SEOUL, Nov. 20 (Korea Bizwire) — Doosan Infracore Co., South Korea’s leading construction equipment maker, on Wednesday introduced a comprehensive control system for the management of construction sites with unmanned and automated technologies. Doosan Infracore demonstrated “Concept-X” at its test center in Boryeong, South Chungcheong Province, 140 kilometers south of Seoul, with officials from Bosch, [...]
SEOUL, Nov. 12 (Korea Bizwire) — South Korean refiners said Tuesday they’re ready to cope with new International Maritime Organization (IMO) regulations on sulfur content in marine fuel with desulfurization and upgraded facilities. Starting Jan. 1, 2020, the IMO’s new rule will go into effect limiting the sulfur cap of marine fuel to 0.5 percent [...]
SEOUL, Nov. 7 (Korea Bizwire) — Major telecom operator KT Corp. and leading shipbuilding conglomerate Hyundai Heavy Industries Group said Thursday they will step up collaboration to develop advanced smart factory solutions based on the 5G network to improve efficiency and safety. In May, the two companies signed a memorandum of understanding to join forces [...]
SEOUL, Nov. 7 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, on Thursday said it has set up a new petrochemical tech center to boost its competitiveness in the sector. LG Chem said its petrochemical tech center in Osan, some 50 kilometers south of Seoul, has been completed after investing 110 billion [...]
BUSAN, Nov. 6 (Korea Bizwire) — Hanjin Heavy Industries & Construction Co., a midsized shipyard in South Korea, said Wednesday it has won a 70-billion-won (US$60 million) order to build the country’s first multi-purpose very large oil spill response vessel (OSRV). Under the deal with state-run Korea Marine Environment Management Corporation, Hanjin Heavy will deliver [...]
SEOUL, Nov. 1 (Korea Bizwire) — Unionized workers at Daewoo Shipbuilding & Marine Engineering Co. have approved a wage deal, the shipbuilder said Friday, ending monthslong negotiations that led to strikes. Daewoo Shipbuilding said 62 percent of 5,277 workers approved the wage and collective agreement that includes a 1.1 percent increase in base pay and [...]
SEOUL, Oct. 31 (Korea Bizwire) — Daelim Industrial Co., a major construction and petrochemical firm in South Korea, announced Thursday it has decided to acquire a synthetic rubber unit of American chemical giant Kraton Corp. for US$530 million. Under the deal, Daelim will get the Cariflex business of Kraton, including its plant in Brazil and [...]
SEOUL, Oct. 30 (Korea Bizwire) — Lotte Chemical Corp., a major chemical firm in South Korea, said Wednesday it has decided to sell its British PET production unit in a move to restructure its business portfolio. Lotte Chemical UK Ltd. will be sold to DAK Americas LLC, a subsidiary of Mexican chemical giant Alpek S.A.B. [...]
SEOUL, Oct. 24 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Thursday its third-quarter net profit dropped 53 percent from a year earlier, hit by high raw material costs. Net profit reached 496.8 billion won (US$424 million) in the July-September period on a consolidated basis, compared with a profit of 1.05 trillion won a [...]
SEOUL, Oct. 24 (Korea Bizwire) — SK hynix Inc. said Thursday its net profit for the third quarter dipped to the lowest level in more than three years on weak memory chip prices and global demand, but said it expected the memory industry to recover next year on adoption of 5G smartphones. The net profit [...]