SEOUL, July 27 (Korea Bizwire) – LG Chem Ltd. said Wednesday its second-quarter net income shrank 54.1 percent from a year earlier, dented by higher oil prices, global inflation and China’s COVID-19 lockdowns. Net income came to 718.3 billion won (US$547 million) in the April-June period, compared with 1.56 trillion won the previous year, the [...]
SEOUL, July 27 (Korea Bizwire) — Lotte Chemical Corp., a unit of South Korean retail giant Lotte Group, said Wednesday it is building its first cathode foil production facility in the United States, as it pushes to bolster its battery components business. Lotte Chemical and Lotte Aluminum, another Lotte affiliate, will invest US$254 million in [...]
SEOUL, July 27 (Korea Bizwire) — South Korea held a ceremony to mark the completion of a new hydrogen production plant in the city of Pyeongtaek, the first such facility in the metropolitan area, the industry ministry said Wednesday. The base in Pyeongtaek, some 70 kilometers south of Seoul, is the country’s second hydrogen production [...]
SEOUL, July 27 (Korea Bizwire) — LG Chem Ltd. said Wednesday it has clinched a long-term supply agreement with General Motors Co. to provide the U.S. carmaker with key materials for electric vehicle (EV) battery cells. LG Chem, the country’s leading chemical firm, will supply more than 950,000 tons of cathode materials under the eight-year [...]
SEOUL, July 26 (Korea Bizwire) — The exports of petroleum products by major refiners in South Korea hit a record high of US$27.95 billion in the first half of this year on the back of higher oil prices and strong demand recovery amid eased COVID-19 restrictions, data showed Tuesday. The outbound shipments by SK Energy [...]
SEOUL, July 26 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Tuesday it has signed a joint venture agreement with a Chinese mining company to build a battery recycling plant to secure raw materials for lithium-ion battery components. The joint venture deal with Zhejiang Huayou Cobalt Co. will commit the two companies to build [...]
SEOUL, July 26 (Korea Bizwire) — There are moves afoot to enable physically recycled materials made by removing impurities after crushing and heating synthetic resin products to be used in the manufacturing of food containers and utensils. The Ministry of Food and Drug Safety on Monday issued a legislation notice for a partial revision of [...]
SEOUL, July 25 (Korea Bizwire) — It’s common practice for some K-pop fans to mass-purchase K-pop albums but throw most away after removing only photo cards or invitation cards for fan meetings. Since they throw the CDs away, the excess copies end up becoming plastic waste. The number of K-pop CD albums sold in the [...]
SEOUL, July 22 (Korea Bizwire) — South Korean battery maker SK On Co. said Friday it has partnered with Ford Motor Co. and a domestic cathode firm to jointly invest in a cathode materials production facility in the United States. SK On said it it has recently signed a letter of intent with Ford and [...]
SEOUL, July 22 (Korea Bizwire) — LG Energy Solution, South Korea’s leading electric vehicle battery maker, said Friday it will supply more battery packs to Ford Motor Co. as the U.S. carmaker ramps up its global production of electric vehicles. LG Energy Solution will initially double the battery production line allotted for Ford Motor at [...]