SEOUL, Dec. 17 (Korea Bizwire) — Lotte Chemical Corp., a petrochemical unit of South Korean conglomerate Lotte Group, said Friday it will spend 250 billion won (US$211.4 million) to expand its domestic production line of ethylene oxide adduct (EOA), an advanced material used in concrete. The expansion of the production line in Daesan, a county [...]
SEOUL, Dec. 16 (Korea Bizwire) — South Korean steel giant POSCO said Thursday it plans to spend US$830 million on a lithium hydroxide plant in Argentina. Its board of directors approved a plan to establish the plant near the Salar del Hombre Muerto salt lake in northern Argentina, whose annual production capacity is at 25,000 [...]
SEOUL, Dec. 15 (Korea Bizwire) — LG Chem Ltd., South Korea’s largest chemical company, and its subsidiary LG Energy Solution Ltd. said Wednesday they have jointly acquired a stake in a Canadian lithium-ion battery recycling company. LG Chem and the battery maker LG Energy Solution invested 30 billion won (US$25.3 million) each to acquire a [...]
SEOUL, Dec. 14 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. said Tuesday it has signed a deal with Siemens Korea to work together to turn its battery plants into smart factories to upgrade the manufacturing process. Under the memorandum of understanding, LG Energy Solution will adopt the German industrial solutions provider’s [...]
SEOUL, Dec. 13 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday that it has secured a technology to prevent cracks in the welded parts of submarines. DSME has developed the technology after two years of research and development since 2019 in cooperation with steelmaker POSCO and KR, a South Korean ship [...]
SEOUL, Dec. 10 (Korea Bizwire) — POSCO, the world’s fifth-largest steelmaker by output, said Friday its board of directors has decided to turn it into a holding company. Starting March 1, 2022, POSCO will be separated into two entities, a holding company tentatively named POSCO Holdings Inc. and its wholly-owned steelmaker tentatively named POSCO, the [...]
SEOUL, Dec. 9 (Korea Bizwire) — LG Chem Ltd. will bolster investment in North and South America, and Europe, to boost its presence in foreign markets, the company’s top executive has said, citing ample opportunities for growth in the global trend toward sustainability. LG Chem CEO Shin Hak-cheol made the remarks in a recent interview [...]
SEOUL, Dec. 9 (Korea Bizwire) — EcoPro BM Co., a South Korean cathode manufacturer, said Thursday it is spending about 970 billion won (US$826.3 million) over the next four years to build a cathode-producing plant in Hungary, in what would be its first investment overseas. The factory, to be located in the country’s eastern town [...]
SEOUL, Dec. 7 (Korea Bizwire) — Battery maker LG Energy Solution Ltd. is seeking to raise as much as 12.75 trillion won (US$10.8 billion) in what would be South Korea’s largest initial public offering (IPO), planned for early next year, the company said Tuesday. The company said in a regulatory filing it is offering 34 [...]
SEOUL, Dec. 7 (Korea Bizwire) — South Korean shipbuilders ranked first in global new orders for a second month in November, far outpacing their Chinese rivals, industry data showed Tuesday. Local shipbuilders, led by Hyundai Heavy Industries Co., gained 58 percent, or a combined 770,000 compensated gross tons (CGTs), of 1.32 million CGT global new [...]