SEOUL, April 20 (Korea Bizwire) — Hyundai Motor Group, South Korea’s largest automotive conglomerate, is mulling the sale of its railway business affiliate, industry sources said Tuesday. The group is considering selling Hyundai Rotem Co.’s loss-making railway business, according to the sources. Hyundai Motor Co., the group’s crown jewel, is the largest shareholder in Hyundai [...]
SEOUL, April 19 (Korea Bizwire) — South Korea’s leading steelmaker POSCO has decided to end its relationship with a firm backed by Myanmar’s military. POSCO Coated & Color Steel Co., one of the steelmaker’s affiliates, recently issued a press release announcing that it will terminate the joint venture operation with Myanmar Economic Holdings Limited (MEHL) [...]
SEOUL, April 17 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. said Saturday its joint venture with American automaker General Motors Corp. will build a $2.3 billion electric vehicle (EV) battery factory in Tennessee. Ultium Cells, the joint venture between LG and GM, will build a second U.S. factory with an annual [...]
SEOUL, April 16 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. said Friday it will spend 1.06 trillion won (US$950 million) to build a battery factory in the United States with American automaker General Motors Corp. In a regulatory filing, LG Energy, wholly owned by LG Chem Ltd., said that it and [...]
SEOUL, April 15 (Korea Bizwire) — A joint venture between South Korean battery maker LG Energy Solution Ltd. and U.S. automaker General Motors Corp. will build its second battery factory in Tennessee to step up production, industry sources said Thursday. Ultium Cells, a joint venture between LG and GM, has picked a site in Tennessee [...]
SEOUL, April 15 (Korea Bizwire) — SK Innovation Co. said Wednesday that it will replace the boiler fuel at its Ulsan refining complex, the nation’s first oil refinery, with eco-friendly liquefied natural gas (LNG) fuel starting from July. Since 2019, the refinery-and-battery unit of SK Group has invested a total of 69 billion won (US$61.8 [...]
SEOUL, April 14 (Korea Bizwire) — POSCO, the world’s fifth-largest steelmaker by output, said Wednesday it will build a plant in South Korea to extract lithium hydroxide, a key material for electric vehicle (EV) batteries. POSCO said its board of directors approved the plan last week to build a plant in the southern industrial city [...]
SEOUL, April 14 (Korea Bizwire) — Hyundai Electric & Energy Systems Co.(HE) said Wednesday that it has signed initial deals with local operators of charging stations for electric vehicles (EV) to provide electricity. Under the deals, HE will provide electricity collected from operators of renewable energies, such as solar energy, to EV charging station operators, [...]
SEOUL, April 14 (Korea Bizwire) — Samsung Heavy Industries Co. said Wednesday that it has completed the pilot test of its liquefied natural gas (LNG) regasfication system. The system, named S-REGAS, is the world’s first LNG regasification system for LNG floating storage regasification unit (LNG-FSRU) combined with cold power generation technologies, the shipbuilder said. Cold [...]
SEOUL, April 13 (Korea Bizwire) — Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, said Tuesday it is pushing to go public in a move to further expand its presence in the global market. Hyundai Engineering sent requests for proposals to major securities firms at home and abroad Friday for its initial [...]