Samsung Electronics Vice Chairman Lee Jae-yong (third from left) visits the company’s semiconductor packaging plant located in Onyang, South Chungcheong Province, Tuesday. S(amsung Electronics)
South Korea’s major corporate groups are tightening their supervision of key businesses as they brace for repercussions from the possible expansion of Japan’s trade curbs, according to industry sources Tuesday.
Samsung Electronics’ de facto leader Vice Chairman Lee Jae-yong visited the company’s semiconductor packaging plant located in Onyang, South Chungcheong Province, to check out the chipmaking operations.
He held a meeting with the top executives of the chipmaking, TV, display, battery and electro-mechanics divisions on Monday and urged them not to dread the situation but be vigilant.
SK Group Chey Tae-won also convened an unprecedented emergency meeting of the top brass of affiliates, known as Supex, on Monday amid growing concerns about the possibility of Japan expanding the current restrictions on exports of key semiconductor and display materials to other industries.
It was the first time that the group’s owner attended a Supex meeting.
During the meeting, he called for unity among the affiliates to overcome the looming crisis.
If Japan officially decides to step up its curbs on exports to Korea, the battery making and other electronic parts affiliates of Samsung and SK are expected to be hit in addition to the semiconductor businesses.
According to Hyundai Motor, LG and Lotte, they are also tightening their monitoring of the trade dispute, but no official meeting of the top brass has been confirmed.
By Song Su-hyun (firstname.lastname@example.org)