SEOUL, July 27 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Tuesday its second-quarter earnings jumped nearly sixfold on solid demand for electric vehicle (EV) battery products, hinting at a new battery factory in the United States in the near future to meet growing demand in the world’s most important automobile market. [...]
SEOUL, July 22 (Korea Bizwire) — POSCO, the world’s fifth-largest steelmaker by output, said Thursday that its second-quarter net profit surged 18 times from a year earlier on robust demand amid the global economic recovery from the COVID-19 pandemic. Net profit for the three months that ended in June soared to 1.81 trillion won (US$1.57 [...]
SEOUL, July 20 (Korea Bizwire) — South Korea’s top power plant builder Doosan Heavy Industries & Construction Co. said Tuesday that it has decided to invest US$60 million to expand its stake in NuScale Power LLC., a U.S. small modular reactor (SMR) maker. Doosan Heavy already invested $44 million in the unlisted SMR maker in [...]
SEOUL, July 20 (Korea Bizwire) — SK Materials Co., a semiconductor and display material subsidiary under SK Group, said Tuesday it will form a joint venture with Group 14 Technologies to tap into the lithium-ion battery material business. SK Materials said it plans to invest 60 billion won (US$52 million) to hold a 75 percent [...]
SEOUL, July 20 (Korea Bizwire) — South Korea’s steel giant POSCO announced on Monday that in collaboration with power plant builder Doosan Heavy Industries & Construction Co., it will develop a new power generation technology using the ammonia synthesized from green and blue hydrogen as a fuel. The two parties, together with the Research Institute [...]
SEOUL, July 19 (Korea Bizwire) — Samsung Heavy Industries Co. said Monday that it has obtained approval in principle (AIP) for its independently developed offshore floater for wind power turbines from DNV, a Norwegian ship quality assurance and risk management company. Approval in principle (AIP) for the floater means a certification agency has reviewed its [...]
SEOUL, July 18 (Korea Bizwire) — South Korean shipbuilders are forecast to report sluggish earnings in the second quarter of the year due to a sharp rise in prices of steel plates despite brisk orders, analysts said Sunday. POSCO, South Korea’s leading steelmaker, has raised the prices of steel plates for ships to 1.15 million [...]
SEOUL, July 18 (Korea Bizwire) — South Korea’s SK Innovation Co. will receive incentives worth 90 million euro (US$106 million) from the Hungarian government for investing in the country with a project to build a battery plant, the company said Sunday. The energy and chemical subsidiary of the nation’s No. 3 conglomerate, SK Group, has [...]
SEOUL, July 14 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Wednesday it will invest 10 trillion won (US$8.7 billion) by 2025 to expand its battery material, renewable and bio businesses. The chemical unit under LG Group said it will speed up its transition to an eco-friendly business portfolio by expanding [...]
SEOUL, July 13 (Korea Bizwire) — South Korean construction equipment manufacturers are basking in robust overseas sales despite the resurgence of new coronavirus infections, industry data showed Tuesday. South Korea’s top construction equipment maker Doosan Infracore Co. said its European subsidiary sold 543 units of excavators and other construction equipment in June, a new monthly [...]