logo
Companies step up to aid wildfire recovery in Uiseong

Companies step up to aid wildfire recovery in Uiseong

Korea Herald25-03-2025

As a wildfire in Uiseong-gun, North Gyeongsang Province, continues for the fifth consecutive day, major financial groups and companies have stepped up to provide relief and recovery support, according to industry sources on Tuesday.
Korea's top four financial groups -- KB, Shinhan, Hana and Woori -- have committed to aiding the recovery efforts in wildfire-stricken areas.
KB Financial Group has donated 1 billion won ($680,000) to support emergency relief, disaster recovery and securing daily necessities and housing for evacuees.
Shinhan Financial Group has also allocated 1 billion won to support wildfire victims, including those injured or killed during firefighting efforts.
Woori Financial Group has donated 1 billion won to the Korean Red Cross through the Community Chest of Korea. Similarly, Hana Financial Group has contributed 1 billion won to the same organization, providing emergency relief supplies.
Dunamu, the operator of cryptocurrency exchange Upbit, has also donated 1 billion won to the Korean Red Cross to assist the affected communities.
Korean shipbuilding conglomerate HD Hyundai plans to provide 1 billion won in relief funds and emergency supplies to support residents in Uiseong-gun, Uljin-gun, and Sancheong-gun -- some of the most severely impacted areas.
As of 4 p.m. on Tuesday, about 33,000 users had donated a total of 221 million won through Naver's online donation platform Happybean.
Kakao's donation platform, KakaoTogether, has raised about 170 million won from users for wildfire relief. Additionally, Kakao has contributed around 29 million won through engagement-based donations, where the company donates 1,000 won for every comment users leave in support of wildfire victims.
Shinsegae Group has also pledged 500 million won to support wildfire recovery efforts. Shinsegae affiliates, including E-Mart, have provided essential supplies, hygiene products and clothing through local governments and relief organizations.
Top instant noodle maker Nongshim has distributed 3,000 emergency food packs consisting of instant noodles and bottled water to wildfire-stricken areas in the Gyeongsang provinces. Another food giant, Ottogi, has provided 10,000 ready-to-eat food products, including cup noodles and instant rice.
Kyochon F&B, the firm behind South Korea's biggest fried chicken franchise Kyochon Chicken, has committed to donating 100 million won in the form of fried chicken and financial aid to support recovery efforts in the affected regions.
Since Friday, wildfires have erupted across multiple regions in Korea, with large-scale blazes in Uiseong-gun, Sancheong-gun and Uljin-gun causing widespread destruction.
According to the Central Disaster and Safety Countermeasure Headquarters, the total wildfire-affected area spans nearly 14,694 hectares, equivalent to one-quarter of the area of Seoul. It also caused 15 casualties, including four fatalities, and left more than 3,300 people displaced.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US steel tariffs on home appliances spark concerns for Samsung, LG
US steel tariffs on home appliances spark concerns for Samsung, LG

Korea Herald

time2 days ago

  • Korea Herald

US steel tariffs on home appliances spark concerns for Samsung, LG

The Trump administration's decision to expand steel tariffs to include washing machines, refrigerators and other household appliances containing steel components is stoking fresh concerns for Korean appliance giants Samsung Electronics and LG Electronics. The Department of Commerce said the steel duties, which are currently at 50 percent, will apply to so-called 'steel-derivative products' starting June 23, in a notice published in the Federal Register on Thursday. Newly affected items include combined refrigerator-freezers, small and large dryers, washing machines, dishwashers, chest and upright freezers, cooking stoves, rages and ovens, food waste disposals and welded wire racks. The duties will apply to the value of the steel content in each import, the notice said, meaning items with higher steel content will face higher tariffs. The decision comes just a week after Trump ratcheted up tariffs on imported steel and aluminum to 50 percent, up from the initial 25 percent announced in March. The latest round of tariffs could significantly affect South Korean electronics giants like Samsung Electronics and LG Electronics that sell a wide range of home appliances in the US market, including refrigerators, washers, dryers, dishwashers and ovens. While both companies operate US facilities, the bulk of their home appliances sold in the American market remains overseas, including in South Korea and Mexico. Much of the steel used in these appliances is also sourced from outside the US. Both Samsung and LG set up production facilities for home appliances during the Trump's first term, largely in response to his tariff policies. Samsung manufactures washing machines in Newberry, South Carolina, while LG produces washing machines and dryers at its plant in Clarksville, Tennesse. With Trump's second term and escalated tariff measures, the two companies are reportedly considering relocating some of its production in Mexico to its US plants. Analysts say tariffs on imported steel could drive up production costs, which companies may have no choice but to pass on to consumers by hiking prices. Samsung and LG together account for around 40 percent of the home appliance market in the US, according to market tracker Traqline. If they raise prices, it could hurt their price competitiveness and reduce sales volume in the all-important American market. "We are closely monitoring the situation in response to the tariffs," said an industry official in condition of anonymity. In response to new tariff measures, South Korea's Ministry of Trade, Industry and Energy on Friday held an emergency meeting with officials from Samsung, LG and their suppliers to assess the situation and discuss possible responses. The ministry said it will continue to operate the task force for the home appliance industry and maintain close communication with appliance manufacturers to monitor the impact and come up with support measures.

Hyundai Steel to supply 100,000 tons of auto steel sheets to GM Korea
Hyundai Steel to supply 100,000 tons of auto steel sheets to GM Korea

Korea Herald

time2 days ago

  • Korea Herald

Hyundai Steel to supply 100,000 tons of auto steel sheets to GM Korea

Hyundai Steel, the automotive steel manufacturing subsidiary under Hyundai Motor Group, is set to supply steel sheets to GM Korea as early as September, following the automaker's strategic decision to shift its supply chain away from China. According to reports on Friday, GM Korea recently informed China's Baoshan Iron & Steel that it would be switching its steel sheet supplier. The company is carrying out quality certification processes before receiving the materials, estimated at 100,000 tons annually and representing 20 percent of its yearly consumption, from Hyundai Steel. This is Hyundai Steel's first deal involving a significant volume, valued at approximately 110 to 180 billion won ($80.3 million-$131.5 million) in sales revenue, with an automaker other than Hyundai Motor Company and Kia. Since entering the auto steel market in 2010, it has relied on Hyundai Motor and Kia for over 80 percent of its supply volume. Industry insiders indicate that GM Korea's supply reshuffle comes after GM's strategy to decouple from China for key materials such as steel in light of the ongoing trade war between the US and China. Following the recent agreement with Hyundai Steel, GM Korea will now use Korean-made steel across its entire vehicle lineup. 'Although Chinese automotive steel is exempt from the recent 50 percent tariffs imposed by the US government on China-made steel and aluminum, the carmaker appears to have chosen Hyundai Steel to mitigate supply risk concerns arising from tensions between the two countries,' said an industry source on condition of anonymity. GM Korea manufactures models, including the Trax Crossover SUV and Trailblazer SUV, at its Bupyeong plant in Incheon, with over 85 percent of production exported to the US market. The source added that there is also a potential for the US to increase tariffs on cars that use Chinese steel. This partnership is also part of the broader alliance formed last year between Hyundai Motor Group and GM, where Hyundai Motor Group Chairman Chung Euisun and GM CEO Mary Barra agreed to collaborate on key strategic areas in the automotive sector. These include sourcing steel and raw materials for batteries as well as joint development and production of passenger and commercial vehicles, internal combustion engines, and electric and hydrogen systems. Experts say Hyundai Steel and GM Korea's new business ties could pave the way for a revamped collaboration between the steelmaker and GM in the US. 'Hyundai Steel is constructing an electric arc furnace-based steel mill in Louisiana, not far from GM's Tennessee plant,' said Kim Pil-su, a car engineering professor at Daelim University. 'As the car manufacturer is pushing to expand production in the US, it could leverage China-free auto steel sheets from Hyundai Steel.' On Wednesday, GM shared its plans to invest $4 billion over the next two years to increase vehicle production at its plants in Michigan, Kansas and Tennessee. The company expects that this expansion will allow it to produce more than 2 million cars annually in the US. In March, Hyundai Motor Group announced that Hyundai Steel looks to invest $5.8 billion to set up its first overseas production base in the US. With commercial production slated for 2029, the steel manufacturing plant's annual capacity is expected to be 2.7 million tons. This facility will specialize in steel sheets for electric vehicles.

Kakao to build W600b data center in Namyangju
Kakao to build W600b data center in Namyangju

Korea Herald

time2 days ago

  • Korea Herald

Kakao to build W600b data center in Namyangju

South Korean internet giant Kakao announced Friday that it would build a 600 billion won ($438.9 million) data center in Namyangju, Gyeonggi Province, marking a major investment aimed at expanding its AI infrastructure. The agreement was formalized during a memorandum of understanding signing ceremony held at the Gyeonggi Provincial Government office, attended by Kakao CEO Chung Shin-a, Gyeonggi Province Gov. Kim Dong-yeon and other officials. Under the MOU, Kakao will invest approximately 600 billion won to construct the AI-based data center, dubbed "Digital Hub" within the Wangsuk New Town. The project marks the company's second data center following its first facility in Ansan, Gyeonggi Province, which was completed last year. Spanning a planned floor area of 92,000 square meters, the Digital Hub will feature high-density server infrastructure optimized for artificial intelligence and next-generation technologies. Construction is scheduled to begin in 2026 with completion targeted for 2029. The facility will incorporate renewable energy sources and environmentally friendly design principles to maximize energy efficiency. Kakao emphasized that the project will strengthen service stability and support the nationwide rollout of AI services accessible to all users. The company also plans to engage in community partnerships by prioritizing local hiring and launching initiatives that assist small businesses in digital transformation and market expansion. 'This 'Digital Hub' will be the backbone of our vision to make AI part of everyday life,' said Kakao CEO Chung Shin-a. 'We're committed to growing together with the Namyangju community through sustainable and inclusive innovation.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store