SEOUL, Jan. 31 (Korea Bizwire) — POSCO, the world’s fifth-biggest steelmaker by output, said Friday its net profit rose 4.8 percent last year helped by increased gains from equity ties with its affiliates and firm demand for its key products. For the whole of 2019, net profit climbed to 1.98 trillion won (US$1.66 billion) from [...]
SEOUL, Jan. 14 (Korea Bizwire) — South Korea’s No. 1 steelmaker POSCO’s Pohang Steel Mill plans to increase the number of smart factories this year at its Pohang complex this year. Pohang Steel Mill announced on Monday that it plans to transform its third plant into a smart factory. A smart factory refers to a [...]
SEOUL, Dec. 17 (Korea Bizwire) — POSCO Co., South Korea’s largest steelmaker, has built a steel home for Pengsoo, an Educational Broadcasting System (EBS) character known to live in a prop room. It took approximately one month to build the home inside the lobby of EBS headquarters in Ilsan, Gyeonggi Province, using C-shaped steel to [...]
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. 23 (Korea Bizwire) — South Korea’s top steelmaker POSCO said Wednesday that its salt lake in Argentina contains more lithium reserves than its original calculation, allowing the company to safely secure a key commodity for making electric vehicle batteries. POSCO said its latest exploration of the Salar del Hombre Muerto salt lake in [...]
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, Sept. 30 (Korea Bizwire) – South Korea’s steelmakers are looking at core materials used for environmentally friendly vessels ahead of the implementation of a new environmental regulation by the International Maritime Organization (IMO) as part of their efforts to diversify its product portfolio and beef up profitability, industry observers said Monday. The IMO will [...]
SEOUL, Sept. 25 (Korea Bizwire) — South Korea’s 30 biggest conglomerates were found to be engaged in over 13 trillion won (US$11 billion) worth of lawsuits in the first half of the year, a local market research firm said Wednesday. In their earnings reports for the January-June period, 176 affiliates of the top 30 business [...]
SEOUL, Sept. 21 (Korea Bizwire) — South Korea’s cathode material producers are likely to see solid earnings in the fourth quarter of the year on a surge in nickel and cobalt prices, analysts here said Saturday, amid growing demand for electric vehicle (EV) batteries. Nickel and cobalt are key raw materials for cathodes, one of [...]
SEOUL, Sept. 4 (Korea Bizwire) — POSCO, South Korea’s largest steelmaker, said Wednesday it will build a lithium processing plant in the country’s southwestern city to meet the growing demand of electric vehicle (EV) battery materials. POSCO said it has recently finalized a deal with Pilbara Minerals Ltd., a major lithium mining company in Australia, [...]