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Samsung Electronics' unionized workers to resume talks with management

Unionized workers at Samsung Electronics said Tuesday they have agreed to resume talks with management ahead of a planned strike in May over bonuses. "We had a labor-management meeting at 2 p.m., and management expressed its willingness to discuss removing the cap on performance-based bonuses and other issues," a joint board of three labor unions, including the National Samsung Electronics Union (NSEU), said in a statement. "Accordingly, we have decided to resume negotiations," it added. The two sides will hold full-scale negotiations on Thursday and Friday following a working-level meeting on Wednesday. The announcement came a day after the joint union body held discussions with Vice Chairman and Chief Executive Officer (CEO) Jun Young-hyun. Last week, the unions said 93.1 percent of their members supported the strike plan in a vote. The three unions have around 90,000 members. The unionized workers have been demanding that management remove a cap on bonuses and grant a 7 percent wage hike, along with greater transparency in calculating performance-based bonuses.

Mar 24, 2026By Yonhap
Samsung Electronics' unionized workers to resume talks with management

Korea to curb naphtha exports this week

The government plans to begin restricting naphtha exports by oil refiners this week. The emergency measure is in response to a shortage of the key petrochemical feedstock, which was designated last week as critical to economic security. Firms hoarding naphtha will also face severe penalties, including the cancellation of their business registrations. “For essential facilities to stay operational, the government will order adjustments to the overall naphtha supply if the situation worsens,” Yang Ghi-wuk, deputy minister for industry, trade and resource security, said Tuesday during a daily briefing on the Middle East crisis. The plan addresses concerns about potential setbacks in the production of petrochemical-based goods due to the war in Iran, which has disrupted naphtha shipments through the Strait of Hormuz. Before the conflict, more than half of Korea’s naphtha imports passed through the strait. Refined from crude oil, naphtha is used to produce raw materials for petrochemical products such as plastic bags, food packaging and cosmetic containers. About 55 percent of Korea’s n

Mar 24, 2026By Park Jae-hyuk
Korea to curb naphtha exports this week

LG Energy Solution aims to lead battery market facing 'value shift'

LG Energy Solution (LGES) said Tuesday it has strengthened its competitiveness to stay resilient amid what CEO Kim Dong-myung called a “value shift,” as demand expands beyond electric vehicles (EVs) to sectors such as energy storage systems (ESS), robotics, aviation and aerospace. According to the battery maker, the company plans to significantly expand its ESS production capacity and order volume this year, respond more flexibly to EV customers’ needs and broaden its portfolio across robotics, maritime, urban air mobility and space industries. “Over the past five years, we have achieved rapid growth in the booming battery market, but we now face growing policy uncertainty and a major industrial transition worldwide,” an LGES official said. As an example of tangible progress, the company cited a supply deal last month with Hanwha Q Cells USA for 5 gigawatt-hours of ESS batteries. The battery firm also said its recent acquisition of Stellantis’ stake in their former Canadian joint venture, NextStar Energy, aims to strengthen its foothold in the North American market and accele

Mar 24, 2026
LG Energy Solution aims to lead battery market facing 'value shift'

Lotte avoids treasury stock cancellations through charter change

Lotte Corp., the holding company of Lotte Group, sidestepped a regulation requiring it to cancel 27.5 percent of its treasury shares by approving a new provision in its articles of incorporation at its annual general meeting of shareholders on Tuesday. Lotte Corp. said it approved all six agenda items proposed at the shareholders meeting, including the new provision and the appointment of directors. The provision drew attention from the local business community, as it allows the company to hold or dispose of treasury shares with shareholder approval when necessary to achieve management objectives, such as introducing new technologies and improving its financial structure. In February, Korea passed a revision to the Commercial Act requiring companies to cancel their existing treasury shares within 18 months. For Lotte Corp., which holds treasury shares accounting for 27.5 percent, the new commerce law would have forced it to cancel shares worth 880 billion won ($586.4 million). The law permits companies to retain their treasury shares if their articles of incorporation, approved by shareh

Mar 24, 2026By Nam Hyun-woo
Lotte avoids treasury stock cancellations through charter change

SK hynix to purchase $7.9 bil. worth of chip equipment from ASML

SK hynix on Tuesday decided to purchase advanced production equipment worth 12 trillion won ($7.9 billion) from the Netherlands-based ASML, in line with efforts to address growing demand for memory chips. The Korean chipmaker announced the decision through a regulatory filing, noting the equipment, extreme ultraviolet (EUV) scanners, will be delivered by December 2027 for its next-generation production processes. The move comes amid SK hynix's push to expand the production of memory chips, including high bandwidth memory (HBM), on the back of soaring demand from the artificial intelligence (AI) industry. SK hynix plans to accelerate the transition to sixth-generation process technology using the new EUV scanners, aiming to expand its AI-related memory portfolio. "We aim to respond to soaring global memory demand and solidify our leadership in the market," an SK hynix official said.

Mar 24, 2026By Yonhap
SK hynix to purchase $7.9 bil. worth of chip equipment from ASML

Samsung SDI, L&F sign $1.2 bil. LFP cathode deal for US ESS market

Samsung SDI has signed a 1.6 trillion won ($1.2 billion) supply agreement with L&F for lithium iron phosphate (LFP) cathode materials, a strategic move to strengthen its presence in the North American energy storage system (ESS) market and diversify its supply chain away from China. The company announced Tuesday that the mid- to long-term deal with L&F, a leading Korean battery materials manufacturer, will span three years starting in 2027. The materials will be used to produce LFP batteries specifically for ESS applications, with the contract including an option to extend the supply for an additional three years. Samsung SDI plans to use the L&F-supplied materials to manufacture ESS batteries at StarPlus Energy (SPE), its joint venture with Stellantis located in the U.S. state of Indiana. Since the fourth quarter of last year, SPE has been gradually converting a portion of its production lines from electric vehicle batteries to ESS batteries. The facility is expected to begin mass-producing LFP batteries alongside its existing high-nickel nickel-cobalt-aluminum batteries starting in t

Mar 24, 2026By Park Jae-hyuk
Samsung SDI, L&F sign $1.2 bil. LFP cathode deal for US ESS market

Kolmar Korea, Goodai Global renew partnership to target global sunscreen market

Kolmar Korea said Tuesday it has renewed its partnership with Goodai Global to strengthen their presence in the global sunscreen market and further boost the popularity of the latter’s skincare brands. Kolmar Group Vice Chairman Yoon Sang-hyun, Kolmar Korea CEO Choi Hyun-kyu and Yonwoo CEO Park Sang-yong invited Goodai Global officials to Kolmar’s main research center in Seoul’s Seocho District for a forum on Monday. Yonwoo is a Kolmar subsidiary that manufactures cosmetic containers. Also in attendance were Goodai Global President Cheun Ju-hyuk alongside representatives from its globally distributed brands, including Beauty of Joseon, SKIN1004, TIRTIR, Round Lab and House of Hur. Held under the theme “Over the Rainbow of Goodai,” the forum marked a milestone as the sunscreen products jointly developed by the two companies surpassed 100 million units in cumulative global sales. The event reaffirmed the synergy between Kolmar’s original design manufacturing (ODM) capabilities and Goodai Global’s brand strength, highlighting the partnership as a key driver behind the global r

Mar 24, 2026By Ko Dong-hwan
Kolmar Korea, Goodai Global renew partnership to target global sunscreen market

PHOTO Shinsegae chairman at Starfield Cheongna

Chung Yong-jin, second from left, inspects the Starfield Cheongna construction site in Incheon, Monday. Scheduled for completion in late 2027 and opening in early 2028, the facility will be a megacomplex combining a shopping mall, hotel, swimming pool and a dome stadium that will serve as the home venue for the SSG Landers, a Korea Baseball Organization club owned by the group. With a total floor area of 496,000 square meters, Starfield Cheongna will be the largest in the brand’s network of five malls nationwide. Chung's visit marks his fourth on-site inspection this year, following visits to a Starfield Market branch in Yongin, Starfield Village Unjeong in Paju and an Emart Traders branch in Incheon. Courtesy of Shinsegae Group

Mar 24, 2026By Ko Dong-hwanphoto
[PHOTO] Shinsegae chairman at Starfield Cheongna

Renault Filante underscores hybrid crossover appeal in EV transition

Renault Korea’s Filante crossover is emerging as a practical alternative between electric vehicles (EVs) and cars with internal combustion engines due to the vehicle’s strong fuel efficiency and balanced driving features. The global auto industry is rapidly accelerating its transition to electrification, but consumers still remain hesitant to purchase fully electric vehicles due to insufficient charging infrastructures and high up-front costs. Hybrid cars are regaining growing attention as a realistic and balanced alternative to EVs. Rising global oil prices have also further reinforced the trend. With gasoline prices climbing rapidly, consumers are placing an emphasis on fuel efficiency. Against this backdrop, Renault Korea’s flagship crossover, the Filante, underscores its competitiveness through a hybrid-centric approach. Its E-Tech hybrid system, built on Renault’s long-accumulated electrification expertise, is designed to deliver both efficiency in everyday driving and a refined driving experience. The system goes beyond simply improving the vehicle’s fuel efficiency. It m

Mar 24, 2026By Lee Min-hyung
Renault Filante underscores hybrid crossover appeal in EV transition

Celltrion to invest $805 mil. for Incheon facility expansion

Celltrion will invest 1.2 trillion won ($805 million) to expand its drug substance production facility at its headquarters in Incheon, while setting the expansion capacity at its U.S. production site at 75,000 liters per year, bringing the company’s total annual production capacity to 570,000 liters. Celltrion said Tuesday the investment will be carried out in multiple phases from this year through 2030, describing it as a mid- to long-term growth initiative aimed at ensuring stable production and supply of next-generation biosimilars and drugs under development. At its Songdo campus in Incheon, Celltrion will invest 1.2 trillion won to establish Plants 4 and 5, which will have a combined annual production capacity of 180,000 liters of drug substances. Plants 4 and 5 will be equipped with automation systems and smart factory technologies to maximize production efficiency and flexibility, enabling both small-batch, multi-product manufacturing and large-scale mass production. This will allow the company to respond more quickly to production needs for its current key products as well as

Mar 24, 2026By Nam Hyun-woo
Celltrion to invest $805 mil. for Incheon facility expansion
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