SEOUL, Dec. 24 (Korea Bizwire) — China has surpassed South Korea and Japan in four of the five major manufacturing industries that anchor global trade, underscoring a structural shift in East Asia’s industrial balance and intensifying pressure on Seoul to move beyond volume-driven exports, a new report shows. According to a study released Tuesday by the [...]
SEOUL, Oct. 13 (Korea Bizwire) – Doosan Enerbility Co., a major South Korean plant builder, said Monday it has exported gas turbine products to the United States, marking the country’s first deal to ship domestically developed gas turbines overseas. Doosan Enerbility signed a contract with a “big tech” company to supply two 380-megawatt-class gas turbines [...]
SEOUL, Aug. 6 (Korea Bizwire) — South Korea’s leading display makers on Wednesday unveiled strategies to overcome the industry’s so-called chasm, or temporary demand plateau, by utilizing cutting-edge organic light-emitting diode (OLED) products and artificial intelligence (AI) technologies. LG Display Co. and Samsung Display Co. shared their visions during the 2025 Display Business Forum held [...]
SEOUL, June 30 (Korea Bizwire) — LG Electronics Inc., South Korea’s leading home appliance maker, said Monday it has acquired a Norwegian hot water storage company to strengthen its foothold in the European air and water heating markets. The company said it acquired a 100 percent stake in OSO Group AS, a firm known for [...]
SEOUL, June 11 (Korea Bizwire) — Hyundai Steel Co., South Korea’s second-largest steel manufacturer, has temporarily shut down its No. 2 plant in the southeastern city of Pohang due to a prolonged industry-wide slump, the company said Wednesday. The suspension took effect Saturday due to a lack of production volume amid severe industry-wide demand contraction. [...]
SEOUL, June 10 (Korea Bizwire) — Despite its wealth of manufacturing data, South Korea lacks the standardization and integration infrastructure necessary to fully leverage industrial artificial intelligence (AI), according to a new report calling for more proactive engagement from both government and industry. In its latest publication, “AI-Driven Transformation of Korea’s Key Export Industries,” the [...]
SEOUL, June 2 (Korea Bizwire) — Hyundai Steel Co., South Korea’s second-largest steelmaker, said Monday it is considering selling a division that produces caterpillar tracks at one of its domestic plants, amid a prolonged slump in the construction industry. The company is in talks with Daejoo.KC — whose business spans steel structures to auto components [...]
SEOUL, May 22, 2025 (Korea Bizwire) — A new report warns that South Korea’s manufacturing sector remains disproportionately dependent on foreign demand—particularly from the United States and China—raising concerns about economic vulnerability amid ongoing global trade tensions. According to data released Wednesday by the Korea Employers Federation (KEF), 58.4% of South Korea’s manufacturing GDP in [...]
SEOUL, March 20 (Korea Bizwire) — The South Korean government has unveiled a comprehensive plan to protect its steel industry from mounting trade risks, including the recent 25% tariff imposed by the Trump administration in the United States and an influx of low-cost Chinese steel. The Ministry of Trade, Industry and Energy announced on Wednesday [...]
SEOUL, March 14 (Korea Bizwire) — Hyundai Steel Co. said Friday it has shifted to an emergency management mode in response to growing challenges, including the recent imposition of steel tariffs by the United States and an ongoing strife with unionized workers. The company announced that all executives have taken a 20 percent pay cut effective Thursday, [...]