Hyundai Steel offers voluntary layoffs amid industry downturn

Hyundai Steel, South Korea’s second-largest steelmaker, is accepting voluntary layoffs from technical workers amid industry challenges and uncertainties over Trump’s second term. According to industry sources Wednesday, Hyundai Steel is accepting resignation applications from technical staff at its Pohang plant in North Gyeongsang Province until March 14, with all 1,200 eligible workers subject to the program. It remains unclear how many employees will opt in, particularly given that Hyundai Ste

March 5, 2025

MBK Partners under fire as Homeplus seeks rehabilitation support

The Seoul Bankruptcy Court announced Tuesday that it had approved the corporate rehabilitation request filed by South Korean supermarket chain Homeplus, initiating prompt proceedings just 11 hours after the filing. On Tuesday morning, Homeplus announced that it had filed for corporate rehabilitation as a preemptive measure to address potential funding issues following its recent credit rating downgrade. The court’s decision to approve the proceedings was based on the assessment that a funding sh

March 4, 2025

Beyond tariffs: Posco fuels Korea's LNG ambitions with high-manganese steel

With its high-performance steel, Posco is building the backbone of Korea’s LNG infrastructure, from storage tanks to fuel-powered vessels. GWANGYANG, South Jeolla Province — Caught in the crosshairs of protectionism, South Korean steel giant Posco faces the heat of US President Donald Trump’s 25 percent steel tariffs, which are set to go into effect March 12. But Posco’s is still forging new paths at Gwangyang Steelworks, where it is making its patented high-manganese steel, an alloy built to wi

March 3, 2025

On the Eve of Independence Movement Day

People holding the South Korean national flag, the Taegeukgi, gather at a torch event on Friday at Yu Gwan-sun Memorial Park in Cheonan, South Chungcheong Province, to commemorate the 106th anniversary of the March 1st Independence Movement, a Korean resistance effort against Japanese occupation in 1919. (Yonhap)

Feb. 28, 2025

Coupang hits record of W55tr in transaction volume

South Korean e-commerce giant Coupang achieved a record high in estimated transaction volume last year, surpassing 55 trillion won ($38 billion), data showed Tuesday. According to data from market research firm WiseApp Retail Goods, which tracks private spending by Koreans aged 20 and older through credit cards, debit cards and bank transfers, Coupang’s estimated transaction volume reached 55.08 trillion won last year, marking a 23.6 percent increase from 44.5 trillion won in 2023. The company h

Feb. 25, 2025

Samyang’s fiery comeback explained in 2 minutes

Samyang Foods, South Korea’s pioneer in instant ramyeon, found itself tasting defeat in the 1980s, when Nongshim stirred up the market and expanded into the nation’s dominant noodle maker. Yet, with overseas appetites for K-food growing, Samyang appears to be cooking up a comeback -- last year it served up twice the operating profit from only half the revenue pie of its larger rival Nongshim. Decadeslong ramyeon rivalry August 1961: Samyang Foods was founded by Jeon Jung-yoon. The company introd

Feb. 25, 2025

[Photo News] Inspiring new hires

Shinsegae Group Chairman Chung Yong-jin speaks at the group’s ceremonial event held Friday in Seoul, marking the completion of the training period for new employees across all affiliates. This was Chung's first meetup with new hires as the group's chairman, following his promotion last March. Offering warm encouragement, Chung reaffirmed the group’s core principle of prioritizing customers, stressing the importance of understanding their lifestyles and anticipating their needs in the rapidly evo

Feb. 24, 2025

CJ Logistics delivers fighter jet simulators to Poland

South Korea’s leading logistics firm CJ Logistics has successfully transported fighter jet training equipment to Poland, the company announced Monday. Its latest defense logistics project involved transporting two fighter jet training simulators to Poland over five weeks from December 2024 to January, moving a full mission simulator and an operational flight trainer from Korea Aerospace Industries’ factory in Goseong, South Gyeongsang Province, to the Polish Air Force base in Minsk Mazowiecki. G

Feb. 24, 2025

Spicy success: Buldak boom drives Samyang’s record profits

Samyang surpasses Nongshim, Korea's No. 1 ramyeon maker, in profits for first time since 1998 Korea’s top instant noodle maker, Nongshim, appeared to maintain its market leadership last year with 3.43 trillion won ($2.37 billion) in annual revenue -- double the 1.73 trillion won posted by Samyang Foods, the country’s first instant ramyeon manufacturer and long-time market rival. Yet, a deeper look into their profit figures belies a reversal of fortunes, as Samyang, the company behind the globall

Feb. 23, 2025

Bereaved families mourn at fire site

Family members of the victims of the Feb. 14 fire at the Banyan Tree Hotel construction site in Gijang-gun, Busan -- which claimed six lives and injured 27 others -- gather at the site on Saturday, mourning their loss. On the same day, the bereaved families held a press conference, urging a thorough investigation into the cause of the incident and demanding accountability for those responsible. (Yonhap)

Feb. 22, 2025