YEONGGWANG, Jul. 29 (Korea Bizwire) — South Korea’s first electric vehicle (EV) battery recycling firm will be established in Yeonggwang Country, South Jeolla Province. County officials announced on Saturday that the construction project for the new recycling center recently began in the Daema Industrial Complex, a regulation-free zone for the e-mobility industry. The center will [...]
SEOUL, Jul. 29 (Korea Bizwire) — Samsung Heavy Industries Co., a major shipbuilder in South Korea, said Monday it has developed a lithium-ion battery power system for ships. The system, jointly developed with local battery manufacturer Samsung SDI Co., earned a type approval from Norway’s renowned classification society DVL-GL, becoming the first local shipbuilder to [...]
SEOUL, Jul. 26 (Korea Bizwire) — Massive oil mist leaks from a factory of Hanwha Total Petrochemical in central South Korea in May were caused by the company’s failure to abide by safety procedures and a walkout of skilled employees, a joint government-private investigation team said Friday. The announcement came after two oil mist leaks [...]
SEOUL, Jul. 25 (Korea Bizwire) — In yet another positive result for the government’s win-win job-creation drive, LG Chem Ltd., South Korea’s largest chemical company by sales, announced a plan Thursday to invest 500 billion won (US$423 million) to build a new cathode material production plant in Gumi, North Gyeongsang Province. The firm signed a [...]
SEOUL, Jul. 25 (Korea Bizwire) — SK hynix Inc. on Thursday reported dismal second-quarter earnings on lower memory chip prices, saying it will cut output to respond to challenging market conditions and uncertainties from trade disputes between South Korea and Japan. Net profit for the world’s No. 2 memory chip maker came to 537 billion [...]
SEOUL, Jul. 24 (Korea Bizwire) — South Korea’s OLED panel exports to Japan more than doubled to hit a record high last month, data showed Wednesday, bucking the trend of weakening global demand for displays. South Korea’s shipments of organic light-emitting diode (OLED) panels to Japan totaled US$13.2 million in June, skyrocketing 129.2 percent from [...]
SEOUL, Jul. 24 (Korea Bizwire) — SK ie technology Co., an affiliate of South Korean EV battery producer SK Innovation Co., said Wednesday its lithium-ion battery separator (LiBS) production will start being expanded in October following the completion of new production lines. The company said new production lines at its plant in South Korea will [...]
SEOUL, Jul. 23 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Tuesday that its second-quarter net profit increased mainly due to the robust performance of its affiliates. Net profit reached 681.4 billion won (US$577 million) in the April-June period on a consolidated basis, up 17 percent from a profit of 580 billion won a [...]
SEOUL, Jul. 23 (Korea Bizwire) — Hyundai Heavy Industries Co., South Korea’s largest shipbuilder, will file a suit for damages this week against its labor union over disruptive action at the company’s shareholders meeting in May and illegal strikes, company officials said Tuesday. Hyundai Heavy claimed it lost 9.2 billion won (US$7.8 million) due to [...]
SEOUL, Jul. 23 (Korea Bizwire) — LG Display Co. said Tuesday it will invest 3 trillion won (US$2.6 billion) in an organic light-emitting diode (OLED) facility in South Korea to expand its production capacity for premium panels. The Korean panel maker has spent 4.6 trillion won in the OLED factory in Paju, north of Seoul, [...]