SEOUL, Oct. 21 (Korea Bizwire) — Samsung Heavy Industries Co. said Thursday it has won an approval in principle (AIP) for the conceptual design of a storage tank and carrier to transport liquefied hydrogen, from Lloyd’s Register, a British ship quality assurance and risk management company. AIP for the conceptual design means a certification agency [...]
SEOUL, Oct. 20 (Korea Bizwire) — South Korea’s two leading shipbuilders are competing against each other to obtain an order for the country’s first light aircraft carrier. The Navy is pushing to complete the project for a 30,000-ton aircraft carrier by 2033, though it did not reveal the date of open bidding for a basic [...]
SEOUL, Oct. 19 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. has signed a deal with global carmaker Stellantis N.V. to set up a joint venture to produce electric vehicle (EV) batteries, industry sources said Tuesday. Samsung SDI’s deal came a day after its domestic rival, LG Energy Solution Ltd., announced the signing [...]
SEOUL, Oct. 19 (Korea Bizwire) — South Korea’s major shipbuilders have outpaced their annual order targets backed by brisk global new orders, company officials said Tuesday. According to data provided by global market researcher Clarkson Research Service, global new orders for ships came to 37.54 million compensated gross tons (CGTs) in the January-September period, up [...]
SEOUL, Oct. 18 (Korea Bizwire) — LG Energy Solution Ltd., a South Korean battery maker, said Monday it has signed a memorandum of understanding (MOU) with multinational carmaker Stellantis N.V. to set up a joint venture to produce electric vehicle batteries. Under the partnership, the two companies will establish a new battery manufacturing plant in [...]
SEOUL, Oct. 13 (Korea Bizwire) — Samsung Heavy Industries Co. said Wednesday that it has developed an eco-friendly generator in cooperation with LG Innotek Co., a local major electronics parts maker. The world’s first thermo-electric generator developed by Samsung Heavy Industries and LG Innotek is a device that produces electricity by being mounted on the [...]
SEOUL, Oct. 13 (Korea Bizwire) — POSCO, the world’s fifth-largest steelmaker by output, said Wednesday its third-quarter operating income more than quadrupled to a record high on robust demand amid the global economic recovery from the COVID-19 pandemic. Operating income for the three months that ended in September reached 3.11 trillion won (US$2.6 billion) on [...]
SEOUL, Oct. 13 (Korea Bizwire) — LG Electronics Inc. and LG Energy Solution said Wednesday that they will repay General Motors Co. about 1.4 trillion won (US$1.2 billion) in costs for the recalls of Bolt electric vehicles due to battery defects. The two flagship units of South Korea’s LG Group have reached an agreement with [...]
SEOUL, Oct. 13 (Korea Bizwire) — Output and exports of South Korea’s state industrial complexes rose in the first half of the year from the pre-pandemic period, but their employment shrank, data showed Wednesday. Combined production of the 44 industrial parks came to 258 trillion won (US$216 billion) in the January-June period, up 6.6 percent [...]
SEOUL, Oct. 11 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Monday it will establish technical support facilities in the United States and Europe to improve customer care services in its main markets. LG Chem will invest around 120 billion won (US$103 million) to establish tech centers in Ohio, the United [...]