounting tariff risks there. Chung is widely known for his corporate management philosophy focusing on manpower and engineering technology. He stood at the forefront of the latest decision on a surprise $21 billion (31 trillion won) investment in the U.S. mainland. The investment drew praise from U.S. President Donald Trump and drastically reduced concerns about the effect of Trump's upcoming 25-percent auto tariffs on the carmaker. The third-generation heir to the group took office in 2020 as the highest-ranking executive. Under his leadership, Hyundai has solidified its position as the world’s third-largest carmaker in terms of global auto sales. Chung has also played a crucial role in the carmaker preemptively expanding its market influence in electric vehicles (EVs) and eco-friendly mobility, as evidenced by its solid EV sales in the U.S. Hyundai Motor and Kia sold more than 120,000 EVs combined last year in the world’

Mar 26, 2025By Lee Min-hyung
Hyundai Motor chief clears away Trump risk with bold leadership

KSPO fuels Korean baseball fever with new lottery events

The Korea Sports Promotion Foundation (KSPO) has introduced new lottery events to boost the popularity of the Korea Baseball Organization (KBO) League, the country’s professional baseball league. Sports Toto Korea, a private lottery business operator commissioned by the KSPO, launched a promotion event from Friday to April 20. The promotion came a day before the new baseball season kicked off on Saturday. Sports Toto Korea launched the promotion on its online platform, Betman. The promotion features three different types of events, offering online betting credits to raffle winners. Participants who place bets on the platform automatically become eligible for the random draw. An official from Sports Toto Korea said the promotion event will hopefully encourage more people to enjoy baseball. “We’ll keep introducing various promotion events to spread healthy sports betting culture across the country,” he said. Sports Toto Korea will announce the winners of the promotion’s raffles on Betman on April 25. The company reminded participants that online money prizes will become invalid if

Mar 26, 2025By Ko Dong-hwan
KSPO fuels Korean baseball fever with new lottery events
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