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Regulator to End Review of Hyundai Heavy’s Proposed Takeover of Shipbuilder

Regulator to End Review of Hyundai Heavy’s Proposed Takeover of Shipbuilder

SEOUL, Jan. 15 (Korea Bizwire) — South Korea’s antitrust regulator said Friday it will end its deliberation of Hyundai Heavy Industries Group’s proposed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering Co., as the company withdrew its tie-up review proposal following the veto by European authorities. The European Commission vetoed Hyundai’s proposed merger [...]

Solus Advanced Materials Gets 24 mln-euro Incentive from Hungary for Battery Foil Factory

Solus Advanced Materials Gets 24 mln-euro Incentive from Hungary for Battery Foil Factory

SEOUL, Jan. 14 (Korea Bizwire) – Solus Advanced Materials Co., a South Korean battery foil maker, said Friday it has received a 24 million-euro(US$27.5 million) state incentive from Hungary to boost its production line there. The incentive, which was recently approved by the European Commission, will be provided by the Hungarian government in cash over [...]

EU Vetoes S. Korean Shipbuilding Merger Between Hyundai and Daewoo

EU Vetoes S. Korean Shipbuilding Merger Between Hyundai and Daewoo

SEOUL, Jan. 13 (Korea Bizwire) — The European Union antitrust regulator on Thursday vetoed Hyundai Heavy Industries Group’s proposed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering Co., citing monopoly issues. The European Commission announced its decision to block the merger of the South Korean shipbuilders, arguing the tie-up could create a monopoly [...]

POSCO Logs Record High Earnings in 2021 on Robust Demand, High Prices

POSCO Logs Record High Earnings in 2021 on Robust Demand, High Prices

SEOUL, Jan. 12 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Wednesday that it logged its largest earnings ever last year on the back of strong demand for key products and high prices. Its operating income stood at 9.2 trillion won (US$7.73 billion) last year on a consolidated basis, compared with an operating profit [...]

LG Energy Solution to Purchase 700,000 Tons of Lithium Ore Concentrate from Australia

LG Energy Solution to Purchase 700,000 Tons of Lithium Ore Concentrate from Australia

SEOUL, Jan. 12 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. has signed an initial contract to purchase 700,000 dry metric tons of lithium ore concentrate from an Australian miner, a document showed Wednesday, a deal that could help LG secure a supply of lithium-ion battery materials. A disclosure document posted by [...]

LG Chem to Build New High-nickel Cathode Factory in S. Korea

LG Chem to Build New High-nickel Cathode Factory in S. Korea

SEOUL, Jan. 11 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical materials producer, said Tuesday it will build a new factory in South Korea to produce high-nickel cathode materials for electric vehicle (EV) batteries as it further pushes to upgrade the key battery component materials. The construction for the new cathode plant broke [...]