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Archive by category Manufacturing

POSCO ICT Seeks to Sell Power Produced via Solar Panels

SEOUL, May 26 (Korea Bizwire) – POSCO ICT Co., a unit of South Korea’s leading steelmaker POSCO, said Thursday it plans to generate power from solar panels set up on rooftops of buildings and sell it to the state-run Korea Power Exchange. The company said the project involves generating small-volume power of around 1 megawatt. POSCO ICT plans to install infrastructure at its headquarters and factories, and gradually expand the production capacity. “We have a bright outlook on the [...]

Hyundai to Launch All-Electric Bus next Year

GOYANG, South Korea, May 26 (Korea Bizwire) – South Korean carmaker Hyundai Motor Co. said Thursday it will launch an all-electric bus in the domestic market next year. The move is part of the carmaker’s efforts to diversify its lineup with environmentally friendly vehicles and enhance its brand image in global markets where clean modes [...]

Samsung Heavy Bags US$100 mln Order for 2 LNG Ships

SEOUL, May 23 (Korea Bizwire) — Samsung Heavy Industries Co., a major South Korea shipyard, said Monday that it has clinched a US$100 million deal to build two LNG carriers. Under the deal with South Korean shipper Korea Line Corp., Samsung Heavy will build the ships by December 2019, the company said. The ships, which [...]

200 Buses to Be Exported to Myanmar

SEOUL, May 23 (Korea Bizwire) – Two hundred South Korean-made buses will be exported to Yangon, the former capital and the largest city of Myanmar, for use by schools, South Korea’s trade promotion agency said Monday. According to the Korea Trade-Investment Promotion Agency (KOTRA), the 29-seat New County buses, manufactured by South Korea’s top automaker [...]

Chinese Shipbuilders Win Huge Chunk of Orders from S. Korean Shippers

SEOUL, May 22 (Korea Bizwire) – Chinese shipbuilders have received orders from South Korean shippers to build 13 ships so far this year, while their South Korean rivals clinched deals from local shippers to build just seven ships, industry sources said Monday. According to related data, local shippers have placed orders so far this year [...]

S. Korean Firms Bask in China’s Excavator Market Boom

SEOUL, May 22 (Korea Bizwire) – South Korean companies, led by Doosan Infracore Co., are witnessing robust sales in China’s excavator market as the world’s No. 2 economy increased spending on infrastructure, industry sources said Saturday. According to the data provided by NH Investment & Securities Co., a total of 13,673 excavators were sold in China in April, more than doubling from a year earlier. In the case of Doosan Infracore, South Korea’s top construction [...]

Environmental Policies Threaten POSCO’s 1-Trillion-Won Power Plant

POHANG, South Korea, May 18 (Korea Bizwire) – POSCO’s 1-trillion-won ($887 million) thermal power plant in Pohang is likely to be scrapped amid growing concerns over fine dust and stringent environmental policies on the part of the current administration. The world’s fourth-largest steelmaker has 13 generators of 20MW to 146MW-capacity at its Pohang steelworks, mainly [...]

Samsung Group Eyes Jump in Vietnam Sales

HANOI, May 18 (Korea Bizwire) – South Korea’s top conglomerate Samsung Group expects sales of Samsung Electronics Co. and three other units in Vietnam to spike more than 30 percent on-year in 2017 on its strong smartphone business, sources said Wednesday. Samsung Electronics, Samsung Display Co., Samsung Electro-Mechanics Co. and Samsung SDI Co. are targeting [...]

Hyundai, Kia Sell More Plug-In Hybrid EVs Overseas

SEOUL, May 17 (Korea Bizwire) – Hyundai Motor Co. and Kia Motors Corp., South Korea’s two biggest carmakers, said Wednesday they have sold more plug-in hybrid electric vehicles (PHEVs) in overseas markets this year due to good consumer demand for the latest green cars. In the January-April period, Hyundai and its sister company Kia exported [...]

Daewoo Shipbuilding to Receive New Loan Later This Month

SEOUL, May 17 (Korea Bizwire) – Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, is set to receive 500 billion won (US$448 million) in fresh loans from its creditors later this month, industry sources said Wednesday. The financial aid, part of the second bailout fund drawn up by its creditors, will be [...]