SEOUL, April 27 (Korea Bizwire) — LG Chem Ltd. said Wednesday its first-quarter net profit shrank 43.9 percent from a year earlier, as a recent rise in global crude oil prices deteriorated the profitability in its main petrochemical business. Net income came to 769.2 billion won (US$608 million) in the January-March period, compared with 1.3 [...]
SEOUL, April 27 (Korea Bizwire) — POSCO said Wednesday it plans to spend 70 billion won (US$55.5 million) to expand its industrial gas storage facility. South Korea’s top steelmaker plans to expand its storage capacity of oxygen and nitrogen gas to 60,000 tons and 46,000 tons, respectively, from the current 49,000 tons and 36,000 tons. [...]
SEOUL, April 27 (Korea Bizwire) — LG Energy Solution Ltd. said Wednesday its first-quarter net income nearly halved from a year earlier amid the prolonged global chip supply disruptions. Net income came to 226.6 billion won (US$179.5 million) in the January-March period, compared with a net profit of 433.6 billion won the previous year, South [...]
SEOUL, April 25 (Korea Bizwire) – POSCO Holdings Inc., the holding company of South Korea’s top steelmaker, said Monday that its first-quarter net profit soared 68 percent from a year earlier on the back of strong performance of its non-steelmaking affiliates and higher steel prices. Its net profit stood at 1.9 trillion won (US$1.52 billion) [...]
SEOUL, April 22 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, on Friday broke ground for a new steel plant amid rising demand from automakers and home appliance makers. POSCO will spend 1 trillion won (US$805 million) in building the plant in the southwestern port of Gwangyang, which will have an annual production capacity of [...]
SEOUL, April 21 (Korea Bizwire) — South Korean builder SK ecoplant Co. plans to produce a steel bar alternative using waste PET bottles as a raw material. The company announced on Wednesday that it will make a joint investment to establish a production line for the glass fiber reinforced polymer (GFRP) bar “KEco-bar” in collaboration [...]
SEOUL, April 20 (Korea Bizwire) — LG Electronics Inc. said Wednesday LG Magna e-Powertrain, its joint venture with Canadian auto parts maker Magna International Inc., is building a new plant in Mexico to supply electric car parts for General Motors. The 260,000-square-meter plant in the Mexican city of Ramos Arizpe will be LG Magna e-Powertrain’s [...]
SEOUL, April 18 (Korea Bizwire) — A South Korean consortium led by LG has signed an initial agreement with Indonesia’s state-run companies to push for a project worth around US$9 billion to establish an electric vehicle battery supply chain in the Southeast Asian country, a LG unit said Monday. The nonbinding framework agreement was signed [...]
SEOUL, April 14 (Korea Bizwire) — South Korean shipyard HJ Shipbuilding & Construction Co. said Thursday it has succeeded in developing a dual-fueled liquefied natural gas (LNG) container carrier that meets international environmental requirements. HJ Shipbuilding said it has recently received approval from Lloyd’s Register for its design on a 7,700 twenty-foot equivalent unit (TEU) [...]
SEOUL, April 14 (Korea Bizwire) — South Korea’s steel pipe exports rose sharply in the first quarter of this year on the back of the hike in international oil prices and an increase in demand for liquefied natural gas (LNG). According to the Korea Iron & Steel Association, domestic steelmakers exported 445,009 tons of steel [...]