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POSCO Pushed down to 5th in Global Steel Production Ranking

POSCO Pushed down to 5th in Global Steel Production Ranking

SEOUL, May 31 (Korea Bizwire) – POSCO, South Korea’s biggest steelmaker, suffered a dip in its global standing by coming in as the fifth-largest steel-producing firm, largely due to the merger of two Chinese players, industry data showed Wednesday.  The data from the World Steel Association showed the Pohang-based company produced 41.56 million tons of [...]

Creditors to Offer Fresh Financing to Daewoo Shipbuilding next Week

Creditors to Offer Fresh Financing to Daewoo Shipbuilding next Week

SEOUL, May 31 (Korea Bizwire) – Creditors of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. are set to inject fresh funds into the embattled shipyard next week, later than earlier scheduled, due to the delay in the debt rescheduling scheme, industry sources said Wednesday.  According to the sources, the state-run Korea Development Bank-led creditors are [...]

Overseas Automakers Targeting Local Consumers with “South Korea Editions”

Overseas Automakers Targeting Local Consumers with “South Korea Editions”

SEOUL, May 29 (Korea Bizwire) – The latest marketing trend among imported luxury automakers is the introduction of “Korea Edition” models.  According to industry watchers, McLaren Seoul is launching five limited edition models of the 570S Korea Edition, based on the McLaren 570S Coupe and manufactured by the McLaren Special Operations division.  To be sold [...]

S. Korean Firms Celebrate Power Plant Completion in Chile

S. Korean Firms Celebrate Power Plant Completion in Chile

SEOUL, May 29 (Korea Bizwire) — A South Korean consortium has held a ceremony to mark the completion of a gas-fired combined cycle plant in Antofagasta, Chile, that will supply electricity to BHP Billiton Ltd.’s copper mine. Samsung Engineering Co., a construction unit of Samsung Group, celebrated the opening of the 517 megawatt plant Friday [...]

Rechargeable Batteries Exports Hit Record High in 2016

Rechargeable Batteries Exports Hit Record High in 2016

SEJONG, May 26 (Korea Bizwire) – South Korea’s exports of rechargeable batteries reached a fresh record high in 2016 on rising global demand for smart devices and electric vehicles, customs data showed Friday.  Outbound shipments of accumulators, such as lithium-ion batteries amounted to a record US$4.4 billion in 2016, up 11.6 percent from $3.94 billion [...]

POSCO ICT Seeks to Sell Power Produced via Solar Panels

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 [...]