SEOUL, Aug. 22 (Korea Bizwire) — New orders won by South Korean shipbuilders jumped 11.9 percent in the first half of 2023 on the back of rising demand for high-priced vessels, the industry ministry said Tuesday. The country’s shipbuilders secured orders worth US$9.29 billion in the January-June period, compared with $8.24 billion a year earlier, [...]
SEOUL, Aug. 14 (Korea Bizwire) — South Korea recaptured the top spot in new global shipbuilding orders for the first time in five months in July, industry data showed Monday. Local shipyards clinched orders totaling 1.46 million compensated gross tons (CGTs) to build 29 ships, accounting for 44 percent of the global total of 3.33 [...]
SEOUL, Aug. 10 (Korea Bizwire) — LS Cable & System Ltd., South Korea’s leading wire and cable maker, said Thursday it will invest about 155.5 billion won (US$118 million) over the next two years to expand its submarine cable plant. The expansion of the factory in Donghae on the east coast is designed to meet [...]
SEOUL, Aug. 7 (Korea Bizwire) — Lotte Energy Materials Corp. said Monday it is spending 560 billion won (US$431 million) to build a factory in Spain to produce battery-grade copper foil for use in electric vehicle cells. The factory will be located in Mont-roig del Camp, a town in Catalonia in northeastern Spain, and built [...]
SEOUL, Aug. 7 (Korea Bizwire) — SK Nexilis Co., a South Korean copper foil maker, said Monday it has signed a deal with German battery manufacturer Varta A.G. to exclusively supply its product for what will be Varta’s first mass production of electric vehicle (EV) batteries. SK Nexilis said it is also in talks with [...]
SEOUL, Aug. 4 (Korea Bizwire) — South Korea’s top construction equipment maker HD Hyundai Infracore Co. said Thursday it will launch an online store dedicated to excavators, marking the first of its kind in the local construction machinery sector. The company’s in-house brand, DEVELON, will establish the online store to facilitate the sales of the [...]
SEOUL, July 31 (Korea Bizwire) — SKC Co. said Monday it is teaming up with Japan’s Toyota Tsusho Corp. for a joint venture to produce and supply battery-grade copper foil in North America, advancing into the world’s most burgeoning electric vehicle (EV) market. Under the memorandum of understanding, SK Nexilis Co., SKC’s copper foil-making subsidiary, [...]
SEOUL, July 31 (Korea Bizwire) — South Korea has begun commercial operations of a power plant installed with the country’s first homegrown gas turbine, its operator said Monday. Korea Western Power (KOWEPO) said it began operating the Gimpo Combined Heat and Power Plant in the city of Gimpo, west of Seoul, on Friday. The plant [...]
SEOUL, July 24 (Korea Bizwire) — South Korea’s top steelmaker POSCO Holdings Inc. said Monday its second-quarter earnings tumbled nearly 56 percent on-year amid sluggish sales. Consolidated net profit came to 800 billion won (US$621.4 million) in the April-June period, down 55.6 percent from a year earlier, the company said in a regulatory filing. Sales [...]
SEOUL, July 18 (Korea Bizwire) — POSCO Holdings Inc. on Tuesday reported that its second-quarter operating profit had narrowly exceeded expectations due to “normalized” sales and higher product prices. Its consolidated operating income came to 1.3 trillion won (US$1 billion) for the April-June period, down 38.1 percent from a year earlier, South Korea’s top steelmaker [...]