SEOUL, Mar. 23 (Korea Bizwire) — South Korean steelmakers remain jittery about their exports to the United States despite Washington’s move to temporarily exempt Seoul from heavy tariffs on steel imports, industry sources said Friday. Speaking at a Senate hearing, U.S. Trade Representative Robert Lighthizer said President Donald Trump has authorized a “pause” in the [...]
SEOUL, Mar. 21 (Korea Bizwire) — Samsung Electronics Co. said Wednesday it has added solutions specialized for the Internet-of-Things (IoT) and fingerprint scanning in its foundry portfolio. The foundry business refers to making chips for other companies that do not have a semiconductor plant. The South Korean tech giant said it started shipping IoT and [...]
SEOUL, March 19 (Korea Bizwire) — GWANGJU, March 19 (Yonhap) — Unionized workers of Kumho Tire Co. vowed Monday to stage strikes this week as 1,500 white collar employees expressed their support for a plan by creditors to sell the debt-ridden company to a Chinese firm. The move laid bare the growing divisions in South Korea’s second-largest tiremaker over how to resolve the current difficulties stemming from [...]
SEOUL, Mar. 14 (Korea Bizwire) — Doosan Infracore Co., the heavy equipment unit of Doosan Group, said Wednesday the sales of its excavators jumped 15 percent in the January-February period from a year earlier on growing construction projects. In the first two months, the heavy equipment company sold a total of 1,728 excavators, up from [...]
SEOUL, March 12 (Korea Bizwire) – Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Monday that it has raised 1.23 trillion won(US$1.15 billion) in a rights issue. The new shares are set to be listed on the country’s main bourse on March 27. Hyundai Heavy said it will use about 820 billion won in improving its financial status and spend the remainder in research and development for eco-friendly and smart vessels. [...]
SEOUL, March 11 (Korea Bizwire) — The number of employees at local shipbuilders plunged 221. percent in February from a year earlier due to an industry-wide crisis, data showed Sunday. According to data compiled by the Ministry of Employment and Labor, in February the number of employees at local shipbuilders was 37,800 lower than the same month a year earlier, marking the 11th [...]
SEOUL, March 11 (Korea Bizwire) – LG Electronics Inc., South Korea’s second-biggest electronics company, is seeking a rebound in its mobile business with the launch of new phones after posting operating losses in recent years, industry sources said Sunday. LG Electronics reported operating losses for three years through 2016 due to low demand for its smartphones in global markets where Samsung Electronics Co. and Apple Inc. are the dominant players. The tech giant posted [...]
SEOUL, Mar. 12 (Korea Bizwire) — A South Korean consortium made up of steelmaker POSCO and battery maker Samsung SDI Co. will invest 57.5 billion won (US$54 million) to build a cathode plant in Chile by 2021, POSCO said Sunday. The POSCO-Samsung SDI consortium beat 12 companies from seven countries to secure the Chilean project, [...]
SEOUL, March 9 (Korea Bizwire) – Samsung Electronics Co.’s Galaxy S9 and Galaxy S9 Plus smartphones are, starting Friday, reaching South Koreans who took advantage of the preorder program, with initial sales numbers presumed to be below that of its immediate predecessor. Local mobile carriers said they have started distributing the Galaxy S9 series phones [...]
SEOUL, Mar. 9 (Korea Bizwire) — South Korean steel exports to the United States will take a big hit from Washington’s move to slap heavy tariffs on imported steel, local industry sources said Friday. Defying threats of retaliatory measures from major economies, U.S. President Donald Trump signed orders imposing 25 percent tariffs on steel imports, [...]