SEOUL, Aug. 5 (Korea Bizwire) — POSCO, the world’s fifth-biggest steelmaker by output, and other local steel mills plan to cut their crude steel production due to a sharp decline in global steel demand over the coronavirus pandemic, company officials said Wednesday. Earlier this year, POSCO had planned to produce 36.7 million tons of crude [...]
SEOUL, Oct. 20 (Korea Bizwire) — Hyundai Steel Co., South Korea’s No. 2 steelmaker, is facing a double whammy of a slump in its earnings and a labor dispute, sending its stock price to a multiple-month low, industry observers said Sunday. Hyundai Steel closed 0.28 percent lower at 36,200 won (US$30) on the Seoul bourse [...]
SEOUL, Oct. 7 (Korea Bizwire) – South Korean steelmakers are raising the prices of their steel products to reflect increased costs of raw materials, industry sources said Monday, though the price hikes are likely to be lower than expected. POSCO, South Korea’s largest steelmaker, recently agreed with a local carmaker to raise the prices of [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Nov. 1 (Korea Bizwire) — Hyundai Steel Co., South Korea’s second-biggest steelmaker by sales, on Wednesday launched its brand of earthquake-resistant steel products as part of its effort to seek a new growth driver. The company has been investing in the development of earthquake-resistant products since 2005 by strengthening its lineup with specially made [...]
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 [...]