Business - The Korea Times

LS Electric lands $70 mil. US transformer deal

LS Electric secured a major contract worth $70 million (105.6 billion won) to supply its extra-high-voltage transformers to an energy infrastructure firm in the United States, the company said Monday. Under the deal, LS Power Solution, acquired by LS Electric in 2024, will supply its 345-kilovolt-class transformers for a large-scale data center operated by a big tech firm in the United States. Deliveries are scheduled from the fourth quarter of 2027 to the first half of 2028, according to LS Electric. The latest contract will further solidify the firm’s position in North America as demand for electricity soars in line with the rise of artificial intelligence (AI) and cloud computing. The tech paradigm shift requires more investment for stable and efficient power infrastructures across the region. The shift has been further reinforced by a recent pledge from seven global tech firms, which pledged to source electricity for their data centers from self-built power generation facilities, rather than drawing from public grids. LS Electric has been strengthening its presence across the data

Apr 6, 2026By Lee Min-hyung

LS Electric lands $70 mil. US transformer deal

Almonty joins Montana mining group, bolsters US tungsten supply

Almonty Industries, a global tungsten developer and supplier which operates Sangdong Mine in Korea and others in Portugal and Spain, has joined the Montana Mining Association to bolster its presence in the United States. According to the group’s Korean subsidiary, Almonty Korea Tungsten Corp. (AKTC), Sunday, the New York-based conglomerate has joined the association to promote its responsible and sustainable mining practices and pledge its future contribution to technological development and regulatory improvement for the mining industry not only in the northwestern U.S. state but throughout the country. Almonty Industries last November acquired Gentung Tungsten Project in Beaverhead County, Montana, to revive the mine and reignite the U.S. tungsten production for the first time since 2015. AKTC said the mine reserves approximately 7.35 million tons of tungsten ores and will produce 140,000 metric ton units of the earth mineral per year once its redevelopment is complete. The Montana association, established in 1973 in Helena, has been supporting mining firms in the state since, lubri

Apr 5, 2026By Ko Dong-hwan

Almonty joins Montana mining group, bolsters US tungsten supply

Renault Korea’s growth underpinned by expertise in vehicle redesign

Renault Korea will capitalize on its expertise in integrating technologies from partner carmakers and redesigning new models tailored for the local market, as part of its core strategy for sustainable growth here, Renault Group CEO Francois Provost told reporters during a media roundtable in Seoul Friday. He said the sequential success of the carmaker’s two hybrid cars — the Grand Koleos SUV and the Filante crossover — proves its resilience and clearly demonstrates the firm’s strength in redesigning vehicles for Korean consumers. Provost has a deep understanding of the Korean market, having served as CEO of then-Renault Samsung Motors for five years from 2011. “I deeply think that we have the unique capacity to master the use of assets and technologies coming from partner firms, and create great cars for the Korean market,” Provost said. “Now, it is coming from Geely.” Geely is a Hangzhou-based Chinese multinational automaker. The Grand Koleos SUV, which has driven the carmaker’s successful rebound in Korea, is built on the Chinese automaker’s compact modular architect

Apr 5, 2026By Lee Min-hyung

Renault Korea’s growth underpinned by expertise in vehicle redesign

Mercedes-Benz’s 2026 GIVE ’N RACE raises record donation

BUSAN — Mercedes-Benz’s Corporate Social Responsibility (CSR) Committee successfully wrapped up its 13th GIVE ’N RACE charity run Sunday, raising a record amount of donations to promote a culture of sharing across society here, the carmaker said. The annual event allows participants to engage in charitable giving simply by joining, as their entry fee is fully donated under each runner’s name. For this year, the organizer introduced a special donation program, enabling voluntary additional contributions beyond the standard participation fee of 50,000 won ($33) per person. As a result, the 2026 GIVE ’N RACE raised a record-breaking 1.02 billion won. All proceeds will be used to support children and adolescents in need, such as the establishment of child protection agencies and cultural facilities, as well as scholarship programs for promising young athletes. Some 20,000 participants across the country gathered at the outdoor plaza at BEXCO and ran a scenic course spanning Gwangan Bridge to Gwangalli Beach in the southeastern port city. The event drew runners of all ages, from the

Apr 5, 2026By Lee Min-hyung

Mercedes-Benz’s 2026 GIVE ’N RACE raises record donation

Samsung owner family to finish paying $7.95 bil. inheritance tax

The family of late Samsung Group Chairman Lee Kun-hee is set to complete one of the largest inheritance tax payments in Korea’s history, with the final installment of the 12 trillion won ($7.95 billion) tax due this month. Once the payments are completed, uncertainties surrounding Executive Chairman Lee Jae-yong’s grip on Samsung Group are expected to ease. The heirs — the late chairman’s widow Hong Ra-hee and his children Lee Jae-yong, Lee Boo-jin and Lee Seo-hyun — will make the sixth and final installment this month, completing the payment process that began in 2021 following the former chairman’s death in 2020. Lee Kun-hee’s estate, valued at about 26 trillion won, included a vast portfolio of Samsung shares, real estate and private art collections. Hong bore the largest share of the tax at approximately 3.1 trillion won, followed by their children at 2.9 trillion, 2.6 trillion and 2.4 trillion, respectively. The family opted to pay the tax in six installments over the past five years. To finance the payments, family members turned to different approaches. Hong and her da

Apr 5, 2026By Lee Gyu-lee

Samsung owner family to finish paying $7.95 bil. inheritance tax

Samsung, Mistral AI discuss cooperation in AI memory sector

Executives from Samsung Electronics and French artificial intelligence (AI) startup Mistral AI discussed potential cooperation in the AI memory sector, industry sources said Sunday. Arthur Mensch, co-founder and chief executive officer of Mistral AI, met Jeon Young-hyun, head of Samsung Electronics' device solutions division, on Thursday at the company's Hwaseong campus to explore collaboration on AI chip supply chains and related technologies, the sources said. Mensch was in South Korea last week on the occasion of French President Emmanuel Macron's visit to Seoul for talks with President Lee Jae Myung. Mistral AI, often described as Europe's counterpart to OpenAI, is seeking to secure a stable supply of semiconductors to support its large language model, Mistral Large, and to expand its AI infrastructure. The visit to Samsung's semiconductor facility is viewed as part of that effort. "Following recent discussions between Samsung executives and Lisa Su, CEO of Advanced Micro Devices, Mistral AI also appears to be pursuing talks with Samsung to ensure a reliable chip supply amid tight m

Apr 5, 2026By Yonhap

Samsung, Mistral AI discuss cooperation in AI memory sector

Sum Air to acquire second ATR turboprop aircraft

Sum Air Co., a wholly owned unit of South Korean mobility platform startup Mobility As a Freedom (MAAF), said Sunday it will acquire an additional turboprop aircraft from European manufacturer ATR to expand its fleet. The company said it has signed a memorandum of understanding (MOU) with ATR in Seoul to introduce a second ATR 72-600 aircraft for routes serving domestic islands, including Ulleung off South Korea's east coast, Baengnyeong near the western sea border with North Korea, and Heuksan off the country's southwest coast. Sum Air received its first ATR 72-600 in January and launched service on the Gimpo-Sacheon route in March. Sacheon is home to Korea Aerospace Industries (KAI), South Korea's sole aircraft manufacturer. The ATR 72-600 is the world's bestselling turboprop aircraft. The aircraft's fuel efficiency and cost competitiveness make it suitable for low-demand routes while supporting more sustainable operations. Its addition will enable Sum Air to enhance connectivity to remote regions while meeting environmental goals, ATR Chief Executive Nathalie Tarnaud Laude said. ATR,

Apr 5, 2026By Yonhap

Sum Air to acquire second ATR turboprop aircraft

Hyundai IONIQ 6 N named top performance car of 2026

Hyundai Motor’s IONIQ 6 N was recognized for its electric performance on the global stage, winning the 2026 World Performance Car title at the World Car Awards, one of the world’s top three automotive awards. According to World Car Awards, Sunday, the IONIQ 6 N secured the title after competing against contenders such as the BMW M2 CS and Chevrolet Corvette E-Ray. Over the past five years, the World Performance Car category has been largely dominated by Hyundai Motor Group, with Hyundai Motor and Kia winning three of the five titles. In 2024, the IONIQ 5 N won the honor, following Kia’s EV6 GT in 2023. Porsche’s 911 Carrera GTS took the title in 2025, while Audi’s e-tron GT won in 2022. Hyundai Motor Group said the recognition demonstrates the competitiveness of its dedicated electric vehicle (EV) platform, E-GMP, which is used by the IONIQ series and the EV6. It added that the achievement was made possible by combining the group’s motorsports experience with accumulated vehicle data. “This recognition from the World Car Awards jury means a great deal to the thousands of pe

Apr 5, 2026By Nam Hyun-woo

Hyundai IONIQ 6 N named top performance car of 2026

Hanwha Aerospace seeks to acquire Poongsan munitions biz

Hanwha Aerospace has joined the bid to acquire the munitions business of domestic arms manufacturer Poongsan, signaling a potential expansion into full-scale weapons production. According to industry sources on Friday, Hanwha Aerospace submitted a final bid in a private tender for Poongsan’s munitions division, which produces a range of ammunition from small-caliber rounds to large artillery shells. The company is widely known for producing 155-millimeter shells used in the K9 self-propelled howitzer, a system exported to several countries, including Poland and Romania. Industry sources say Hanwha Aerospace appears to be the only serious bidder in the current process. If the acquisition is completed, the company could achieve vertical integration across ammunition production and weapons platform development and export. However, Hanwha Aerospace declined to comment. Poongsan has maintained a cautious stance, saying that it is reviewing various options to enhance corporate and shareholder value, including potential restructuring, but that nothing has been finalized. Poongsan said in a reg

Apr 3, 2026By Kang Seung-woo

Hanwha Aerospace seeks to acquire Poongsan munitions biz

HD Hyundai Samho wins $232 mil. LPG ship order from Greece

HD Hyundai Samho Heavy Industries said Friday it has secured a 349.8 billion won ($232 million) order to build two liquefied petroleum gas (LPG) carriers for a shipping company in Greece. The two LPG ships will be delivered to the undisclosed client by March 2029, the company said in a regulatory filing. HD Hyundai Samho is one of three shipbuilding affiliates under HD Korea Shipbuilding & Offshore Engineering (HD KSOE), along with HD Hyundai Heavy Industries and HD Hyundai Mipo Dockyard. HD KSOE is a subholding company of HD Hyundai, Korea's leading shipbuilding group. HD KSOE aims to secure $23.31 billion worth of orders this year, up from $18.16 billion last year.

Apr 3, 2026By Yonhap

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