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SK Siltron sale to benefit both SK, Doosan

The ongoing talks over the sale of SK Group’s semiconductor wafer unit SK Siltron to Doosan Group are raising expectations that the deal could benefit both conglomerates, as the transaction is seen playing a key role in reshaping their future portfolios. According to industry officials on Monday, SK Group and Doosan Group are expected to sign a deal on the sale of SK Siltron in the near future, under which Doosan Corp., the latter’s holding company, would acquire a 70.6 percent stake in SK Siltron from SK Inc., the holding company of SK Group. The transaction is valued at around 2 trillion won ($1.34 billion). Doosan Corp. was selected as the preferred bidder for SK Siltron in December last year, but progress on the deal had been delayed as SK Siltron’s silicon carbide wafer business for electric vehicles continued to post losses. The sale process, however, appears to be gaining momentum after the company has recognized the business as a loss worth 400 billion won in its 2025 annual earnings released on March 31. SK Siltron is one of the world’s top silicon wafer manufacturers f

Apr 13, 2026By Nam Hyun-woo
SK Siltron sale to benefit both SK, Doosan

Industry minister inspects manufacturing operations amid petrochem supply woes

Industry Minister Kim Jung-kwan on Monday inspected manufacturing operations of daily necessities amid concerns over the supply of petrochemical feedstocks due to the ongoing Middle East conflict. Kim toured four companies producing materials used in syringe, food packaging, paint and semiconductor components in an industrial complex in Ansan, Gyeonggi Province, according to the Ministry of Trade, Industry and Resources. The visit comes as disruptions to the supply of key raw materials, such as naphtha and other petrochemical inputs, have intensified since U.S. and Israeli strikes on Iran in late February, as the Strait of Hormuz, a major Middle Eastern shipping route, has been effectively shut down. During the visit, Kim inspected the production and supply status of petrochemical products closely linked to public welfare and key industries. He expressed the government's commitment to strictly managing essential health and medical supplies and called for industry cooperation to stabilize the supply and prices of paint products. "We are giving top priority to ensuring that there is not eve

Apr 13, 2026By Yonhap
Industry minister inspects manufacturing operations amid petrochem supply woes

Chef blends Korean, Swedish flavors to celebrate IKEA Gangdong anniversary

Celebrity chef Song Hoon has created an exclusive menu for IKEA, available only at the global furniture giant's Gangdong store to mark its first anniversary, the global furniture giant said Monday. The dish, Meatball Shakshuka, reinterprets Swedish meatballs — the signature menu item served at restaurants in IKEA stores worldwide — in a fusion style. Song, who appeared in season two of Culinary Class Wars, adds stir-fried kimchi to the classic meatball. The company said the new menu “has collaborated two different culinary cultures to put them together on the same table.” Meatball Shakshuka is sold for limited quantities — 50 dishes on weekdays and 200 each on Saturday and Sunday. Song and IKEA Korea have also collaborated for new recipes using ingredients available at Swedish Food Market, an offline aisle inside the company’s five locations here — Seoul, Busan and three cities in Gyeonggi Province — and its online platform. The goal of this initiative is to extend the availability of the Swedish cuisines at IKEA restaurants in Korea to the home of local customers. “We a

Apr 13, 2026By Ko Dong-hwan
Chef blends Korean, Swedish flavors to celebrate IKEA Gangdong anniversary

Lotte Chemical's hefty bonus irks shareholders

Lotte Chemical is facing shareholder backlash over its plan to reward employees at its naphtha cracking center (NCC) in Seosan, South Chungcheong Province, with their transfer to a new company created under the government-led restructuring of the domestic petrochemical industry. Citing the petrochemical firm’s mounting losses, minority shareholders questioned whether the company can afford the additional labor costs. According to industry officials Monday, Lotte Chemical recently notified NCC workers of a planned special bonus equivalent to 500 percent of their monthly base wages, and pledged job security to reassure and motivate them. The workers are scheduled to move to a company spun off from Lotte Chemical by June 1, and then transfer again to a joint venture between Lotte Chemical and HD Hyundai Oilbank by Sept. 1. As part of efforts to deal with the oversupply of petrochemical products, Lotte Chemical agreed last November to transfer its Seosan NCC to its joint venture with HD Hyundai Oilbank and raise its stake in the venture. Unlike HD Hyundai Oilbank employees who will return

Apr 13, 2026By Park Jae-hyuk
Lotte Chemical's hefty bonus irks shareholders

Kia's all-new Seltos claims top spot in Korea's subcompact SUV market

Kia's all-new Seltos led Korea's subcompact SUV segment in March with 4,983 cars sold, the automaker said, extending the nameplate's streak as the top-selling model in the category since 2020. The second-generation Seltos — a full redesign six years in the making — features a boxy, rugged exterior and Kia's latest family design language. The addition of a hybrid powertrain and an expanded suite of safety and convenience features has been credited with driving strong early demand. Buyer data released by Kia showed the share of customers in their 20s and 30s rose to 30.5 percent from 27.8 percent on the outgoing model. In comparison, that age group accounted for 18.1 percent of cumulative vehicle registrations in Seoul last year. The male-to-female ratio among Seltos buyers came in at 51:49, a notably even split against Seoul's citywide vehicle registration breakdown of 73:27 in favor of male owners. Top-tier trims drove the bulk of deliveries. The Signature trim accounted for 45.5 percent of units delivered last month, while the design-focused X-Line made up 21.9 percent. Kia said the fi

Apr 13, 2026By Jhoo Dong-chan
Kia's all-new Seltos claims top spot in Korea's subcompact SUV market

S-Oil donates $75,000 to support young food truck entrepreneurs

S-Oil pledged 120 million won ($75,000) to help Korea’s young food truck entrepreneurs navigate the overhead of a mobile business. The donation was presented to the Work Together Foundation at Mangwon Han River Park and targets a demographic of small business owners under 45 for whom fuel costs represent a recurring and often prohibitive expense. Through a competitive selection process involving on-site evaluations, 50 operators will be chosen to receive 2 million won in fuel vouchers — a practical lifeline in an era of persistent inflation. The initiative marks the ninth year of a program that has become a fixture of the refiner’s corporate social responsibility portfolio. Since 2018, S-Oil has funneled approximately 960 million won to 426 teams, framing the subsidies not merely as charity, but as a strategic investment in youth employment. “We sincerely support the ambitions of young entrepreneurs who continue to pursue their dreams despite difficult circumstances,” a company spokesperson said, noting that the program is designed to foster economic independence among those en

Apr 13, 2026By Jhoo Dong-chan
S-Oil donates $75,000 to support young food truck entrepreneurs

InterviewBonchon, early mover in K fried-chicken exports, eyes Korea return

Only four years after the fried chicken brand was founded in Busan, Bonchon opened its first franchised eatery outside Korea in Manhattan in 2006, and its first directly managed one in the same city in 2010. Bonchon International, operator of the brand, has since witnessed major Korean chicken firms follow in its footsteps to enter the world’s largest consumer market. However, Bryan Shin, head of Bonchon International, knows that Bonchon's status as the pioneer in the competitive global Korean fried chicken market remains unchallenged. Bonchon International now operates exclusively outside Korea, with approximately 500 restaurants across 9 countries. It achieved nearly $400 million in overall sales last year. The United States and the Philippines are its most important markets, with about 160 establishments each. Thailand, with around 140 Bonchon businesses, is also another pillar of the company's global markets. According to the Korean Ministry of Agriculture, Food and Rural Affairs in February, the U.S. overtook China last year to become the largest global market for Korean food comp

Apr 13, 2026By Ko Dong-hwan
Bonchon, early mover in K fried-chicken exports, eyes Korea return

Kumho Tire supplies EV tires to Skoda

Kumho Tire has supplied its electric vehicle (EV) tires for Skoda’s two all-electric models, further expanding its presence in the European tire market, the Korean tire maker said Monday. Under the supply contract, Kumho Tire’s ECSTA original equipment (OE) tires will be provided to Skoda’s Enyaq and Elroq electric SUVs. The ECSTA series is a signature model of Kumho Tire. The ECSTA PS71 SUV is specifically designed for sports vehicles, featuring decent handling and braking performance for driving both on dry and wet surfaces. The tire is also characterized by its robust structure, a greater contact area for improved braking and better fuel efficiency, Kumho Tire said. Its in-and-out pattern and hybrid technologies ensure handling stability at high speeds, regardless of road conditions. The ECSTA PS71 lineup accommodates a wide range of vehicles, such as passenger cars, SUVs and even EVs. “Our supply of OE tires to Skoda is a testament to our quality and technological prowess,” said Kim In-soo, head of OE tire sales at Kumho Tire. “We will continue to leverage our world-class q

Apr 13, 2026By Lee Min-hyung
Kumho Tire supplies EV tires to Skoda

SK Chemicals showcases recycling tech to Japanese business leaders

A delegation of Japanese business leaders visited SK Chemicals to see firsthand how the company is commercializing next-generation plastics recycling. According to the company, the Kansai Association of Corporate Executives visited SK Chemicals’ plant in Ulsan on Friday, where they received a briefing on circular recycling technologies and toured production facilities. The association is considered one of the three major economic organizations in the Kansai region, alongside the Kansai Economic Federation and the Osaka Chamber of Commerce and Industry. The body comprises about 600 major companies, including Panasonic and Sony. The visit, aimed at exchanging technologies and market trends in the recycled-plastics sector, brought together 37 executives and representatives from companies affiliated with the association’s Circular Economy Committee. Participants included hygiene and household products firm Saraya and All Nippon Airways. During the visit, attendees were briefed on the entire recycling process — from collecting and sorting waste plastics to depolymerization, repolymeriza

Apr 13, 2026By Park Jae-hyuk
SK Chemicals showcases recycling tech to Japanese business leaders

More European offshore wind power firms exit Korea

European companies with extensive experience in offshore wind power are leaving Korea or downsizing their operations here, fueling uncertainty over the government's plan to shift from fossil fuels to renewable sources. Corio Generation, a British offshore wind power firm owned by Macquarie, disbanded its Korean unit last month following its withdrawal from joint offshore wind projects in Busan and Ulsan. Earlier this year, Germany’s RWE quit offshore wind projects in Taean County, South Chungcheong Province, and Sinan County, South Jeolla Province. Denmark’s Vestas announced last year an indefinite postponement of its offshore wind turbine factory construction in Mokpo, South Jeolla Province, while Norway’s Equinor began reducing its workforce at the Korean office amid uncertainty over its offshore wind power project in Ulsan. In 2024, London-based Shell exited the Korean offshore wind market after selling its 80 percent stake in a joint project in Ulsan to its Swedish partner Hexicon. These European companies largely attributed their withdrawals and downsizing to worsening profitab

Apr 13, 2026By Park Jae-hyuk
More European offshore wind power firms exit Korea
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