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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.

POSCO completes Korea's largest electric arc furnace to cut carbon emissions

Korean steelmaker POSCO said Wednesday it has completed construction of an electric arc furnace (EAF) on the nation's southern coast as part of efforts to advance its lower-carbon steelmaking. The nation's largest EAF, with an annual production capacity of 2.5 million tons, was built in Gwangyang, about 360 kilometers south of Seoul, following more than two years of construction and an investment of about 600 billion won ($396.7 million). Unlike conventional steelmaking processes that rely primarily on iron ore and coal, EAFs recycle scrap metal and can reduce carbon emissions by up to 75 percent compared with blast furnaces, according to the company. POSCO said it is also working on hybrid steelmaking technologies, such as mixing molten iron from blast furnaces and EAFs to maintain steel quality while reducing emissions, under a goal of mass-producing automotive steel sheets and electrical steel by 2030.

Jun 17, 2026By Yonhap
POSCO completes Korea's largest electric arc furnace to cut carbon emissions

Edward Lee, Faker named global ambassadors for K-food

Celebrity chef Edward Lee and the country's League of Legends superstar Lee “Faker” Sang-hyeok have become Korea's official global ambassadors for K-foods, the government said Wednesday, as it seeks to expand exports and raise the profile of Korean cuisine overseas. The two are among seven newly appointed ambassadors tasked with promoting Korean food in key overseas markets, including the Americas, Europe and Southeast Asia. The Ministry of Agriculture, Food and Rural Affairs said Wednesday that Lee, a Korean American fine dining guru, will be at the forefront of promoting Korean gastronomy across the United States and Canada. Showcasing his cooking using Korean food products and ingredients at local and international food shows in North America will be a basic manual for the chef hailing from Louisville, Kentucky. Faker, six-time world champion and 10-time winner of domestic leagues for the multiplayer online battle arena game, will be K-food's face across Chinese-speaking markets worldwide. He will promote Korean food through esports events in the regions. The appointments were dec

Jun 17, 2026By Ko Dong-hwan
Edward Lee, Faker named global ambassadors for K-food

NY ice cream brand Van Leeuwen to open 1st Korea store in southern Seoul

Van Leeuwen, a New York-based premium ice cream brand, will open its first Korean store near Gangnam Station on July 3, operated under a master franchise agreement with Korean dessert cafe chain A Twosome Place, the company said Wednesday. Founded in 2008 when siblings Ben and Pete Van Leeuwen and Laura O'Neill launched a yellow ice cream truck in Brooklyn, Van Leeuwen has grown into one of the fastest-expanding ice cream brands in the United States, with more than 100 company-owned scoop shops and distribution through over 10,000 retail channels as of January. The Gangnam Station flagship will serve the brand's full lineup, including French-style classic ice cream made with more than double the egg yolks of conventional recipes and no artificial stabilizers, dairy-free vegan varieties using oat, coconut and cashew bases, American-style sundaes and milkshakes. Signature flavors include vanilla bean, Sicilian pistachio and Earl Grey tea. A Twosome Place plans to open a second location inside Shinsegae Department Store's Gangnam branch and a third near Sinnonhyeon Station, both targeted f

Jun 17, 2026By Jhoo Dong-chan
NY ice cream brand Van Leeuwen to open 1st Korea store in southern Seoul

LS Electric wins $70 mil. North American data center contract

LS Electric, the Korean industrial conglomerate’s unit specializing in power grid infrastructure, electrical equipment, and automation solutions, said Wednesday that it has secured a contract worth 106.4 billion won ($70.43 million) to supply a 38-kilovolt power distribution system for a large-scale artificial intelligence (AI) data center project spearheaded by a major North American tech firm. Under the terms of the agreement, equipment delivery is scheduled to take place between August and November this year. The new order pushes LS Electric’s cumulative data center bookings from North American tech clients to nearly 1.2 trillion won. The company has surpassed its 2024 tally of 800 billion won in just the first six months of 2026, highlighting the explosive demand for specialized power infrastructure driven by the global AI boom. According to LS Electric, the order came from an existing client that is actively expanding its server capacity. LS Electric noted that this pattern of repeat business reflects the solidification of its role as a core power infrastructure partner for hy

Jun 17, 2026By Jhoo Dong-chan
LS Electric wins $70 mil. North American data center contract

Kolon Industries signs AI research agreement with University of Seoul

Kolon Industries signed a memorandum of understanding (MOU) with the University of Seoul Tuesday to collaborate on artificial intelligence (AI)-integrated research and development for advanced materials, the company said Wednesday. The agreement pairs Kolon Industries' expertise in high-performance chemical materials — including products designed for waterproofing, sound insulation, durability and heat resistance — with the university's AI research capabilities in areas such as deep learning and machine intelligence. The partnership aims to accelerate what the company calls "AX," or AI transformation, across its new materials development process. Under the agreement, the two organizations will establish a joint research system for AI-integrated research and development, share research facilities and technical information, and work together to develop industry-ready talent with expertise in both materials science and artificial intelligence. Kolon Industries said it has already been applying AI across several research and development functions, including literature research, data anal

Jun 17, 2026By Jhoo Dong-chan
Kolon Industries signs AI research agreement with University of Seoul

Samsung Electronics' largest union to hold confidence vote on leader after wage deal

Samsung Electronics' largest labor union said Wednesday it will hold a confidence vote on its chief union leader following backlash over a recently concluded wage agreement with management. The vote on whether to reaffirm Chairman Choi Seung-ho will begin next Wednesday and run for one week, the union said. The confidence motion will pass if it receives support from more than half of participating union members. Under the wage agreement reached in May, Samsung will provide a special semiconductor performance bonus equivalent to 10.5 percent of business performance earnings. The bonuses will be paid in company stock over a period of at least 10 years and will be tied to performance targets for the chip division. However, dissatisfaction over the distribution of the performance-based bonuses has fueled an exodus of union members, as many workers argue that the deal primarily benefits employees in the semiconductor business. The union, whose membership is concentrated among semiconductor employees, at one point surpassed 76,000 members during wage negotiations and secured majority union sta

Jun 17, 2026By Yonhap
Samsung Electronics' largest union to hold confidence vote on leader after wage deal

Samsung Display showcases next-generation XR displays at AWE USA

Samsung Display is stepping up its push into the extended reality (XR) market by showcasing its latest RGB OLED on Silicon (OLEDoS) technology at AWE USA 2026 in Long Beach, California. The world's largest XR-focused exhibition opened Tuesday (local time) and will run through Thursday. The company said Wednesday it will present a range of RGB OLEDoS displays for mixed reality (MR) headsets and augmented reality (AR) smart glasses, highlighting the technology's high brightness, color reproduction and suitability for next-generation wearable devices. A centerpiece of the exhibition is a dark-room installation dubbed "The Big Dipper," where seven display panels recreate the constellation. Two of the panels feature Samsung Display's 1.3-inch RGB OLEDoS display capable of reaching 40,000 nits of brightness, allowing visitors to compare its performance with conventional displays. The company is also demonstrating prototype AR smart glasses equipped with a 0.62-inch RGB OLEDoS display. Through AR-based applications, visitors can access functions such as real-time translation, navigation and we

Jun 17, 2026By Nam Hyun-woo
Samsung Display showcases next-generation XR displays at AWE USA

Value of SK Group's listed firms exceeds W2000 trillion

The combined market value of SK Group's listed firms exceeded 2,000 trillion won ($1.3 trillion) for the first time Tuesday, mainly fueled by the recent surge of its memory chip maker, SK hynix Inc. The market capitalization of 19 listed firms making up the business conglomerate stood at some 2,019 trillion won, up 2.51 percent from the previous session's close, according to the Korea Exchange. In particular, SK hynix soared 4.11 percent to close at about 2.38 million won per share. The market value of the company stood at 1,697 trillion won, accounting for 84.06 percent of the conglomerate's total. Meanwhile, the combined market value of Samsung Group, which has Samsung Electronics Co. under its wing, rose 1.81 percent to 2,552 trillion won.

Jun 16, 2026By Yonhap
Value of SK Group's listed firms exceeds W2000 trillion

Hanwha raises KAI stake to 9.04%, becomes No. 2 shareholder

Hanwha Group has increased its stake in Korea Aerospace Industries (KAI) to 9.04 percent, further strengthening its presence in the nation's aerospace and defense sector. Hanwha Aerospace said Tuesday in a regulatory filing that it secured a 6.5 percent stake in KAI, achieving ahead of schedule its previously announced plan to invest 500 billion won ($331 million) in the company by the end of this year. Hanwha Systems also expanded its holdings in KAI to 1.53 percent through an additional 125 billion won investment. Combined with the 1.01 percent stake held by Hanwha Aerospace USA, Hanwha Group now owns a total of 9.04 percent of KAI, making it the company's second-largest shareholder after the state-run Export-Import Bank of Korea, which holds a 26.41 percent stake. Also on Tuesday, Hanwha Aerospace's board approved an additional 500 billion won investment to acquire more KAI shares by year-end. Based on KAI's closing price of 154,900 won, the purchase would raise Hanwha Aerospace's stake to about 9.81 percent, bringing Hanwha Group's combined ownership in KAI to more than 12 percent. H

Jun 16, 2026By Lee Min-hyung
Hanwha raises KAI stake to 9.04%, becomes No. 2 shareholder

Prospects of US-Iran deal open door for Korean builders, tech firms

The prospects for a peace deal between the United States and Iran are raising hopes for Korean firms to participate in postwar reconstruction efforts in the Middle Eastern country, with opportunities spanning the construction, energy and consumer electronics sectors. It is said that the Donald Trump administration plans to ease sanctions on Iran and also create a $300 billion investment fund to support the country's economic recovery. Should sanctions be eased, Iran's infrastructure and domestic economy could see renewed growth, creating opportunities for Korean companies to return to a market they once actively served. According to industry officials, major Korean construction companies, energy firms and consumer goods companies are reviewing potential opportunities linked to Iran’s reconstruction. The International Energy Agency said key energy assets had been damaged in more than 40 locations across nine countries, while independent research company Rystad Energy estimated the reconstruction market to be worth as much as $58 billion. Given their extensive track record in the region,

Jun 16, 2026By Nam Hyun-woo
Prospects of US-Iran deal open door for Korean builders, tech firms
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