SEOUL, Jul. 24 (Korea Bizwire) — The Korea Fair Trade Commission revealed yesterday that Doosan Infracore, the construction machinery manufacturing arm of the conglomerate Doosan Group, was fined 379 million won for the theft of technology owned by a supplier after an attempt at imposing lower prices for products supplied by its subcontractor. The commission’s [...]
SEOUL, Jul. 18 (Korea Bizwire) — LG Chem Ltd., South Korea’s biggest chemical company by sales, said Wednesday it will invest US$2 billion by 2023 to build its second car battery plant in China. LG Chem is building the second plant in Nanjing to “preemptively prepare for a growing demand for electric vehicles, with an [...]
SEOUL, Jun. 13 (Korea Bizwire) — Escalating global protectionism, sparked by a Sino-American trade war, has put corporate Korea in a tight spot as it is feared to take a toll on exports, a key growth engine for Asia’s fourth-largest economy, industry sources said Friday. The United States and China, the world’s two largest economies, [...]
SEOUL, Jul. 12 (Korea Bizwire) — Subcontractors of Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries, the three largest players in the nation’s shipbuilding industry, have asked the Korea Fair Trade Commission (KFTC) to carry out an in-depth investigation into illegal practices among the ‘big three’. A single committee instigated [...]
SEOUL, Jul. 5 (Korea Bizwire) — A local court banned a former worker of Samsung Display Co. from relocating to a Chinese firm on Thursday, claiming the restriction is needed to protect sensitive technologies. The Suwon District Court upheld the request made by Samsung Display to ban a former researcher from getting a new position [...]
SEOUL, Jul. 4 (Korea Bizwire) — LG Chem Ltd., South Korea’s top chemicals company, said Wednesday it has signed a five-year deal with Nemaska Lithium, a Canadian supplier of lithium hydroxide, a key material in making electric vehicle batteries. The deal allows LG Chem to receive 7,000 tons of lithium hydroxide per year, enough for [...]
SEOUL, Jul 2. (Korea Bizwire) — With the South Korean shipbuilding industry reeling from years of hardship, another wave of restructuring is expected to hit in the second half of the year. As the shipbuilding industry has been facing a long-term recession on a global scale, those who have worked in the industry have either [...]
SEOUL, Jun. 29 (Korea Bizwire) — Doosan Heavy Industries & Construction Co. revealed yesterday that it will be spearheading a state power project to develop an 8-megawatt offshore wind farm. The project, which is estimated to be worth 55 billion won, will be executed over a period of approximately 48 months as part of a [...]
SEOUL, Jun. 3 (Korea Bizwire) — South Korean steel makers could see benefits from North Korea’s possible economic opening following the planned summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, analysts here said Sunday. Trump said after a meeting with Kim’s top envoy at the White House that he will meet [...]
SEOUL, May 31 (Korea Bizwire) — South Korea’s reinforced bar makers are reducing their output in the second quarter due to a decline in demand from the home construction market, industry sources said Thursday. Hyundai Steel Co., Dongkuk Steel Mill Co. and Daehan Steel Co. plan to reduce the production of reinforced bars or put [...]