SEOUL, July 13 (Korea Bizwire) — Lotte Chemical Co., a major South Korean petrochemical company, said Tuesday it will invest 4.4 trillion won (US$3.8 billion) in the hydrogen business by 2030 to cut its carbon emissions and foster the new growth driver. The petrochemical unit of Lotte Group said it aims to generate 3 trillion [...]
SEOUL, July 13 (Korea Bizwire) — South Korean chemical goods manufacturer SK Chemicals Co. said Monday that it will focus on environment, social and governance (ESG) management as part of efforts to achieve net-zero carbon dioxide emissions by 2050. The company’s first goal is to cut its greenhouse gas emissions by 50 percent by 2030, while reorganizing its business [...]
SEOUL, July 11 (Korea Bizwire) — New orders won by South Korean shipbuilders hit a 13-year high in the first half of the year amid signs of a modest recovery in global trade from the COVID-19 pandemic, data showed Sunday. Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders worth US$26.7 billion that [...]
SEOUL, July 9 (Korea Bizwire) — South Korea’s leading steelmaker POSCO estimated Friday its second-quarter operating profit hit the highest point in 15 years on robust demand amid a global economic recovery from the COVID-19 pandemic. Operating profit for the April-June quarter jumped to 2.2 trillion won (US$1.9 billion) from 121.2 billion won during the [...]
SEOUL, July 9 (Korea Bizwire) — SK Global Chemical Co., an affiliate of South Korea’s top refiner SK Innovation Co., is building an anode material plant, where plastic waste will be recycled into new materials. The company signed a memorandum of understanding with the city of Ulsan on Thursday. By 2025, SK Global Chemical plans [...]
SEOUL, July 9 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. is considering investment in the United States to meet growing demand for electric vehicles, industry sources said Friday, stoking speculation over potential partnership with major automakers. The battery making arm of Samsung Electronics Co. has been reviewing various options to build a [...]
SEOUL, July 9 (Korea Bizwire) — South Korea’s major steelmakers are engaged in stiff competition to get the upper hand in the production of color steel plates, for which demand is surging in the areas of construction and home appliances. Color steel plates are steel products that are coated with special paints, with digital printers [...]
SEOUL, July 8 (Korea Bizwire) — LG Group said Thursday its battery making and chemical units will invest a combined 15.1 trillion won (US$13.1 billion) in South Korea by 2030 to develop next-generation battery technology and expand the domestic supply chain to solidify its battery leadership. LG Chem Ltd. and its wholly owned battery subsidiary [...]
SEOUL, July 8 (Korea Bizwire) — To get faster to an electric future, automakers need lighter, faster-charging batteries, and South Korea wants to take a leading role in the global battery race amid a major technological shift in the automotive industry. South Korea, China and Japan produce most of the world’s EV batteries, but auto [...]
SEOUL, July 8 (Korea Bizwire) — South Korean secondary battery materials maker POSCO Chemical Co. said Thursday it will built a new cathode materials plant to meet rising demand for electric vehicle (EV) batteries. The unit of South Korean steel giant POSCO said it will start to invest around 600 billion won (US$525 million) from [...]