Latest news with #K2BlackPanther
Korea Herald
20-04-2025
- Business
- Korea Herald
4 major defense firms set to report robust results in Q1
South Korea's four major defense industry companies are estimated to report robust earnings results for the first three months of the year on increased orders, a survey showed Sunday. The four defense firms -- Korea Aerospace Industries Co., Hanwha Aerospace Co., Hyundai Rotem Co. and LIG Nex1 Co. -- are expected to report a combined operating profit of 657 billion won ($461 million) in the first quarter, compared with 197.1 billion won posted in the first quarter of last year, according to a survey of local brokerages conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency. Their combined sales are projected to jump 24.5 percent on-year to 5.1 trillion won, the survey showed. Hanwha Aerospace is expected to be the best performer among the four majors. Its operating profit is estimated to soar to 328.7 billion won in the March quarter from 37.4 billion won a year ago, while sales will jump 14.7 percent on-year to 2.12 trillion won. Strong overseas demand for its mainstay products, including the K-9 self-propelled howitzer and Chunmoo multiple launch rocket system, drove up Hanwha Aerospace's first-quarter outlook, according to brokerages. Global demand for Korean-made defense products has been on the rise amid the prolonged Russia-Ukraine war, escalating conflicts in the Middle East and the strategic rivalry between the United States and China. To meet such a demand, Hanwha Aerospace said last month it will invest 11 trillion won for four years through 2028 to become a global top-tier player in the defense industry. It aims to achieve an operating profit of 10 trillion won on sales of 70 trillion won in 2035. Helped by strong demand for its K2 Black Panther battle tank, Hyundai Rotem looks set to post an operating profit of 201 billion won in the first quarter, soaring from 44.68 billion won a year ago. Its sales are set to jump 71.3 percent on-year to 1.28 trillion won from 747.78 billion won. KAI, the country's sole aircraft manufacturer, is forecast to report an operating profit of 57.3 billion won, up 19.4 percent from a year ago. Its sales are set to rise 9.6 percent to 811 billion won. KAI expects its earnings will improve in the second half as it aims to receive 8.5 trillion won in fresh orders to build aircraft, including the FA-50 light attack aircraft and the Surion utility helicopter, in countries like the Philippines and the Middle East. (Yonhap)
Morocco World
18-04-2025
- Business
- Morocco World
Morocco Eyes Purchase of Korean Tanks, Submarines, and Air Defense Systems
Rabat – Morocco is exploring new opportunities in defense cooperation with South Korea, as economic ties between the two countries continue to grow, Arab Defense reported. During an official visit to Seoul, Morocco's Minister of Industry and Trade, Ryad Mezzour, expressed strong interest in advanced South Korean military systems, including the K2 Black Panther tank, the KSS-III submarine, and the Cheongung air defense system, according to the report. This visit comes shortly after Morocco signed a major railway deal with South Korean company Hyundai Rotem, worth around €1.5 billion. The agreement included the purchase of double-decker train units and has paved the way for deeper cooperation in other sectors, including defense. According to Korean media reports, Mezzour took a close look at several military systems produced by South Korean companies. He showed particular interest in the K2 Black Panther tank, a high-tech tank equipped with a 1,500-horsepower diesel engine. The minister also showed interest in the KSS-III submarine; added the report. The 3,000-ton submarine, developed and built entirely in South Korea, has been in service since 2018 and is being considered by countries like Canada and Poland to upgrade their naval fleets. Morocco is also reportedly eyeing the Cheongung (KM-SAM) air defense system, designed to intercept both fighter jets and ballistic missiles. Its improved version, Cheongung 2, has already been exported to several countries in the Middle East. While in Seoul, Mezzour held meetings with key South Korean government officials, including Kim Hee-sang from the Ministry of Foreign Affairs and Ahn Duk-geun, Minister of Trade, Industry and Energy. The discussions focused on starting negotiations for an economic partnership agreement and creating a non-binding but structured framework to boost trade and investment between the two countries. Both sides agreed to work together more closely to face global economic challenges, such as supply chain disruptions and rising protectionism.
Korea Herald
03-04-2025
- Business
- Korea Herald
Foreign envoys witness — and ride — Korea's K2 tank, K9 howitzer in action
CHANGWON, South Gyeongsang Province — Foreign ambassadors and diplomats from 15 countries climbed aboard the K2 Black Panther tank and K9 Thunder self-propelled howitzer for a ride during a visit to production facilities, where they witnessed the assembly process firsthand. The Foreign Ministry-led tour provided diplomats with an A-to-Z and behind-the-scenes look at Korea's homegrown defense systems — from the assembly line on the factory floor to a live demo of how they performed in the field. Second Vice Foreign Minister Kang In-sun hosted a two-day event, inviting diplomatic delegations to tour the defense production plants of Hyundai Rotem and Hanwha Aerospace in the city of Changwon on Wednesday as well as Korea Aerospace Industries in the city of Sacheon, South Gyeongsang Province, on Thursday. Eight ambassadors from Greece, New Zealand, Norway, Romania, Saudi Arabia, Slovakia, Thailand and Uzbekistan, as well as Polish Acting Ambassador to South Korea Artur Gradziuk, took part in the tour. Also in attendance were the Deputy Heads of Mission from Iraq and Peru; defense attaches from Australia, Colombia and the Philippines; and a political counselor from Vietnam. "I find the visits to be a very impressive demonstration of Korea's advanced defense technology and innovation," Tanee Sangrat, Thailand's ambassador to South Korea, told The Korea Herald. "As a close partner of Korea, Thailand's armed forces and private sector collaborate with Korean corporations on current maintenance and repairs, as well as future acquisitions." The core message of the tour was simple: South Korea's homegrown weapons systems are characterized not only by their exceptional performance — developed over decades against existential threats from North Korea — but also by the country's unmatched capacity for mass production and ability to provide integrated maintenance, repair and overhaul, or MRO, support. 'We possess an unprecedentedly fast and comprehensive system for supplying tanks, unmatched globally,' Kim Doo-hong, Hyundai Rotem's chief financial officer, told the diplomatic corps. "We have achieved an operational readiness rate close to 100 percent for equipment used by the Korean military due to our fully integrated logistics support system." The diplomatic corps explored Korea's high-tech defense production on a tour of Hyundai Rotem, where K2 Black Panther tanks are assembled and produced. The tanks are scheduled for delivery to Poland and Peru, as Hyundai Rotem signed a contract with Peru's FAME SAC in November 2024 — the first K2 export to the Latin American continent — and a 2022 framework agreement with Poland to deliver 180 units by the end of this year. At Hanwha Aerospace, the assembly process of the K9 Thunder self-propelled howitzer was observed. The ambassadors and diplomats were briefed on the streamlined production process — it takes only 100 working days to manufacture a K9 howitzer from the initial welding stage to final testing. In a white-knuckle finish, pairs of diplomats rode the K2 Black Panther tank and K9 Thunder howitzer: one taking the commander's seat while the other sat in the gunner's. The K2 tank and K9 howitzer tore across an open field with tight turns and sudden, fast accelerations, allowing foreign diplomats to experience the mobility and power of home-grown weaponry of South Korea in all its might. Kang rode in the gunner's seat of the K2 tank with Saudi Ambassador to South Korea Sami M. Alsadhan, who sat in the commander's seat. 'It was a meaningful opportunity to witness firsthand the production process of Korea's weapons systems,' Alsadhan said, expressing hopes for continued progress in Korea–Saudi Arabia defense industry cooperation. The diplomatic corps members and ambassadors appeared visibly impressed with the speed and agility of the K2 tank and K9 howitzer, providing a thumbs-up of appreciation. One of the ambassadors who rode the K2 said it was "Faster than I expected." Those riding the K9 howitzer were given a taste of the vehicle's mobility as it traversed the open field at its top speed of 67 kilometers per hour. The diplomatic corps also had the opportunity to ride in an FA-50 light combat aircraft on the tarmac and production site of South Korea's first homegrown KF-21 fighter, which recently commenced mass production, during their Thursday visit to KAI. The Foreign Ministry said it would spearhead tailored diplomatic efforts to position Korea among the world's top four defense exporters by 2027. 'The Korean government is making every effort to provide diplomatic support to enhance defense cooperation with a wide range of countries,' Kang said, calling for the diplomatic corps to show strong interest in advancing defense industry cooperation with South Korea.
Korea Herald
13-02-2025
- Automotive
- Korea Herald
Tanks, but no thanks: Hyundai Rotem denies Steaua Bucharesti takeover talks amid K2 export bid to Romania
South Korea's Hyundai Rotem Co. on Thursday dismissed reports suggesting it was in talks to take over the management of Romania's government-owned Steaua Bucharesti football club, amid ongoing discussions with the Romanian defense ministry over a potential battle tank deal. The denial comes as Hyundai Rotem, a defense and railroad system affiliate of Hyundai Motor Group, is negotiating the export of its K2 Black Panther battle tanks to Romania. The company has been engaged in talks with the Romanian defense ministry since 2022, following the signing of a defense cooperation agreement. As part of the negotiations, Hyundai Rotem delivered a K2 tank to Romania in March 2024 for live-fire testing. The company's proposal reportedly includes technology transfers and local industrial collaboration, as Romania seeks to modernize its armored vehicle fleet. As discussions over Romania's potential purchase of hundreds of K2 tanks continue, Romanian media recently reported that the country's defense ministry was considering transferring management of Steaua Bucharesti to Hyundai Rotem as part of the defense deal. The club, currently competing in Liga 2, Romania's second-tier football division, is ineligible for promotion to Liga 1 under its ministry-controlled structure, as league regulations prohibit state-owned teams from competing in the top division. Romanian news outlet Gandul, citing defense sources, reported recently that the Romanian Army is expected to sign a contract this summer for military equipment produced by Hyundai Rotem. The report said Romanian military officials had discussed the possibility of Hyundai Rotem financially supporting the football club, adding the team "could be taken over by one of the largest arms manufacturing companies in the world this summer." Hyundai Rotem quickly dismissed the report. "There have been no discussions whatsoever regarding the acquisition or management of any football team," a Hyundai Rotem official told Yonhap News Agency. Steaua Bucharesti has yet to respond to a request for comment sent from Yonhap via email. Despite the company's denial, speculation persists that the Romanian government is seeking an investor to take over the club's operations. Observers note that the defense ministry has invested 94.7 million euros ($97.8 million) in Steaua Bucharesti's stadium, completed in 2020, and remains eager to see the team promoted to Liga 1. While Hyundai Rotem has denied any involvement with Steaua Bucharesti, it has previously signed a sponsorship agreement with the Romanian defense ministry's handball team. This may have fueled the speculation that the company could be considered a candidate for involvement with the football club, though no formal discussions have been confirmed. Addressing the latest media reports, the Hyundai Rotem official stated, "There seems to have been some internal miscommunication within Romania." Steaua Bucharesti was originally founded as the Romanian Army's football team in 1947. It was privatized in 2003 when businessman and football tycoon Gigi Becali took control. However, a lengthy legal dispute ensued, culminating in a Romanian court ruling in 2017 that the defense ministry retain ownership of the club's name and history. This led to the reestablishment of a government-run Steaua Bucharesti, while Becali's team was renamed FCSB. A Romanian defense industry observer, who requested anonymity, noted that for Steaua Bucharesti to compete in Liga 1, it would require private ownership. "The team needs a private board to qualify for Liga 1, and a potential 'Hyundai Rotem Romania' -- if the company were to establish a local tank production unit -- could provide such an opportunity," he said. (Yonhap)
