SEOUL/ULSAN, May 31 (Korea Bizwire) — Shareholders of Hyundai Heavy Industries Co. on Friday approved the company’s split-up plan ahead of a proposed merger with a smaller local shipbuilder amid fierce opposition from its labor union. The split is the first step in the process of Hyundai Heavy’s planned merger with Daewoo Shipbuilding & Marine [...]
SEOUL, May 27 (Korea Bizwire) – SK Innovation Co., South Korea’s top oil refiner, said Monday it will expand its electric vehicle (EV) battery production capacity 20 times more than the current level by 2025 to meet growing demand and expand its presence in the promising market. SK Innovation CEO Kim Jun said the company aims to [...]
SEOUL, May 26 (Korea Bizwire) — Tensions are mounting ahead of Hyundai Heavy Industries Co.’s planned shareholders meeting next week as unionized workers remain staunch in their opposition to the company’s split-up plan for a merger with a small local shipbuilder, industry sources said Sunday. Hyundai Heavy shareholders are set to approve splitting of the [...]
SEOUL, May 21 (Korea Bizwire) — POSCO Co., South Korea’s largest steelmaker, said Tuesday it will invest 1 trillion won (US$838 million) to foster startups in the country. POSCO said it will create an industrial complex for startups, as well as a fund to support promising firms in association with the Ministry of SMEs and [...]
SEOUL, May 21 (Korea Bizwire) — The U.S. Commerce Department has decided to further lower its tariff on cold-rolled steel products by South Korea’s top steelmaker POSCO, industry sources said Tuesday. According to the sources, the U.S. government recently decided to impose a 3.23 percent tariff on cold-rolled steel sheets produced by POSCO, down from [...]
SEOUL, May 20 (Korea Bizwire) — Following the enactment of a new provision that enables value appreciation of chattel mortgages, for items such as factory machinery, when Internet of Things (IoT) systems are in place to manage them, South Korean banks are offering various IoT-based mortgage loan products and services. The Korea Federation of Banks [...]
SEOUL, May 20 (Korea Bizwire) — Hanwha Total Petrochemical is under investigation for its delayed report of a massive oil mist leak at its chemical factory in Seosan, South Chungcheong Province, last week, provincial officials said Monday. The oil mist leak occurred at the company’s Daesan petrochemical complex in Seosan, 150 kilometers south of Seoul, [...]
SEOUL, May 15 (Korea Bizwire) — LG Chem Ltd., South Korea’s top chemicals company, said Wednesday that it has been tapped as a supplier of electric vehicle (EV) batteries to Swedish carmaker Volvo Car Group. LG Chem said it has signed a multi-year contract to supply lithium-ion batteries for Volvo’s next generation EV projects. The [...]
GEOJE, May 15 (Korea Bizwire) — The Korean Metal Workers’ Union and union members from Daewoo Shipbuilding and Marine Engineering Co. (DSME) submitted a petition to the Fair Trade Commission on Tuesday, claiming that the merger between Hyundai Heavy Industries Co. and DSME undermines free competition and would create an oligopoly in South Korea’s shipbuilding [...]
SEOUL, May 15 (Korea Bizwire) — SK Innovation Co., South Korea’s top oil refiner, said Wednesday it will invest 580 billion won (US$487 million) to build an electric vehicle (EV) battery plant in China. In a regulatory filing, SK Innovation, a latecomer to the EV battery sector, said that it will set up a new [...]