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Korea’s Petrochemical Industry Accelerates Restructuring Amid Oversupply and Weak Global Demand

Korea’s Petrochemical Industry Accelerates Restructuring Amid Oversupply and Weak Global Demand

SEOUL, June 13 (Korea Bizwire) — South Korea’s petrochemical sector is ramping up restructuring talks, including potential consolidation of naphtha cracking center (NCC) facilities, as companies grapple with sustained oversupply from China and a prolonged global economic slowdown. The shift comes as the administration of President Lee Jae-myung prepares to roll out policy support for [...]

Korea Zinc to Cancel 1.8 Tln Won Worth of Own Shares to Boost Value

Korea Zinc to Cancel 1.8 Tln Won Worth of Own Shares to Boost Value

SEOUL, May 8 (Korea Bizwire) — Korea Zinc Co., the world’s biggest refined zinc smelter, said Thursday that it plans to cancel over 2 million of its own shares valued at 1.82 trillion won (US$1.29 billion) this year to boost share value. The retirement of the 2.04 million treasury shares represents 9.85 percent of its [...]

Government Declares Economic Emergency in Yeosu, Pledges Support for Petrochemical Sector

Government Declares Economic Emergency in Yeosu, Pledges Support for Petrochemical Sector

SEJONG, May 1 (Korea Bizwire) — South Korea has designated the southwestern city of Yeosu as an “industrial crisis response area” to help the ailing regional economy amid a slump in the petrochemical industry based in the area, the finance minister said Thursday. Finance Minister Choi Sang-mok made the announcement in an economy-related ministers meeting, [...]

Lotte Energy Materials to Seek Copper Mark Certification for Malaysian Plant

Lotte Energy Materials to Seek Copper Mark Certification for Malaysian Plant

SEOUL, March 27 (Korea Bizwire) — Lotte Energy Materials Corp. said Thursday it will seek the Copper Mark, a global certification for the copper industry’s responsible production practices, for its Malaysian plant. The Copper Mark is a comprehensive social and environmental assurance system for copper production managed by the International Copper Association. Lotte Energy Materials [...]

South Korea Imposes Up to 38% Tariffs on Chinese Steel to Counter Dumping

South Korea Imposes Up to 38% Tariffs on Chinese Steel to Counter Dumping

SEOUL, Feb. 20 (Korea Bizwire) —  In a move to curb China’s aggressive low-cost steel exports, the South Korean government has announced plans to impose anti-dumping tariffs of up to 38% on Chinese heavy steel plates. The decision, made on February 20, comes amid concerns over persistent oversupply from China and the looming impact of U.S. [...]

Researchers Develop World’s Most Efficient Enzyme for Plastic Recycling

Researchers Develop World’s Most Efficient Enzyme for Plastic Recycling

SEOUL, Jan. 3 (Korea Bizwire) —  In a breakthrough for sustainable recycling, researchers led by Professor Kyung-Jin Kim of Kyungpook National University, in collaboration with CJ CheilJedang, have developed the world’s most efficient biocatalyst for breaking down polyethylene terephthalate (PET) plastics. The Ministry of Science and ICT announced the achievement on January 2, highlighting its potential [...]

LG Chem Enters Canadian Dermal Filler Market

LG Chem Enters Canadian Dermal Filler Market

SEOUL, Dec. 12 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Thursday it has entered Canada’s dermal filler market as part of its business diversification strategy. LG Chem has launched its hyaluronic acid fillers under the YVOIRE brand in the Canadian market to meet a growing demand for Korean medical aesthetic [...]

Study Finds Misleading Claims in South Korea’s Biodegradable Plastics Market

Study Finds Misleading Claims in South Korea’s Biodegradable Plastics Market

SEOUL, Dec. 4 (Korea Bizwire) – South Korea’s consumer protection agency revealed on December 3 that many biodegradable plastic products are being marketed with misleading claims that don’t match their actual certifications, potentially confusing consumers about their environmental impact.  The Korea Consumer Agency (KCA) examined online advertisements for 80 biodegradable plastic products currently available in the [...]

U.N. Plastics Treaty Talks End without Agreement

U.N. Plastics Treaty Talks End without Agreement

SEOUL, Dec. 2 (Korea Bizwire) — A fifth round of international negotiations for a binding plastic regulation agreement has ended without a deal, with delegates agreeing to resume talks at a later date. The Intergovernmental Negotiating Committee (INC) on Plastic Pollution met in the southeastern city of Busan from last Monday until Sunday to try [...]