
Samsung Electronics wins W22.8tr order for chips
In a regulatory filing, the South Korean tech giant said it signed a foundry contract set to be completed by Dec. 31, 2033.
The company did not disclose the identity of the client or the specifics of the deal, citing "management confidentiality."

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Korea Herald
3 minutes ago
- Korea Herald
Trump says he'll meet S. Korean trade delegation with 'offer to buy down' tariffs
US President Donald Trump said Wednesday that he will meet a South Korean trade delegation in the afternoon to listen to their "offer to buy down" the proposed 25 percent "reciprocal" tariffs. Trump made the remarks in a social media post as South Korean negotiators are striving to reach a trade deal with his administration before Friday, when the steep reciprocal tariffs are set to take effect unless an agreement is reached. "I will be meeting with the South Korean Trade Delegation this afternoon," he wrote on Truth Social. "South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is." In hopes of finding a breakthrough, Seoul officials have proposed a large-scale investment initiative, dubbed "Make American Shipbuilding Great Again," as the Trump administration seeks to rebuild America's shipbuilding industry in the face of China's overwhelming shipbuilding capacity. South Korea's Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo are currently in Washington. They have held rounds of talks with Commerce Secretary Howard Lutnick this week, while Koo and Yeo are scheduled to meet Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer on Thursday. (Yonhap)


Korea Herald
43 minutes ago
- Korea Herald
Ramyeon makers vie to acquire suppliers for flavor 'soupremacy'
Samyang, Nongshim snap up sauce suppliers amid export boom The fierce rivalry between South Korean instant noodle giants Nongshim and Samyang Foods is flaring up again. This time, it's over control of a closely guarded flavor secret: the soup base. Samyang Foods, the maker of the global hit Buldak noodle series, was the first to make a move, with a 60 billion won ($43 million) stock purchase deal currently in the works to acquire local sauce maker GnF. The local sauce manufacturer has long supplied powdered seasonings to major food companies, including Nongshim, Pulmuone and Ottogi. Last year, it posted 41.7 billion won in revenue and 3.2 billion won in operating profit. If the deal goes through, it would mark Samyang's first merger and acquisition exceeding 50 billion won since its founding in 1961. 'The acquisition has not been finalized, including its timeline,' a company official said. 'We are still reviewing various aspects of the deal.' Yet the move is widely seen as a preemptive strike to secure production capacity amid soaring export demand. Until now, Samyang Foods has largely relied on original equipment manufacturers to produce its liquid and powdered soup bases. The acquisition, industry insiders say, would allow the company to fast-track cost savings by making key ingredients in-house. The deal could also send ripples through the industry, as rival clients previously supplied by GnF may now be forced to seek alternative sources for their seasonings. Meanwhile, Nongshim Holdings, the parent company of food and beverage giant Nongshim, announced last Friday that it will acquire 100 percent of local sauce maker Sewoo for nearly 100 billion won in August. Sewoo, known for its family ties to Nongshim Chairman Shin Dong-won, has been a key supplier of soup ingredients for Nongshim's flagship product Shin Ramyun. The company recorded 136.8 billion won in revenue and 10.6 billion won in operating profit last year. With the acquisition, Nongshim is expected to strengthen its in-house capabilities in seasoning and sauce production, enhancing both product quality and manufacturing efficiency. 'We decided to acquire Sewoo to reinforce synergies across our food manufacturing supply chain and boost product competitiveness,' a Nongshim Holdings official said, adding that the group plans to continue expanding its food business through strategic acquisitions. With global demand for Korean ramyeon rising and pressures mounting from stricter quality standards and supply chain instability overseas, in-house soup production offers a strategic hedge for ingredient stability and cost control, according to industry officials. 'Bringing it in-house allows for more precise control and easier adaptation to overseas markets,' one industry insider said. 'Given ramyeon's heavy reliance on the soup base for taste and quality, it not only helps prevent technology leaks but also secures a stable supply chain." Samyang Foods generated nearly 80 percent of its total revenue from overseas markets last year, while Nongshim earned just under 40 percent of its revenue abroad. Soup bases, known for their complex blend of ingredients, signal a broader shift in how Korea's food conglomerates approach sauce production, as even a minor change in formulation can dramatically alter the flavor. 'Soup bases also have broad applications beyond ramyeon, including in frozen foods and the wider seasoning market,' another industry official noted.


Korea Herald
9 hours ago
- Korea Herald
S. Korea's finance minister to hold tariff negotiations with Bessent late Thursday, Korean time
South Korean Finance Minister Koo Yun-cheol will hold tariff negotiations with US Treasury Secretary Scott Bessent in Washington on late Thursday (Seoul time), his office said Wednesday. The talks are scheduled to take place at 10:45 p.m, according to Seoul's finance ministry. Top officials from Seoul are in the United States in all-out efforts to finalize a trade deal with the US before Friday's deadline, when the 25 percent reciprocal tariffs will take effect. (Yonhap)