SEOUL, Jan. 18 (Korea Bizwire) — South Korea’s antitrust regulator said Tuesday it has decided to impose a combined fine of 96.2 billion won (US$80.7 million) on 23 Korean and foreign shippers for their 15-year-long collusion to fix freight rates. Since 2018, the Fair Trade Commission (FTC) has been looking into allegations that the country’s [...]
SEOUL, Jan. 18 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical producer, said Tuesday it is building its first plastic recycling plant in South Korea that will process used plastics using high-temperature steam, accelerating its push for clean materials. The plant, to be built in the southwest city of Dangjin by the first [...]
SEOUL, Jan. 15 (Korea Bizwire) — South Korea’s antitrust regulator said Friday it will end its deliberation of Hyundai Heavy Industries Group’s proposed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering Co., as the company withdrew its tie-up review proposal following the veto by European authorities. The European Commission vetoed Hyundai’s proposed merger [...]
SEOUL, Jan. 14 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. (LGES) is expected to raise 12.75 trillion won (US$10.7 billion) this month in what will be the country’s largest-ever initial public offering (IPO). LGES said in a regulatory filing Friday it set the IPO price at 300,000 won per share, the [...]
SEOUL, Jan. 14 (Korea Bizwire) – Solus Advanced Materials Co., a South Korean battery foil maker, said Friday it has received a 24 million-euro(US$27.5 million) state incentive from Hungary to boost its production line there. The incentive, which was recently approved by the European Commission, will be provided by the Hungarian government in cash over [...]
SEOUL, Jan. 13 (Korea Bizwire) — The European Union antitrust regulator on Thursday vetoed Hyundai Heavy Industries Group’s proposed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering Co., citing monopoly issues. The European Commission announced its decision to block the merger of the South Korean shipbuilders, arguing the tie-up could create a monopoly [...]
SEOUL, Jan. 12 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Wednesday that it logged its largest earnings ever last year on the back of strong demand for key products and high prices. Its operating income stood at 9.2 trillion won (US$7.73 billion) last year on a consolidated basis, compared with an operating profit [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. has signed an initial contract to purchase 700,000 dry metric tons of lithium ore concentrate from an Australian miner, a document showed Wednesday, a deal that could help LG secure a supply of lithium-ion battery materials. A disclosure document posted by [...]
SEOUL, Jan. 11 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical materials producer, said Tuesday it will build a new factory in South Korea to produce high-nickel cathode materials for electric vehicle (EV) batteries as it further pushes to upgrade the key battery component materials. The construction for the new cathode plant broke [...]
SEOUL, Jan. 10 (Korea Bizwire) — LG Energy Solution Ltd. could overtake its Chinese rival and the world’s No. 1 player CATL in share of the global electric vehicle (EV) battery market, given the apparent higher order backlog and other factors, its chief said Monday. Kwon Young-soo, CEO of the South Korean battery maker, made [...]