With HD Hyundai Heavy Industries (HHI) having won a contract to build 17 carriers for the second phase of Qatar Energy’s liquefied natural gas (LNG) carrier project which is said to be worth up to US$12 trillion, much attention is being paid to how big orders Hanwha Ocean and Samsung Heavy Industrie
South Korea’s defense industry is projected to post robust results in the third quarter, with both sales and operating profits expected to increase compared to last year.According to industry sources on Oct. 26, as third-quarter results for domestic defense companies are to be announced by the end o
HD Hyundai announced on Oct. 26 that HD Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding intermediate holding company, has signed a contract with Qatar Energy for the construction of 17 144,000-cubic-meter LNG carriers.Each of the LNG carriers ordered will be 299 meters long, 46.4 me
Hyundai Steel will build a third-generation steel plate production facility in preparation for the era of electrification and establish a subsidiary specializing in steel pipes, Hyundai Steel Pipe, to secure a future growth driver.The company took the wraps off the blueprints through its third-quart
Amid growing global attention on the Middle East due to an armed conflict between Israel and the Palestinian militant group Hamas, the number of overseas subsidiaries established by large Korean companies has surpassed 110 in major Middle Eastern countries, according to a survey.The Korea CXO Instit
Officials from the Suseo High-Speed Railway operator SR and Hyundai Rotem are under investigation in connection with a suspected 1 trillion won (US$738 million) bid-rigging scandal involving third-generation high-speed train procurement.According to the police on Oct. 17, the Financial Crimes Invest
Hyundai Rotem, as a leading contender in the terrestrial weapon systems, is recognized globally for its top-tier competitive and technological prowess. Its market strategy includes an impressive portfolio of terrestrial weapon systems from the latest K2 tanks to wheeled armored vehicles and a compre
The labor unions of six subsidiary parts companies under the Hyundai Motor Group have initiated the first-ever joint strike within the Hyundai Motor Group. They demand equal performance bonuses and special incentives with Hyundai Motor and Kia Motors while advocating for the elimination of hierarchy
Hyundai Engineering, in collaboration with Hyundai E&C, has secured a colossal project in Saudi Arabia worth US$2.3 billion for the expansion of a major gas plant.On Oct. 23 (local time), at the NEOM Exhibition Hall in Riyadh, Saudi Arabia, during the 50th Anniversary Celebration of Korea-Saudi Cons
During President Yoon Seok-yeol’s state visit to Saudi Arabia, a total of 46 memoranda of understanding (MOUs) and contracts were signed at the 2023 Korea-Saudi Investment Forum. This signifies a boost in economic cooperation between the two nations across various industries, including electric vehi
HD Korea Shipbuilding & Offshore Engineering (KSOE) said that it is considering securing overseas shipyards to reduce costs and procure abundant human resources.“We need to think about how to maintain our market share and run our business in the long term,” Park Seung-yong, chief operating officer (
Samsung SDI and Hyundai Motor Group have entered into an agreement for the supply of electric vehicle batteries for the first time. Following their collaboration in automotive electrical and electronics parts, including semiconductors, this expansion into the battery sector marks the broadening of t
The Korea Chamber of Commerce and Industry (KCCI) suggested in a report that Korea cooperate with major Middle Eastern countries such as Saudi Arabia, the United Arab Emirates (UAE), and Qatar in the fields of future energy, electric vehicles and defense.The KCCI released the report on economic coop
Hyundai Motor and Kia Motors have successfully settled their wage and collective bargaining agreements (CBA) without labor disputes for the second consecutive year, but the aftermath poses significant challenges. The labor unions of Hyundai and Kia have managed to secure the highest-ever wage increa
Over the past seven years, the Korea Fair Trade Commission (KFTC) has fined big Korean companies more than 4 trillion won for violating the Fair Trade Act and other laws.Among them, the KFTC imposed the largest amount of fines (265.5 billion won for nine cases) on Hyundai Motor Company. The amount o
The ongoing takeover battle for HMM, which had been a three-way competition between Harim Group, LX Group, and Dongwon Group, could face another twist. There’s speculation that POSCO might enter the acquisition fray, intensifying the competition among potential acquirers. Amid this, the prospective
Hyundai Motor Group will apply all-solid-state batteries considered a next-generation innovative battery to its major electric vehicle models in 2030 at the latest. All-solid-state batteries have higher energy density than lithium-ion batteries currently in use, allowing for longer driving distances
President Yoon Suk-yeol will visit Saudi Arabia and Qatar on a four-day, six-night state visit starting on Oct. 21. This will mark the first time a Korean head of state has paid a state visit to Saudi Arabia and Qatar.President Yoon will arrive in Riyadh, the capital of Saudi Arabia, on Oct. 21 (loc
Korea Aerospace Industries (KAI) and Hyundai Rotem announced on Oct. 19 that they have signed a memorandum of understanding (MOU) for future space sector cooperation at Seoul International Aerospace & Defense Exhibition (Seoul ADEX 2023) on Oct. 18.KAI has earmarked its space mobility venture as one
The Korean defense industry is accelerating its penetration of the global defense market with powerful weapon systems and differentiated technological competitiveness. For example, major Korean defense companies posted record exports of US$17.3 billion in 2022 and are on track to reach US$20 billion