SEOUL, May 12 (Korea Bizwire) — South Korean steelmakers are at odds with local shipyards over the price hike of thick steel plates used for shipbuilding, industry sources said Friday. Industry leader POSCO and other steelmakers are pushing for hike prices of 6 millimeter or thicker plates, citing soaring iron ore costs and electricity rates [...]
SEOUL, May 8 (Korea Bizwire) — South Korea’s top wire and cable maker LS Cable & System Ltd. said Monday it has bagged a high-voltage cable supply deal worth around 2 trillion won (US$1.51 billion) from the Netherlands. Under the deal with Dutch state power firm TenneT, LS Cable will supply the high-voltage direct current [...]
SEOUL, May 3 (Korea Bizwire) — POSCO Holdings Inc. said Wednesday it is spending US$441 million to build a nickel refining facility in Indonesia as it pushes to beef up its supply chains of the key secondary battery material. The factory will be located in the Weda Bay industrial park on the northeastern island of [...]
SEOUL, April 27 (Korea Bizwire) — South Korean steel giant POSCO Holdings Inc. said Thursday its first-quarter earnings tumbled nearly 58 percent from a year earlier due to sluggish sales. Consolidated net profit came to 800 billion won (US$597.9 million) in the January-March period, down 57.9 percent from a year earlier, the company said in [...]
SEOUL, April 19 (Korea Bizwire) — POSCO Group, South Korea’s top steelmaker, said Wednesday it is planning to invest more than 4 trillion won (US$3.04 billion) over the next decade to build new growth engine facilities at its plant in a state industrial park on the southwest coast. Seoul is pushing to drastically lift restrictions [...]
SEOUL, April 14 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Thursday that it has succeeded in automating its molten metal pre-treatment process. According to the company, the third steel mill located in Pohang, 372 kilometers southeast of Seoul, has developed an automation system for the molten metal pre-treatment process, ranging from limestone injection [...]
SEOUL, April 3 (Korea Bizwire) — Hanwha Group has received approval from the European Union for its plan to acquire Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Monday. The EU’s decision came earlier than expected, as it was widely expected to deliver the result of its review in mid-April. Hanwha has obtained [...]
SEOUL, March 17 (Korea Bizwire) — Shareholders of POSCO Holdings Inc. approved a proposal Friday to relocate the headquarters of the country’s top steelmaker. Last month, the company’s board of directors proposed the relocation of its headquarters to Pohang, 272 kilometers southeast of Seoul. In 2022, the steelmaker transformed into a holding company, and faced [...]
SEOUL, March 15 (Korea Bizwire) — POSCO Holdings Inc., the country’s leading steelmaker, said Wednesday it has decided to donate 4 billion won (US$3.1 million) to support a plan floated by the South Korean government to compensate the victims of forced labor under Japan’s 1910-1945 occupation. In 2012, POSCO promised to donate 10 billion won [...]
SEOUL, Feb. 24 (Korea Bizwire) — POSCO Holdings Inc., South Korea’s top steelmaker, said Friday it has signed a preliminary deal with a Chinese firm for the production of nickel in Indonesia. Under the deal with Chinese resource trading and mining firm Ningbo Liqin, POSCO will build a plant to produce 120,000 tons of mixed [...]