SEOUL, Feb. 21 (Korea Bizwire) — South Korea’s lubricant oil consumption has remained stagnant for three years straight due to a shift in the nation’s car-buying trend towards eco-friendly vehicles. According to the Korea Lubricating Oil Industry Association, the nation’s lubricants consumption reached 976,000 kiloliters last year, up 4.6 percent from a year ago, but [...]
SEOUL, Feb. 15 (Korea Bizwire) — Construction machinery manufacturer Hyundai Doosan Infracore Co. has created a new product that uses big data to cater to client needs. The company recently held a performance brief on ‘DI 360’, a big data collaboration platform, and announced the way ahead for big data-based planning. The platform is capable [...]
SEOUL, Feb. 11 (Korea Bizwire) — Global top shipbuilder Hyundai Heavy Industries Co. is in high gear to obtain floating production, storage and offloading vessel (FPSO) orders as the offshore plant market rebounds thanks to a hike in oil prices. The company launched the construction of a hull for the FPSO ‘P78’ worth 850 billion [...]
SEOUL, Feb. 8 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical maker, said Tuesday it aims to more than double its revenue to 60 trillion won (US$50.1 billion) by 2030 as it accelerates its push for a green transition with a focus on sustainable materials and battery components. Unveiling its mid- to long-term [...]
SEOUL, Feb. 8 (Korea Bizwire) — LG Energy Solution Ltd. said Tuesday it swung to the black in the fourth quarter from a year earlier on the back of strong electric vehicle (EV) battery sales. Net income came to 71.8 billion won (US$59.9 million) in the October-December period, compared with the 436.4 billion-won loss the [...]
SEOUL, Feb. 7 (Korea Bizwire) — South Korean battery maker SK Innovation Co. said Monday it will pay 210.8 billion won (US$ 175.5 million) in dividends for fiscal 2021 to its shareholders, a shift from a no-dividend policy following the rejection by its board. Shareholders will receive 0.011 treasury stock per each common share they [...]
SEOUL, Feb. 7 (Korea Bizwire) — The combined global market share of three major South Korean battery makers declined last year from a year earlier, due largely to the growth of their Chinese rivals, data showed Monday. The cumulative market share of LG Energy Solution Ltd. (LGES), SK Innovation Co. and Samsung SDI Co. came [...]
SEOUL, Feb. 7 (Korea Bizwire) — Lotte Chemical Corp., the petrochemical unit of South Korean conglomerate Lotte Group, said Monday it is spending 602 billion won (US$502 million) to boost its advanced materials business, including building a new factory for electric vehicle battery materials. The company said it will spend about 233 billion won to [...]
SEOUL, Jan. 28 (Korea Bizwire) — SK Innovation Co., the energy and chemical affiliate of South Korean conglomerate SK Group, said Friday it swung to the black in the fourth quarter from a year earlier on strong petrochemical demand and electric vehicle (EV) battery sales. Net income came to 163.4 billion won (US$135.7 million) in [...]
SEOUL, Jan. 28 (Korea Bizwire) — Shareholders of POSCO, South Korea’s top steelmaker, said Friday that the company will create a holding company following the approval of its plan to transform into a holding company by splitting it into two business entities. After the breakup, the steelmaking group’s holding company, tentatively named POSCO Holdings Inc., [...]