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Hyundai Steel to Spend 530 bln Won to Reduce Environmentally Harmful Emissions

Hyundai Steel to Spend 530 bln Won to Reduce Environmentally Harmful Emissions

SEOUL, Apr. 1 (Korea Bizwire) — Hyundai Steel Co., South Korea’s No. 2 steelmaker, said Monday that it plans to cut its environmentally harmful emissions by over 50 percent from the current level. Hyundai Steel said it aims to spend some 530 billion won (US$468 million) to address concerns over fine dust and other harmful [...]

Hyundai Steel Q1 Net Profit Falls 48.2% Due to Base Effect

Hyundai Steel Q1 Net Profit Falls 48.2% Due to Base Effect

SEOUL, April 27 (Korea Bizwire) – Hyundai Steel Co., South Korea’s second-biggest steelmaker by sales, said Friday that its first-quarter net profit plunged 48.2 percent from a year earlier due to a base effect. Net profit for the three months ending March 31 came to 177 billion won (US$164.7 million), compared with a net profit of 341.8 billion won a year earlier, the company said in a statement. The company said [...]

Moody’s: Planned Sale of Mobis Shares Positive for Hyundai Steel

Moody’s: Planned Sale of Mobis Shares Positive for Hyundai Steel

SEOUL, March 29 (Korea Bizwire) – Moody’s Investors Service said Thursday that Hyundai Steel Co.’s plan to sell its 5.7 percent stake in auto parts maker Hyundai Mobis Co. is credit positive for the steelmaker. But the planned stake sale will not have an immediate impact on Hyundai Steel’s Baa2 stable rating, the global ratings agency said in a statement. “The share sale if it goes ahead as planned will generate after-tax cash proceeds of [...]

WTO’s Ruling on U.S. Anti-dumping Duties on Korean Steel Pipes Finalized

WTO’s Ruling on U.S. Anti-dumping Duties on Korean Steel Pipes Finalized

SEOUL, Jan. 15 (Korea Bizwire) — The World Trade Organization’s ruling against the United States over the country slapping anti-dumping duties on steel pipes has been confirmed, Seoul’s trade ministry said Monday. In July 2014, the U.S. Commerce Department levied 9.9 percent to 15.8 percent anti-dumping duties on oil country tubular goods (OCTG) imports from [...]

Gov’t, Steelmakers Discuss Ways to Tackle U.S. Trade Protectionism

Gov’t, Steelmakers Discuss Ways to Tackle U.S. Trade Protectionism

SEOUL, Dec. 25 (Korea Bizwire) — South Korea’s trade ministry and local steelmakers have discussed ways to cope with the United States’ growing trade protectionism including adjusting steel exports, officials said Monday. The ministry held a meeting with trade experts and local steelmakers, including top player POSCO and its rival Hyundai Steel Co., on Thursday [...]

South Korean Steel Industry Going Smart in Face of Adversity

South Korean Steel Industry Going Smart in Face of Adversity

SEOUL, Jun. 19 (Korea Bizwire) — As competition in the international steel industry stiffens due to oversupply, South Korean steel companies are embracing smart technology to prepare for the Fourth Industrial Revolution. At the forefront of this trend is South Korean steel-making company POSCO, which announced on Saturday that it has been adopting new artificial [...]