Ministry Approves Business Restructuring for 8 Companies Including Semiconductors and Batteries... KRW 24.96 Billion Investment, 402 New Hires

Expansion into New Businesses Including AR Glasses, Glass Substrates, and Battery Recycling

Yonhap News Agency

The Ministry of Trade, Industry and Energy announced on April 14 that it convened the 51st Business Restructuring Plan Review Committee and approved the business restructuring plans of eight companies in advanced industries such as semiconductors and batteries.

The approved companies are Seoul Semiconductor, UTI, GSR Tech, IS Chem, Cheongmyeong Giyeon Environment, Eunhye Enterprise, Geonwoo Metal, and Suin Industry. Over the next five years, these companies plan to invest a total of 24.96 billion won and newly hire 402 employees.

Specifically, display component manufacturer Seoul Semiconductor will enter the display module market for augmented reality (AR) glasses based on its proprietary microLED technology. UTI will expand into the glass substrate business for semiconductor packages by leveraging its ultra-thin glass manufacturing technology.

GSR Tech will move beyond its existing refractory construction business for steel blast furnaces to enter the business of extracting and recycling lithium from spent refractories generated after the production of secondary battery cathode materials. This is expected to contribute to strengthening the battery materials supply chain. Geonwoo Metal will apply an artificial intelligence (AI)-based autonomous manufacturing model to its internal combustion engine parts manufacturing technology to develop ring-type power gears for electric vehicles.

The government expects that this business restructuring will lead not only to enhanced corporate competitiveness but also to fundamental improvements in the industrial structure as a whole. Kim Juhun, a civilian member of the Business Restructuring Plan Review Committee, stated, "We highly appreciate the efforts of companies to secure new growth engines by pioneering new markets despite internal and external challenges," adding, "The committee will also actively support business restructuring."

This content was produced with the assistance of AI translation services.