SEOUL, Oct. 25 (Korea Bizwire) — LG Energy Solution Ltd. said Monday it has tapped Kwon Young-soo, vice chairman of LG Corp. as its new CEO, a move largely seen as a replacement in the wake of its battery recalls in General Motors Co.’s Bolt electric vehicles (EV). LG Energy said it named Kwon as [...]
SEOUL, Oct. 25 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Monday its third-quarter net profit rose 19.2 percent from a year earlier, backed by solid petrochemical sales despite the one-off factor from its electric battery (EV) recall costs. The net income came to 679.9 billion won (US$581.9 million) in the [...]
SEOUL, Oct. 25 (Korea Bizwire) — POSCO, the world’s fifth-largest steelmaker by output, said Monday its third-quarter net profit rose more than fourfold from a year earlier on robust demand amid the global economic recovery from the COVID-19 pandemic. Net profit reached 2.63 trillion won (US$2.24 billion) on a consolidated basis in the July-September period, [...]
SEOUL, Oct. 25 (Korea Bizwire) — POSCO Chemical Co., a unit of South Korea’s steel giant POSCO, said Monday it has signed a deal with a Norwegian electric vehicle (EV) battery maker on development and supply of key EV battery components in a bid to tap deeper into the European market. Under the contract with [...]
SEOUL, Oct. 22 (Korea Bizwire) — South Korean fuel cell maker Doosan Fuel Cell Co. said Friday that it has signed a preliminary deal with two local companies to develop fuel cells using biogas. Under the deal with Korea Western Power Co. and KEPCO Engineering & Construction Company, Doosan Fuel Cell will develop fuel cells [...]
SEOUL, Oct. 22 (Korea Bizwire) — Hyundai Heavy Industries Co. and other South Korean shipbuilders are expected to hold all the aces in their negotiations with shippers thanks to abundant order backlogs, an industry expert said Friday. “South Korean shipbuilders secured order backlogs of 28.56 million compensated gross tons (CGTs), accounting for 2 1/2 years’ [...]
SEOUL, Oct. 22 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Friday it will build its first electric vehicle (EV) battery plant in the United States with global carmaker Stellantis N.V., joining other local rivals’ moves to tap deeper into the region. The announcement confirms earlier reports that the two recently signed [...]
SEOUL, Oct. 21 (Korea Bizwire) — POSCO Energy Co., a South Korean electricity provider, said Thursday it plans to sell its stake in a coal-fired thermal power plant project in Vietnam. The company said in a regulatory filing its board made the decision at a recent meeting to sell the 30-percent stake valued at 217.5 [...]
SEOUL, Oct. 21 (Korea Bizwire) — Hyundai Construction Equipment Co. (HCE) said Thursday it has signed a deal with its holding company Hyundai Genuine Co. to sell its industrial vehicle division for 136 billion won (US$115.8 million). The deal set to go into effect on Jan. 1, 2022, is intended to focus on the construction [...]
SEOUL, Oct. 21 (Korea Bizwire) — Lotte Chemical Corp., a South Korean petrochemical company, said Thursday it will invest about 100 million euros (US$116 million) in a global hydrogen fund as part of efforts to ramp up its portfolio in clean energy. The investment will go to Clean H2 Infrastructure Fund, a fund created by [...]