Korean steelmaker Hyundai Steel introduced its new mascot Yonggangi on Tuesday. Yonggangi, named after “yonggang,” which means purified molten iron in Korean, symbolizes the value of the steel industry and embodies a dynamic corporate culture, the company said. The mascot is portrayed as a people-loving guardian of the company’s facilities and processes who was born in the steel mill and grows alongside the employees. Known for its friendly personality, the character eagerly pa

South Korean bakery giant SPC Group said Tuesday it has opened its first Paris Baguette franchise store in the UK, marking its debut in franchising within the European market. Paris Baguette had previously operated company-owned stores in Europe, including France and the UK. The first franchise store, which is Paris Baguette’s third outlet in the UK, is located in Canary Wharf, a financial business district in east London. The Canary Wharf store occupies a 50-seat space on the first floor

Global tobacco giant British American Tobacco on Monday officially launched its synthetic nicotine-based liquid e-cigarette, Nomad Sync 5000, in South Korea, the first market in the world to release the product. The Nomad Sync 5000, available in sweet “Purple” and refreshing “Cold” flavors, offers up to 5,000 puffs with a liquid capacity of 10 milliliters and a nicotine concentration of 0.9 percent. Priced at around 17,000 won ($12), the product is now available at vape s

Doosan Group’s ambitious corporate restructuring plan, which will separate Doosan Bobcat from Doosan Enerbility and merge it into Doosan Robotics, is entering its final stages. Following regulatory approval last Friday, the proposal now awaits a vote at a shareholders’ meeting on Dec. 12, marking the completion of a process that began four months ago. The restructuring process has undergone six amendments to its securities filings since the plan was first announced on July 11, as Doo

The Purme Foundation, a South Korean nonprofit dedicated to helping people with disabilities lead independent lives, has been awarded the Grand Prize at the 2nd annual HD Hyundai Honor Awards. The announcement was made Sunday by the HD Hyundai 1% Nanum Foundation, which organizes the awards. The HD Hyundai Honor Awards were created to spotlight individuals and organizations making a real difference in their communities. Winners are chosen for their efforts to tackle social challenges and promote

South Korean builder Daewoo Engineering & Construction said Friday that Chairman Jung Won-ju was honored with the Mahatma Gandhi International Award in recognition of his efforts to strengthen economic cooperation and exchanges between South Korea and India. The award, an accolade presented by the New Delhi-based Non-Resident Indians Welfare Society, recognizes international figures who foster mutual understanding and strengthen cultural and economic ties between India and other nations. Jun

Mercedes-Benz Korea announced Thursday that it invited nine promising Korean startups to its headquarters in Stuttgart, Germany, earlier this month as part of its efforts to foster global growth opportunities for innovative companies. The five-day program, held in collaboration with the Korea University Research and Business Foundation, Sejong, ran from Nov. 11 to Nov. 15. The selected startups toured Mercedes-Benz’s Sindelfingen plant and the Mercedes-Benz Museum to learn about the automa

South Korean food company CJ CheilJedang announced Thursday it plans to build new production facilities in Hungary and the US as part of efforts to expand its presence in global markets. According to the company, the new Hungarian plant will be located on a 115,000-square-meter site in Dunavarsany, a town near the Budapest metropolitan area. With an investment of 100 billion won ($71.3 million), the new facility will feature advanced automated production lines. Production is expected to begin in

South Korean home appliance maker Coway has introduced new products designed to improve indoor air quality and provide personal comfort during the winter season. The Dual Clean Humidifier Air Purifier, one of Coway’s flagship products, is designed to tackle dry indoor air and poor air quality in winter. According to Coway, the device integrates a four-stage filtration system -- featuring a pre-filter, air matching filter, deodorization filter and fine dust collection filter -- to remove up

South Korean steel giant Posco Group said Wednesday that it will shut down a wire rod mill at its steelworks in Pohang, North Gyeongsang Province, citing global oversupply. The company explained that the decision reflects recent market challenges, including the ongoing global steel surplus, aging facilities, and the impact of China’s low-cost exports. According to Posco, the global wire rod market in 2023 had a production capacity of approximately 200 million metric tons, while demand reac

Samsung Biologics said Wednesday that its cumulative orders this year have exceeded 5 trillion won ($3.59 billion), driven by consecutive large-scale deals with global pharmaceutical companies. In a regulatory filing, the company announced two new contract manufacturing agreements with a European pharmaceutical firm worth a combined 930.4 billion won. While specific product details remain undisclosed, the contracts will run through December 2031. As of November, Samsung Biologics has secured 11

Daewoong Pharmaceutical announced Tuesday that it has filed for a domestic patent for a new obesity drug that suppresses appetite and promotes fat burning. The company said the candidate drug targets both GLP-1 and GIP receptors and is designed as a small molecule-based oral agonist. GLP-1 and GIP are hormones that help regulate blood sugar levels and body weight. GLP-1 boosts insulin secretion to control blood sugar and suppress the appetite, while GIP supports insulin release and promotes fat

Young Poong’s bid to buy Korea Zinc has been met with concerns that the takeover of the world’s largest zinc smelter could erode its position in the global markets and cause high-tech supply disruptions. Industry watchers have cast doubt over the ability of Young Poong and private equity firm MBK Partners to run Korea Zinc, which exerts negotiation power in setting global zinc prices. “Based on Korea Zinc’s track record in the zinc smelting market, which has been built

LG Chem is ramping up efforts to strengthen ties with partner companies through a series of new initiatives to promote sustainable development across its supply chain, the firm said Sunday. The South Korean chemicals giant outlined five key strategies under its “Shared Growth Solutions” framework: promoting fair trade, providing financial support, advancing environmental, social and governance practices, enhancing partner capabilities and improving communication. As part of the plan,

Hyundai Motor Group appointed Jose Munoz, global chief operating officer at Hyundai Motor Co., as the next CEO of the auto brand on Friday, marking the conglomerate’s first-ever appointment of a foreign leader. The appointment is to take effect on Jan. 1. Munoz, a native of Spain and a US citizen, joined the Korean automaker in 2019 and has served as president and global COO of Hyundai Motor Co. as well as president of Hyundai and Genesis Motor North America. “Through strengthening d

Hanwha Group Chairman Kim Seung-youn has taken a top position at the conglomerate’s main defense affiliate, Hanwha Aerospace, to ramp up the firm’s global expansion. According to Hanwha Aerospace’s quarterly report released on Thursday, Kim has been appointed as the defense firm's chairman. With the newly given title, the Hanwha Group head now has five chair positions, at Hanwha Corporation, Hanwha Solutions, Hanwha Systems, Hanwha Vision and Hanwha Aerospace. “Chair

Samsung Electronics and its largest labor union reached a preliminary agreement on a 5.1 percent pay increase Thursday, officials said, paving the way for ending stalled wage negotiations that have involved a weekslong strike. The tech giant and the National Samsung Electronics Union -- which represents 31,000 workers, or about 24 percent of the company's workforce -- have held multiple rounds of talks since January over the wage increase rate, vacation systems and bonuses without avail. Th

HD Hyundai announced new nominees to head its affiliates on Thursday as the Korean shipbuilding conglomerate aims to cope with changes in the global business environment in the wake of the US presidential election. HD Hyundai Vice Chairman Chung Ki-sun has been promoted to the group’s executive vice chairman. With the promotion, Chung is expected to play a bigger role in leading HD Hyundai’s key projects and eco-friendly and technological innovation, discovering future growth engines

LG Energy Solution has secured a contract to supply up to 8 gigawatt-hour energy storage systems to US renewable energy firm Terra-Gen, the Korean battery-maker announced Thursday. Under the deal, LG Energy Solution Vertech will deliver the ESS to Terra-Gen from 2026 to 2029. The Korean battery maker acquired NEC Energy Solutions, a grid battery integrator based in the US, in 2022 and renamed it LG Energy Solution Vertech. The deal marked the biggest supply contract since the launch of LG Energy

South Korean cosmetics giant Amorepacific has unveiled its new global business strategy, aiming to strengthen its position as a leader in the beauty industry amid the rising influence of Korean culture. At its 2024 Investor Day event in Seoul on Tuesday, CEO Kim Seung-hwan and North America regional headquarters CEO Giovanni Valentini presented the plan to around 80 institutional investors and analysts, emphasizing growth opportunities across both advanced and emerging markets. “As Korean