The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Apr. 22.
Hyundai, POSCO join forces to tackle Trump tariffs
Hyundai Motor Group and POSCO Group have agreed to jointly build a $5.8 billion steel mill in Louisiana, marking a rare collaboration between South Korea’s two largest steelmakers. The partnership also includes collaboration on electric vehicle battery materials. This move comes amid rising U.S. trade protectionism, with both companies seeking to strengthen their positions in North America. Despite their history of rivalry, the agreement reflects a shift toward cooperation.
S. Korean firms among top donors to Trump’s inauguration
Samsung Electronics quietly donated $315,000 to U.S. President Donald Trump’s January inauguration via its U.S. subsidiary, joining Hyundai, Hanwha, and Coupang among major Korean firms contributing to the record $239 million raised. With foreign entities barred from donating directly, Korean companies funneled support through their U.S. arms, aligning with global tech and industry giants also backing Trump’s second term.
Hanwha Aerospace boosts European presence with local production
Hanwha Aerospace is accelerating its European expansion by setting up local production in Poland and Romania. The company will produce guided missiles and K9 howitzers to meet growing EU demands for domestically made defense systems. This move comes as the EU tightens regulations to prioritize local manufacturers, with Hanwha focusing on technology transfer and workforce development to strengthen its market position.
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