SEOUL, Feb. 1 (Korea Bizwire) — Three South Korean electric vehicle (EV) battery makers accounted for over a third of the global market last year underscoring their increased presence in the fast-growing sector, a market research firm said Monday. The three — LG Energy Solution Ltd., Samsung SDI Co. and SK Innovation Co. — supplied [...]
SEOUL, Jan. 30 (Korea Bizwire) — South Korean steelmakers have launched talks with shipbuilders over prices of thick steel plates, which are mainly used for shipbuilding, people familiar with the matter said Saturday. POSCO, the country’s largest steelmaker, said it is pushing to raise prices of thick steel plates — a key material that accounts [...]
SEOUL, Jan. 29 (Korea Bizwire) – SK Innovation Co. said Friday it turned to the red in 2020 on heavy losses from its refinery business hit by the COVID-19 pandemic but plans to expand investment to increase production of electric vehicle batteries. South Korea’s top refiner said it posted 2.2 trillion won (US$2 billion) in [...]
SEOUL, Jan. 29 (Korea Bizwire) — LG Energy Solution Ltd. has picked the lead managers for its listing on the Seoul bourse after a spin-off from its parent LG Chem Ltd., according to industry sources, which is expected to be one of this year’s mega IPO deals. The battery unit wholly owned by LG Chem [...]
SEOUL, Jan. 29 (Korea Bizwire) — SK Innovation Co., a South Korean refinery-to-battery company, said Friday it will invest 1.3 trillion won (US$1.2 billion) in its Hungary subsidiary to expand its electric vehicle battery production in Europe. SK Innovation said its investment in SK Battery Hungary Kft. is aimed at building “a new battery factory [...]
SEOUL, Jan. 29 (Korea Bizwire) — SK Holdings Co., the holding firm of South Korean energy and telecom conglomerate SK Group, is moving into the silicon carbide (SiC) power semiconductor market. SiC power semiconductors are one of the core components of electric vehicles and hydrogen fuel-cell automobiles. The firm announced on Thursday that it had [...]
SEOUL, Jan. 28 (Korea Bizwire) – POSCO, South Korea’s top steelmaker, said Thursday its operating profit slipped 37.9 percent last year as the coronavirus pandemic ravaged global demand for steel. POSCO reported an operating profit of 2.4 trillion won (US$2.15 billion) and a net profit of 1.7 trillion won for 2020. Net profit fell 9.8 [...]
SEOUL, Jan. 27 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Wednesday it posted a record revenue in 2020 on strong battery sales, vowing to expand its battery unit’s production capacity to meet growing demand for electric vehicle (EV) batteries. Its annual sales rose 9.9 percent to 30.6 trillion won (US$278.6 [...]
SEOUL, Jan. 27 (Korea Bizwire) — LG Display Co., a major display panel maker in South Korea, on Wednesday said it shifted to a net profit in the fourth quarter of 2020, on the back of increased demand of its panels for IT products and sales of OLED displays amid the pandemic-induced stay-at-home trend. LG [...]
SEOUL, Jan. 26 (Korea Bizwire) — Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Tuesday it will raise 1 trillion won (US$907 million) by listing its shares on the main bourse this year for its environment-friendly business. Hyundai Heavy said it will issue new shares equivalent to a 20 percent stake in the company [...]