SEOUL, March 12 (Korea Bizwire) — LG Energy Solution Ltd. said Friday it will invest 5 trillion won (US$4.5 billion) by 2025 to expand its battery production capacity in the United States to meet growing demand in the key market. The battery subsidiary wholly owned by LG Chem Ltd. said the investment will increase its [...]
SEOUL, March 12 (Korea Bizwire) — South Korean excavator manufacturers are enjoying brisk sales in China and emerging markets this year on China’s pump-priming policy to cope with the coronavirus pandemic and increased prices of raw materials. Doosan Infracore Co. sold 1,754 units in China in February, rising more than three times from a year [...]
SEOUL, March 9 (Korea Bizwire) — Samsung SDI Co., South Korea’s No. 2 battery maker, said Tuesday it spent a record high of 808.3 billion won (US$703.2 million) in research and development activities last year to develop advanced battery technologies. Samsung SDI’s R&D spending accounted for 7.2 percent of its 2020 sales, according to its [...]
SEOUL, March 9 (Korea Bizwire) — SK Global Chemical Co., a chemical affiliate of South Korea’s energy giant SK Innovation Co., and POSCO, the world’s fifth-largest steelmaker by output, have united forces to develop new lightweight materials for future mobility, including electric vehicles (EVs). The two parties announced on Monday that they had formed a [...]
SEOUL, March 8 (Korea Bizwire) — LG Electronics Inc. has revamped its overseas auto parts production bases, industry insiders said Monday, in a move to beef up its automotive solutions business for future growth. LG recently completed closure of its plant in Kunshan, southeastern China, which had been producing vehicle infotainment components, such as audio, [...]
SEOUL, March 8 (Korea Bizwire) — POSCO International Corp. said Monday its steel processing unit will expand its production capacity of bipolar plates used in hydrogen fuel cell-powered electric vehicles to meet growing demand. POSCO SPS, wholly owned by POSCO International, will produce 10,000 tons a year of fuel-cell bipolar plates by 2027, which is [...]
SEOUL, March 5 (Korea Bizwire) — A salt lake in Argentina previously purchased by South Korea’s top steelmaker POSCO is returning large profits after the lake turned out to contains more lithium reserves than initially calculated, and the price of lithium jumped. The Salar del Hombre Muerto salt lake in northern Argentina which POSCO bought [...]
SEOUL, March 5 (Korea Bizwire) — A U.S. trade panel has said SK Innovation Co. misappropriated trade secrets of its South Korean rival LG Energy Solution Ltd. for its development of electric vehicle (EV) batteries, in a decision that could jeopardize SK Innovation’s battery businesses in the United States. The U.S. International Trade Commission (ITC) [...]
SEOUL, March 4 (Korea Bizwire) — A South Korean steelmaker has developed a coated steel sheet that blocks the coronavirus. Dongkuk Steel Mill Co. announced Wednesday that it had made improvements to Luxteel Bio, South Korea’s first anti-bacteria coated steel sheet, to develop a product that can kill 99.9 percent of coronavirus agents within 30 [...]
SEOUL, March 3 (Korea Bizwire) — Hyundai Heavy Industries Holdings Co. (HHIH) said Wednesday that it has signed a deal with Saudi Arabia’s state-run oil firm Saudi Aramco to cooperate on a hydrogen project. Under the deal, Hyundai Oilbank Co., HHIH’s refining unit, will import liquefied petroleum gas (LPG) from Saudi Aramco to produce blue [...]