SEOUL, May 27 (Korea Bizwire) — South Korean chemical maker POSCO Chemical Co. said Friday it is building a US$327 million cathode plant with General Motors Co. in the Canadian city of Quebec to supply the key electric vehicle battery component to the U.S. automaker. The two have signed a final agreement on setting up [...]
SEOUL, May 27 (Korea Bizwire) — Hyundai Steel Co., South Korea’s No. 2 steelmaker, said Thursday it will launch the production of high-end steel materials by establishing Hy-Cube, a new electric furnace-based steel production system. The Hy-Cube technology is based on a new-concept electric furnace called Hy-Arc, an upgraded version of an existing electric furnace [...]
SEOUL, May 26 (Korea Bizwire) — POSCO Group said Thursday it will invest 53 trillion won (US$41.8 billion) over the next five years to transform its steel plants into environment-friendly facilities and invest in battery materials. The South Korean steelmaker will spend most of the planned investment to upgrade the existing steel mills into eco-friendly [...]
SEOUL, May 25 (Korea Bizwire) — Hankook Tire & Technology Co. said Wednesday it has completed Asia’s longest tire proving ground in South Korea to meet rising demand for high-end products for next-generation vehicles. Hankook Tire has invested 230 billion won (US$180 million) to build Hankook Technoring in Taean on the western coast of the [...]
SEOUL, May 25 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Wednesday it is investing US$1.29 billion in an electric vehicle battery plant to be built in the U.S. state of Indiana under a joint venture with Stellantis N.V. Samsung SDI will own a 51 percent stake in the $2.5 billion joint [...]
SEOUL, May 24 (Korea Bizwire) — South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has successfully constructed a 3D-printed plastic model vessel that could help cut costs and improve productivity. Daewoo Shipbuilding said it has joined hands with U.S. 3D printer maker Ingersoll in building the 10-meter-class, twin-skeg ship made of [...]
SEOUL, May 24 (Korea Bizwire) — South Korea’s battery makers are aggressively expanding on research and development and facility investments despite a cost burden arising from a surge in the prices of raw materials. According to LG Energy Solution Ltd. (LGES)’s quarterly report, its cathode material purchase price averaged US$34 per kilogram in the first [...]
SEOUL, May 19 (Korea Bizwire) — Lotte Chemical Corp. said Thursday it will spend a total of 10 trillion won (US$7.85 billion) by 2030 to boost its hydrogen and battery businesses as it ramps up the push for a green energy transition. The announcement follows a broader plan unveiled in March, in which it rolled [...]
SEOUL, May 17 (Korea Bizwire) — South Korean construction machinery maker Hyundai Construction Equipment Co. said Tuesday it captured the top spot in India’s excavator market in April for the first time, outselling Japanese and Chinese rivals. Hyundai Construction Equipment sold 382 excavators in Asia’s third-largest economy last month, chalking off a leading market share [...]
SEOUL, May 13 (Korea Bizwire) — South Korea’s leading container shipper HMM Co. said Friday its first-quarter earnings rose nearly twentyfold from a year earlier amid high freight rates. Net profit stood at 3.13 trillion won (US$2.43 billion) in the January-March period, compared with a net profit of 154.06 billion won a year earlier, the [...]