SEOUL, Aug. 18 (Korea Bizwire) — Posco magnesium alloy coating (PosMAC), a corrosion-resistant steel product produced by South Korea’s leading steelmaker POSCO, is set to gain wider access in the Chinese market. The China Engineering Construction Standardized Association recently certified the ternary alloy coated steel product with high corrosion resistance as a suitable material that [...]
SEOUL, Aug. 17 (Korea Bizwire) — South Korean construction machinery maker Hyundai Construction Equipment Co. on Tuesday said it will develop small-sized forklifts to be powered by hydrogen fuel cells. The subsidiary of Hyundai Genuine Co. will team up with S-Fuelcell Co., a local hydrogen fuel cell maker, to commercialize the 1-3 ton forklifts by [...]
SEOUL, Aug. 17 (Korea Bizwire) — Major Korean refiners posted strong earnings in the first half of the year thanks to solid petrochemical businesses, swinging from the pandemic-driven losses a year earlier, industry data showed Tuesday. Four refiners — SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oil Bank Corp. — logged a [...]
SEOUL, Aug. 17 (Korea Bizwire) — LG Display Co., a major display panel maker in South Korea, said Tuesday it will invest 3.3 trillion won (US$2.8 billion) to expand its medium-and-small sized OLED display production capacity. The company said the investment, which will be made through March 2024, will be used in OLED facilities in [...]
SEOUL, Aug. 17 (Korea Bizwire) — An analysis showed that the primary factor behind South Korean steel giant POSCO’s record-high second quarter results was the surge in its non-steel profits along with the recovery of its main steel business. POSCO Chairman Choi Jeong-woo, who took office in July 2018, is assessed as having succeeded in [...]
SEOUL, Aug. 16 (Korea Bizwire) — LG Energy Solution Ltd., South Korea’s leading battery company, said Monday it has signed a six-year deal with Australian Mines Ltd. for a stable supply of key battery materials. In the deal that will begin at the end of 2024, LG Energy Solution will receive 71,000 tons of nickel [...]
SEOUL, Aug. 11 (Korea Bizwire) — South Korean shipbuilders retained their top status in terms of new orders for the third month in a row in July, beating their Chinese and Japanese rivals, industry data showed Wednesday. Hyundai Heavy Industries Co. and other local shipyards won 1.81 million compensated gross tons (CGTs) in new orders [...]
SEOUL, Aug. 10 (Korea Bizwire) — LG Electronics Inc. and LG Chem Ltd. on Tuesday decided to set aside a combined 325.6 billion won (US$282.8 million) in provisions for costs related to General Motors (GM) Co.’s Chevrolet Bolt electric vehicle (EV) recall as they revised down their second-quarter operating profits. In a regulatory filing, LG [...]
SEOUL, Aug. 10 (Korea Bizwire) — Global top shipbuilder Hyundai Heavy Industries Co. said Tuesday that it has applied for an initial public offering (IPO), seeking to raise up to 1.08 trillion won (US$900 million) for the development of its eco-friendly ship technologies next month. The shipbuilder has submitted the application to the top financial [...]
SEOUL, Aug. 6 (Korea Bizwire) — South Korean chemicals maker Kumho Petrochemical Co. said Thursday that it will produce an eco-friendly synthetic rubber compound using a bio-material made of rice bran, a byproduct of the rice milling process. The company plans to make silica, a material capable of improving the fuel efficiency, braking power and [...]