SEOUL, March 7 (Korea Bizwire) — South Korean steel companies said Friday they will closely cooperate with the government and related agencies to minimize the impact of planned U.S. tariffs on all steel and aluminum imports from next week. U.S. President Donald Trump has announced a series of levies on some of his country’s trading [...]
ULSAN, Feb. 25 (Korea Bizwire) — U.S. President Donald Trump’s recent threat to impose steep tariffs on imported vehicles has sent shockwaves through Ulsan, South Korea’s automotive manufacturing powerhouse, where cars account for nearly a third of the city’s exports and form the backbone of the local economy. According to data from the Korea International Trade [...]
POHANG, Jan. 16 (Korea Bizwire) — The Ministry of SMEs and Startups has extended the designation of Pohang’s small business special support zones in response to economic challenges faced by the city’s steel and secondary battery industries. According to Representative Lee Sang-hwi of the People Power Party on January 15, the ministry has renewed the special [...]
SEJONG, Jan. 9 (Korea Bizwire) — Hyundai Steel, a key affiliate of Hyundai Motor Group, is reportedly exploring plans to build a large steel mill in the United States. The move comes as U.S. President-elect Donald Trump signals heightened protectionist trade policies, urging foreign companies to manufacture within the U.S. to access its market. Potential [...]
SEOUL, Jan. 8 (Korea Bizwire) – Hyundai Steel Co. is reviewing constructing an automotive steel mill in the United States to respond to the incoming Donald Trump administration’s protectionist policies, industry sources said Wednesday. The steel-making unit of South Korea’s auto giant Hyundai Motor Group has discussed the estimated 10 trillion won (US$6.9 billion) investment [...]
SEOUL, Dec. 24 (Korea Bizwire) — South Korea’s top steelmaker POSCO Holdings Inc. said Tuesday it has been named the world’s most competitive steelmaker in a global industry report for the 15th consecutive year. In the annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics (WSD) gave POSCO the top [...]
SEOUL, Dec. 23 (Korea Bizwire) — South Korea’s manufacturing and export sectors, the backbone of its economy, are bracing for significant challenges in early 2025 due to rising global trade tensions and domestic political instability. Concerns are growing over protectionist policies from major economies, particularly under the incoming Trump administration, and a leadership void in [...]
SEOUL, Dec. 19 (Korea Bizwire) – South Korean industry and academia have proposed creating a “KSMC” (Korea Semiconductor Manufacturing Company), modeled after Taiwan’s TSMC, to address challenges facing the nation’s semiconductor industry. The plan, revealed at a seminar held by the National Academy of Engineering of Korea (NAEK) on December 18, aims to build a [...]
SEOUL, Dec. 16 (Korea Bizwire) – South Korea’s manufacturing and mining sectors saw their first decline in business establishments in seven years, driven by a slowdown in the semiconductor industry and a downturn in textiles. According to Statistics Korea’s preliminary Mining and Manufacturing Survey, released on December 16, the total number of businesses with 10 or [...]
SEOUL, Dec. 9 (Korea Bizwire) – In a significant pivot toward the world’s most populous nation, South Korean corporate powerhouses are intensifying their focus on India, seeing it as both an antidote to their China-dependent supply chains and a promising frontier for growth. Companies like Samsung Electronics, LG Electronics, and Hyundai Motor are expanding their footprint [...]