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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.

Hyundai, Kia to seek alternative suppliers after fire at parts contractor

Hyundai Motor and its smaller affiliate Kia said Monday they will seek alternative suppliers amid concerns over potential supply disruptions following a fire at a key auto parts contractor. A large-scale fire at Anjeon Industry in Daejeon, about 140 kilometers south of Seoul, on Friday left 14 people dead and 60 others injured, halting parts supplies to its customers. The automakers source engine valves — a critical component that regulates the intake of air and fuel into engine cylinders and the release of exhaust gases — from the supplier. "The company has a certain level of engine valve inventories and will find alternative suppliers to Anjeon Industry to avoid disruptions to planned vehicle production," a company official said. Anjeon Industry produces more than 70 million engine valves annually, with most of its output supplied to Hyundai and Kia.

Mar 23, 2026By Yonhap
Hyundai, Kia to seek alternative suppliers after fire at parts contractor

POSCO International launches $16 mil. CVC fund for rare earths

POSCO International said Monday it is accelerating efforts to build a stable global supply chain for heavy rare earth elements, a key component in electric vehicle (EV) motors, through the launch of its first corporate venture capital (CVC) fund. The company said it has established a 25 billion won ($16 million) CVC fund in partnership with POSCO Investment, marking its first such initiative. As part of the fund’s initial deployment, it will invest 8 billion won in a domestic company specializing in rare earth separation and refining. The investment is aimed at securing a stable supply of heavy rare earth materials such as dysprosium and terbium, which are essential for high-performance permanent magnets used in EV drive motors. These elements play a critical role in maintaining magnetic strength at high temperatures but are largely produced and refined in a limited number of countries, posing structural risks to global supply chains. The Korean firm said the investee company has proprietary technology capable of refining heavy rare earths into oxides with purity levels exceeding 99.5

Mar 23, 2026By Park Jae-hyuk
POSCO International launches $16 mil. CVC fund for rare earths

PHOTO Genesis BBQ makes South America debut

Customers at BBQ Provenza, at Genesis BBQ’s restaurant in Medellin, Colombia, enjoy UFO Chicken, a fried chicken platter served with cheese fondue, March 14. The 300-square-meter restaurant in the El Poblado area marks the company’s first location in South America. Located at the entrance to Provenza, a popular district in the neighborhood, the outlet reflects the Korean fried chicken franchise’s view of Medellin as a key economic and cultural hub in Colombia, following the capital Bogota. The opening comes as the company expands its global footprint beyond Central America and the Caribbean. Genesis BBQ said it plans to further grow its presence in South America, targeting markets such as Brazil and Argentina. Courtesy of Genesis BBQ

Mar 23, 2026By Ko Dong-hwanphoto
[PHOTO] Genesis BBQ makes South America debut

US nuclear projects emerge as income sources for Korean firms amid Iran crisis

Expectations are growing that Korean companies will benefit from their participation in U.S. nuclear reactor construction, following the National Assembly’s passage of a special law allowing Korea’s $350 billion investment in American industries in exchange for tariff reductions. Amid the heightened risks in the Middle East, construction firms have also expressed their intent to enter the U.S. nuclear reactor market, highlighting their plans for expansion in the energy sector. “With Korea’s planned investment in the U.S. energy industry, Korea Hydro & Nuclear Power (KHNP) and reactor builders are expected to join the U.S. market, given their track record in constructing large-scale nuclear power plants,” Kiwoom Securities analyst Shin Dae-hyun said in a report Monday. The government has not yet disclosed which sectors will be included in its first round of investments in the United States. After meeting U.S. President Donald Trump at the White House on March 13, however, Prime Minister Kim Min-seok told reporters that the government is reviewing several ideas, including investm

Mar 23, 2026By Park Jae-hyuk
US nuclear projects emerge as income sources for Korean firms amid Iran crisis

LG Electronics vows all-out effort to foster robot business in 2026

LG Electronics Chief Executive Officer (CEO) Lyu Jae-cheol said Monday the company will spare no effort to foster its robot business this year, noting the field where the company can leverage its accumulated know-how in the era of artificial intelligence (AI). "Amid the expansion of the AI drive, we plan to focus on four key areas — robots, cooling solutions, smart factories and AI home — where LG Electronics holds distinctive capabilities and strong growth potential," Lyu was quoted as saying during a shareholders' meeting in Seoul. "With technological advances in physical AI and the robot industry accelerating faster than expected, the company will designate this year as the beginning of full-scale implementation of the robot business and roll out detailed strategies promptly," Lyu added, according to the company. Under the plan, LG Electronics will seek to produce own actuators, which account for around 40 percent of robots' production costs, to enhance its business-to-business portfolio. With its competitive manufacturing infrastructure, LG Electronics aims to emerge as a key act

Mar 23, 2026By Yonhap
LG Electronics vows all-out effort to foster robot business in 2026

POSCO International to build rare earth supply chain

POSCO International, the trading arm of POSCO Holdings, said Monday it will build a global supply chain for heavy rare earth elements to strengthen its presence in the electric vehicle (EV) components sector. The company said it has established 25 billion won ($16 million) in a corporate venture capital (CVC) fund with POSCO Investment and will invest an initial 8 billion won in a domestic rare earth refining company. The investment is aimed at securing a stable supply of heavy rare earth materials, including dysprosium and terbium, which are essential for high-performance permanent magnets used in EV motors, the company said in a press release. Production and refining of these materials remain concentrated in a limited number of countries, posing structural risks to global supply chains. In addition to the domestic investment, POSCO International plans to strengthen its global sourcing network with a focus on Southeast Asia. It will launch a $30 million joint project with a Malaysian partner for rare earth refining and participate in a separate refining project in Laos to expand its reg

Mar 23, 2026By Yonhap
POSCO International to build rare earth supply chain

HD Hyundai affiliates partner to develop AI-powered welding robots for shipyards

HD Hyundai said Monday its key affiliates and a U.S. robotics firm have forged a partnership to develop and commercialize artificial intelligence (AI)-powered humanoid welding robots for shipyard projects. The partnership agreement was signed recently between HD Korea Shipbuilding & Offshore Engineering (KSOE) and HD Hyundai Robotics, along with Persona AI, a Houston-based company specializing in humanoid robots, according to the Korean shipbuilder. It is a follow-up to a memorandum of understanding signed in May of last year on developing humanoid robots for shipyard welding. HD Hyundai noted that a prototype under development since last year has demonstrated sufficient technological feasibility and potential. Under the agreement, HD KSOE will develop welding training technologies for robots using data accumulated at shipyards, while HD Hyundai Robotics will oversee system integration for robot deployments. Persona AI plans to develop a bipedal humanoid platform capable of stable movement in shipyard environments. HD Hyundai said it plans to gradually deploy shipyard-specific humanoid w

Mar 23, 2026By Yonhap
HD Hyundai affiliates partner to develop AI-powered welding robots for shipyards

Hanwha Vision partners with Ambarella of US to develop AI video security tech

Hanwha Vision, a video-surveillance and vision solutions unit under Hanwha Group, said Monday it has partnered with U.S. artificial intelligence (AI) chip design firm Ambarella to develop next-generation AI video security technologies. Under the strategic partnership agreement, the two companies will collaborate on AI-based video technologies and next-generation system-on-chip (SoC) solutions, according to Hanwha Vision. According to Hanwha, the partnership will help deliver advanced AI video security solutions by combining its video processing technology with Ambarella's AI capabilities. Founded in 2004, Ambarella is a California-based fabless semiconductor design company, focusing on low-power, high-definition (HD) vision processors used in surveillance cameras, autonomous vehicles, robots and drones. Through the partnership, Hanwha Vision plans to expand the scope of its AI technology beyond video surveillance to other fields. "We are pleased to partner with Ambarella, which has achieved significant success in the AI semiconductor market based on its advanced technological capabilities

Mar 23, 2026By Yonhap
Hanwha Vision partners with Ambarella of US to develop AI video security tech

Hyundai Glovis showcases cargo logistics capabilities at WBX 2026 in Shanghai

Hyundai Glovis, the shipping unit of Hyundai Motor Group, took part in an international logistics industry exhibition in Shanghai last week to promote its capabilities in transporting oversized and heavy cargo, the company said Monday. The company said it participated in the World Breakbulk Expo (WBX) 2026 held in Shanghai for two days from Thursday to promote its heavy cargo transport capabilities to Chinese manufacturers of commercial vehicles and heavy equipment. The event is one of the largest international exhibitions in Asia dedicated to breakbulk cargo. Breakbulk cargo refers to oversized or irregularly shaped freight that cannot be easily loaded into standard containers. Hyundai Glovis showcased its maritime logistics strengths, including its fleet of car carriers and bulk vessels, as well as its experience in handling various special project cargo, while seeking new business opportunities with potential clients. As of the end of last year, Hyundai Glovis operates 98 car carriers and 25 bulk vessels, offering customized transport services tailored to different types of cargo. "We

Mar 23, 2026By Yonhap
Hyundai Glovis showcases cargo logistics capabilities at WBX 2026 in Shanghai

Close aide to Samsung founder dedicates life to education, culture

Chun Shin-il, the late chairman of Sejoong Group, was best known during his lifetime for his unwavering commitment to philanthropy, education and cultural heritage. He passed away Wednesday at the age of 83. Chun had deep ties in Korea’s political and business circles, including a close relationship with Lee Byung-chul, the late founder of Samsung Group, and his successor Lee Kun-hee. Their longstanding relationship helped Sejoong secure travel outsourcing contracts with major Samsung affiliates for many years and cemented the group’s position in the local travel industry. Chun founded the firm in 1982 and developed it into a mid-sized conglomerate combining travel and IT businesses. He was deeply committed to promoting education during his lifetime. Chun donated 208,000 square meters of land for the establishment of Pohang University of Science and Technology (POSTECH), one of Korea’s leading universities. Chun is also famous for having donated more than 14 billion won ($9.32 million) to Korea University, Yonsei University and the National Museum of Korea as part of his strong comm

Mar 23, 2026By Lee Min-hyung
Close aide to Samsung founder dedicates life to education, culture
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