Steelmakers face tough road ahead on US tariffs

South Korean steelmakers are facing new and tough challenges in the US market as the US government began imposing tariffs on all steel and aluminum imports Wednesday. US President Donald Trump has announced a wide range of levies on some of his country's trading partners since taking office in January. Among them are 25 percent tariffs on steel and aluminum imports that kicked off at 1:01 p.m. Wednesday, Korea time. In response to the steep tariffs, Korean steel firms, including Posco and Hyunda

March 12, 2025

Acting justice minister says court's decision to release Yoon was unjust

Acting Justice Minister Kim Seok-woo said Wednesday he considered a court's decision to release impeached President Yoon Suk Yeol from jail "unjust." Yoon, who was detained in January on charges of inciting an insurrection through his failed bid to impose martial law on Dec. 3, was released from jail last Saturday as the court allowed the suspended president to stand trial without detention, citing some questions over investigations into his charges. "I think the court's verdict needs to be rect

March 12, 2025

Seoul shares rise almost 1.5% on chip, battery gains

South Korean stocks finished nearly 1.5 percent higher Wednesday, as investors scooped up semiconductor and battery shares despite overnight losses on Wall Street. The local currency rose sharply against the greenback. The benchmark Korea Composite Stock Price Index gained 37.22 points, or 1.47 percent, to close at 2,574.82. Trade volume was moderate at 396.7 million shares worth 12.23 trillion won ($8.44 billion), with winners outpacing losers 509 to 354. Foreign and institutional investors tog

March 12, 2025

Govt. will work to allow extension of work hours for semiconductor workers: acting president

Acting President Choi Sang-mok said Wednesday the government will work to allow semiconductor workers to put in extra hours when needed and adopt measures to foster the development of new technologies and industries to ensure the country's sustainable growth amid intensifying global competition. Choi made the remarks at a regular meeting of economy-related ministers, saying the country's "technological capability equals the national strength." "The government will work to foster the growth of ar

March 12, 2025

S. Korea, US Marines hold joint infantry drills

South Korean and US Marines have staged a 10-day joint infantry exercise, the South's Marine Corps said Wednesday, in continued efforts to enhance their combined combat capabilities. Some 440 troops from South Korea's 2nd Marine Division and the US 3rd Marine Expeditionary Force took part in the drills launched on March 3 and conducted in training facilities in Gimpo and Ganghwa, northwest of Seoul, according to the Marine Corps. In the first segment of the training, Marines from both sides were

March 12, 2025

S. Korea, Mongolia agree to strengthen cooperation in rare metal supply chain

South Korea and Mongolia have agreed to bolster bilateral cooperation in the supply chain of rare metals and other critical minerals, Seoul's industry ministry said Wednesday. The two sides held the second round of rare metal cooperation committee meetings in Seoul earlier in the day as a follow-up measure to the agreement on rare metals supply cooperation reached between their prime ministers in 2023, according to the Ministry of Trade, Industry and Energy. The cooperation will help Mongolia de

March 12, 2025

S. Korea's energy consumption grows at slower-than-average pace in 2022 on pandemic

South Korea's energy consumption grew at a sharply slower pace in 2022 than in previous years mainly due to limited transportation during the COVID-19 pandemic and lower demand from households, the industry ministry said Wednesday. The country's overall energy consumption stood at 230 million tons of oil equivalent in 2022, edging up 0.5 percent from the corresponding tally for 2019, according to the Ministry of Trade, Industry and Energy. South Korea has been conducting a national energy survey

March 12, 2025

Samsung Electronics official elected group chief of intl. communications standards body

Samsung Electronics Co. said Wednesday one of its officials has been elected chair of a key technical group under the 3rd Generation Partnership Project, a leading international telecommunications standards development organization. At a recent plenary session, Kim Youn-sun at Samsung Research, an information technology, and telecommunications research and development arm of Samsung Electronics, was picked as the head of the Technical Specification Group Radio Access Network within 3GPP, accordi

March 12, 2025

Bond sales rise on strong demand in Feb.

Bond sales in South Korea rose sharply from a month earlier in February, helped by strong demand for corporate bond issues, data showed Wednesday. The value of bonds sold last month came to 86.1 trillion won ($59.2 billion), up 14.7 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. The value of outstanding bonds rose 39 trillion won to 2,882 trillion won over the cited period. Last month, corporate bond issuance added 7.4 trillion won to 19

March 12, 2025

Navy conducts maritime rescue drills in conjunction with joint exercise with US

The Navy conducted maritime search and rescue drills Wednesday in waters off the country's eastern coast as part of an annual combined exercise held between South Korea and the United States. The exercise, which mobilized a P-3 maritime patrol aircraft, two UH-60 helicopters and two CARV-Ⅱ aircraft, was designed to train troops to swiftly search for and rescue wounded service members and transfer them to a rear area while providing emergency care, according to the Navy. "The key of air search an

March 12, 2025