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Almonty confirms molybdenum reserves in Gangwon Province

Almonty Korea Tungsten Corp. (AKTC) is on a fast track to producing molybdenum — an important earth mineral — in Gangwon Province at a scale the company says could be sustained for more than 60 years. AKTC said on Thursday it has confirmed the volume and quality of a molybdenum reserve at the Sangdong mine in Yeongwol County that it now operates. The discovery, according to the company, was “similar to what we had seen through a past sampling process.” The latest update comes as AKTC has accomplished 37 percent of drilling inside the mine for the estimation of scale and quality of molybdenum ores. The company has so far drilled 26 locations and the bored tunnels now altogether extend to 12 kilometers in length. AKTC said it will begin producing the mineral as soon as the estimation process is complete. The company added that it plans to accelerate its molybdenum production schedule beyond earlier timelines. “The early results from this campaign are highly encouraging. With approximately 37 percent of the program complete, the grades we are encountering are consistent with our h

Jun 18, 2026By Ko Dong-hwan
Almonty confirms molybdenum reserves in Gangwon Province

American appetite for plant-based protein boosts Pulmuone Foods USA sales

Even as a sluggish retail environment weighs on American consumer spending, Pulmuone Foods USA, the domestic subsidiary of Korean food conglomerate Pulmuone, is finding a lucrative growth market in U.S. supermarkets. The company said Thursday that its U.S. tofu revenues rose 16.8 percent year-on-year through May, reaching 107.8 billion won ($71.3 million). The surge reflects a broader shift in American eating habits, as grocery shoppers increasingly pivot toward healthier, plant-based proteins to reduce meat consumption. The growth was led by Pulmuone’s Water Pack line — a firmer style of tofu packaged in water that accounts for roughly 70 percent of its total tofu revenues. Sales for the line jumped 24 percent to 79.9 billion won, a spike primarily driven by a major new retail account secured last fall. Meanwhile, high-protein varieties rose 13 percent, and processed, pre-seasoned options tailored to Western palates grew nine percent. To keep pace with demand, Pulmuone has aggressively expanded its manufacturing footprint. In March, the company completed a significant expansion of i

Jun 18, 2026By Jhoo Dong-chan
American appetite for plant-based protein boosts Pulmuone Foods USA sales

Hyundai Motor to build green hydrogen power system at Antarctic research station

Hyundai Motor Group said Thursday it will introduce a clean hydrogen energy circulation system at Korea's Antarctic research station to support sustainable scientific operations. The initiative is part of a memorandum of understanding signed with the Ministry of Oceans and Fisheries and the Korea Polar Research Institute, aimed at reducing the facility's reliance on diesel-generated electricity. The green hydrogen grid is a renewable energy-based power system that produces hydrogen through water electrolysis using electricity generated from renewable sources, such as solar power. Because Antarctic research stations are not connected to external power grids, they have traditionally relied on diesel generators, which are relatively easy to transport and fuel, and can be used to ensure a stable energy supply for long periods. Under the agreement, Hyundai Motor Group will develop an Antarctic-specific green hydrogen grid that uses surplus solar energy to produce and store hydrogen. The stored hydrogen will then be converted back into electricity through fuel cells during periods when solar p

Jun 18, 2026By Yonhap
Hyundai Motor to build green hydrogen power system at Antarctic research station

Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids

The Fair Trade Commission (FTC) has rejected self-correction proposals from the country's top two food delivery platforms, Baedal Minjok, informally known as Baemin, and Coupang Eats, paving the way for fines that could amount to tens of billions of won over allegations that they abused their market dominance, the antitrust watchdog said Thursday. The regulatory authority rejected the companies’ applications for a consent decree — a mechanism that allows firms to resolve antitrust cases without admitting liability by offering voluntary remedies — ruling that they did not meet the legal requirements to initiate such a settlement process. The fines expected to be imposed on Baemin and Coupang are estimated at 239 billion won ($157 million) to 510 billion won, and 25 billion won to 42 billion won, respectively. Following the latest decision, the watchdog will resume its formal review to determine the illegality of the practices and the scale of sanctions. The watchdog’s probe into the two companies has focused on finding alleged anti-competitive practices, including unfair treatment

Jun 18, 2026By Lee Min-hyung
Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids

'Wide Cup' fuels World Cup fever among Korean fans

Major liquor company Oriental Brewery (OB) is ramping up fan engagement for this year’s FIFA World Cup with the launch of “Wide Cup,” a new football-themed promotional campaign. The event follows Cass becoming the only Korean alcoholic beverage brand selected as an official sponsor of the tournament. Cass has served as an official sponsor of the FIFA World Cup since 2014, giving the brand a long-standing association with the world's biggest football event. Wide Cup participants compete to see how wide they can open their mouths while cheering for the Korean national football team during group-stage matches. The event takes place at designated restaurants and pubs in Seoul that serve Cass, where fans gather to watch the match together. The top six participants from each match are selected through artificial intelligence-based technology that automatically measures how wide their mouths are open based on photos taken at the venue. Winners receive cans of nonalcoholic Cass Zero equivalent to their measured mouth opening in millimeters. The first Wide Cup was held Friday during Korea's

Jun 17, 2026By Ko Dong-hwan
'Wide Cup' fuels World Cup fever among Korean fans

Hanwha Ocean faces mounting costs from blocked icebreaker delivery to Russia

Hanwha Ocean is saddled with hundreds of millions of dollars in financial burden, as a fleet of six icebreaking liquefied natural gas (LNG) carriers remain undelivered at a domestic shipyard due to sanctions on Russia’s Arctic project, according to industry sources and a report. The specialized vessels, built for Moscow’s high-stakes Arctic energy expansion venture, have turned into a costly asset for Hanwha Ocean, leaving the Korean shipbuilder with few viable options beyond waiting indefinitely for new buyers or selling the ships at steep discounts. The company secured a massive order to construct six highly sophisticated Arc7-class LNG carriers for the Arctic LNG 2 project pushed by Russian gas producer Novatek. Under the project, Hanwha Ocean was supposed to deliver three of the vessels for Sovcomflot, the largest shipping firm in Russia, and three for Japan’s Mitsui O.S.K. Lines. All were scheduled for delivery by the end of July 2023 for the Arctic project, according to a report by the Oxford Institute for Energy Studies. However, Russia’s invasion of Ukraine and subsequent

Jun 17, 2026By Lee Min-hyung
Hanwha Ocean faces mounting costs from blocked icebreaker delivery to Russia

Hyundai Steel, LSU partner on next-gen steelmaking research

Louisiana State University (LSU) and Hyundai Steel have signed a Master Research Agreement to support research, technology development and workforce training tied to Hyundai Steel’s $5.8 billion steel mill project in Louisiana. Signed Tuesday (local time) in Baton Rouge, the agreement creates a framework for collaborative research and jointly developed technologies across metallurgy, materials science, energy, robotics, automation and environmental engineering. It is also intended to help develop talent for Hyundai Steel’s planned North American production facility in Ascension Parish, about 50 kilometers from LSU’s main campus. The steel mill, slated for completion in 2029, will be one of the first fully integrated electric arc furnace (EAF)-based steel plants of its kind in North America. Located on an 1,800-acre site in RiverPlex MegaPark, the facility is expected to create about 1,300 jobs and support thousands more indirectly. The research pact complements workforce training efforts already underway through River Parishes Community College and Louisiana Economic Development

Jun 17, 2026By Lee Gyu-lee
Hyundai Steel, LSU partner on next-gen steelmaking research

Daewoo E&C launches sales for Jangwi Prugio Mark One with 1,032 units

Construction firm Daewoo Engineering & Construction (E&C) is set to launch sales this month for Jangwi Prugio Mark One, a large-scale apartment complex being developed as part of the redevelopment project of Jangwi-dong in Seongbuk District, Seoul. The project will comprise 23 residential towers, rising from five basement levels to 35 stories, with a total of 1,931 units. Of the total, 1,032 units, sized between 39 and 114 square meters, will be available for general sale, marking one of the largest private housing offerings in Seoul in the first half of the year. The development benefits from strong brand recognition under Prugio, its large-scale residential community, convenient subway access and direct proximity to an elementary school. Unlike many redevelopment projects, where general-sale units are concentrated on lower floors, most of the units offered to the public at the complex are located on the fifth floor or higher, a factor expected to appeal to end-users seeking better views and living conditions. The complex is part of the broader redevelopment project in Jangwi, one of th

Jun 17, 2026By Lee Gyu-lee
Daewoo E&C launches sales for Jangwi Prugio Mark One with 1,032 units

Kia’s PV5 electric van wins top UK honor

Kia’s PV5 Passenger, an electric multipurpose vehicle that blurs the line between family transportation and commercial mobility, has been named Best Large Car at the 2026 Autocar Awards, a recognition that underscores the company’s growing influence in the global electric vehicle market. Kia said Wednesday that the PV5 Passenger received the award from Autocar, one of Britain’s best-known automotive publications, which praised the vehicle’s futuristic design, refined driving experience and efficient use of interior space. The judges said the model establishes a new benchmark for electric multipurpose vehicles and light commercial vehicles by combining strong performance, competitive driving range and value for money on Kia’s dedicated E-GMP.S platform. Autocar also highlighted the vehicle’s innovative interpretation of commercial mobility, pointing to its advanced styling, intelligent cabin layout and overall quality. Mark Tisshaw, editor of Autocar, said the PV5 delivers an exceptional mobility experience through its spacious and versatile interior while offering a surprisin

Jun 17, 2026By Lee Kyung-min
Kia’s PV5 electric van wins top UK honor

Taihan Cable lands $97 mil. deal as Korea overhauls its power grid

Taihan Cable & Solution has secured a 146.3 billion won ($96.5 million) contract for a key national power transmission project, strengthening its position in the fast-growing high-voltage direct current, or HVDC, market as Korea pushes to expand long-distance electricity networks. The company said Wednesday that it won an order for the second phase of Korea Electric Power Corp.’s 500-kilovolt HVDC Donghaean-Dong Seoul transmission project. Under the turnkey contract, Taihan Cable will manufacture, supply and install 500-kilovolt HVDC XLPE cables and related equipment for the project. The Donghaean-Dong Seoul HVDC network is designed to transport electricity generated by nuclear, thermal and renewable energy facilities along Korea’s east coast to the Seoul metropolitan area, where power demand remains concentrated. As part of the project, Taihan Cable will supply and install approximately 86 kilometers of 500-kilovolt HVDC XLPE cable systems. The contract marks another milestone in the company’s effort to expand beyond conventional transmission systems and deepen its presence in adva

Jun 17, 2026By Lee Kyung-min
Taihan Cable lands $97 mil. deal as Korea overhauls its power grid
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