SEOUL, March 25 (Korea Bizwire) — POSCO Chemical Co., a unit under South Korean steel giant POSCO, said Friday it expects to be able to secure more than 90,000 tons of lithium through in-house supply, backed by the parent firm’s aggressive investment in the key material for rechargeable batteries. By 2024, POSCO Chemical will procure [...]
SEOUL, March 24 (Korea Bizwire) — South Korean steel giant POSCO said Thursday it has broken ground on a lithium hydroxide plant in Argentina. The US$830 million project calls for the establishment of the plant near the Salar del Hombre Muerto salt lake in northern Argentina, with an annual production capacity of 25,000 tons of [...]
SEOUL, March 24 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday it is spending 1.7 trillion won (US$1.39 billion) to build its second standalone electric vehicle (EV) battery plant in the U.S. state of Arizona as it pushes for a further global market expansion. LGES also unveiled a plan [...]
SEOUL, March 22 (Korea Bizwire) — South Korean battery maker SK On Co. on Tuesday welcomed the European Union’s approval on Hungary’s aid to its electric vehicle (EV) battery plant construction in Ivancsa, south of Budapest. “We welcome the EU’s decision,” the company said. “We will do our best to contribute to Europe’s electrification and [...]
SEOUL, March 22 (Korea Bizwire) — South Korean plant builder Doosan Heavy Industries & Construction Co. said Tuesday it has decided to sell its boiler-making overseas subsidiary, in an apparent bid to improve its financial health. In its latest business report, Doosan Heavy Industries said it has finalized a plan to dispose of Doosan Babcock [...]
SEOUL, March 22 (Korea Bizwire) — Major South Korean shipyard Hyundai Heavy Industries Co. said Tuesday it has successfully sold green bonds worth US$300 million to overseas investors. The five-year green bonds carry an interest rate equaling to the yield on five-year U.S. Treasuries plus a spread of 0.95 percentage point, 0.20 percentage point lower [...]
SEOUL, March 18 (Korea Bizwire) — South Korea’s major shipbuilders are introducing robots to overcome a lack of manpower. Samsung Heavy Industries Co. recently introduced robots at its shipyard in Geoje Island to cut steel materials and weld them into blocks. During the sub-block assembly, a human employee works with the so-called ‘collaboration robots’, instead [...]
ULSAN, March 17 (Korea Bizwire) — Hyundai Mipo Dockyard Co. said Wednesday that it had completed the construction of a bunkering vessel designed to fuel liquefied natural gas (LNG)-powered ships at sea. The company delivered the K. Lotus, a 18,000 cubic meter LNG bunkering ship, to the Korea Line Corp. on the same day at [...]
SEOUL, March 15 (Korea Bizwire) — SK Geocentric Co., a chemical materials unit of South Korean conglomerate SK Group, said Tuesday it has acquired a stake worth US$55 million in a U.S. plastic waste recycling startup, in a step to bolster its green business. It acquired the stake in PureCycle Technologies Inc., a Florida-based plastic [...]
SEOUL, March 15 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co., the world’s fourth-biggest shipbuilder by orders, said Tuesday it has signed an initial pact with a British shipbuilder for warship technology development. Daewoo Shipbuilding has signed a memorandum of understanding with Babcock International for a “strategic partnership” in developing technologies in aircraft carriers, [...]