SEJONG, Dec. 12 (Korea Bizwire) — South Korean energy companies are resisting a recent government decision to impose a huge tariff on steel giant POSCO for its imports of low-priced liquefied natural gas (LNG), industry sources said Tuesday. The backlash comes after the Korea Customs Service (KCS) informed the country’s leading steelmaker on Nov. 30 [...]
SEOUL, Oct. 26 (Korea Bizwire) – South Korean steelmaker POSCO said Thursday Thursday its third-quarter profit almost doubled from a year earlier onhigher demand for steel products. Net profit for the July-September quarter soared to 907 billion won(US$806 million), up 91 percent from 476 billion won a year earlier, the company said in a statement. Operating profit climbed 8.8 percent on-year to 1.13 trillion won in the third [...]
SEOUL, Sept. 14 (Korea Bizwire) – South Korea’s top steelmaker POSCO and leading chemicals manufacturer LG Chem have seen their market value surge during this year’s stock rally driven by large caps, data showed Thursday. POSCO’s market capitalization stood at 29.1 trillion won (US$25.8 billion) as of Wednesday, ranking fourth among the top 30 companies [...]
SEOUL, Aug. 21 (Korea Bizwire) – POSCO Engineering & Construction Co. said Sunday it has won a 950 billion-won (US$832 million) deal to construct a coal-fired power plant in Bangladesh. Under the contract signed with Japanese trading firm Sumitomo Corp., the construction arm of steelmaker POSCO will build a 1,200 megawatt plant and related facilities [...]
SEOUL, Aug. 14 (Korea Bizwire) – Hyundai Motor Co., South Korea’s top automaker, is facing a double whammy of sluggish earnings and a looming labor dispute, which have been sending its stocks lower for couple of weeks, watchers said Saturday. Hyundai Motor closed 2.07 percent lower at 142,000 won (US$123) on the Seoul bourse on Friday, a sharp fall from its 52-week high of 173,000 won on May 23. Hyundai, [...]
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 [...]
SEOUL, May 31 (Korea Bizwire) – Nearly half of the top 30 conglomerates in the country in 2000 either fell out of the rankings or have been dissolved, with only Samsung Group firmly entrenched in the No. 1 position, an analysis showed Wednesday. Corporate tracker CEO Score compared the top 30 business groups of 2000 and those in 2016 in terms of state-appraised assets. Over the [...]
SEOUL, May 31 (Korea Bizwire) – POSCO, South Korea’s biggest steelmaker, suffered a dip in its global standing by coming in as the fifth-largest steel-producing firm, largely due to the merger of two Chinese players, industry data showed Wednesday. The data from the World Steel Association showed the Pohang-based company produced 41.56 million tons of [...]
SEOUL, May 26 (Korea Bizwire) – POSCO ICT Co., a unit of South Korea’s leading steelmaker POSCO, said Thursday it plans to generate power from solar panels set up on rooftops of buildings and sell it to the state-run Korea Power Exchange. The company said the project involves generating small-volume power of around 1 megawatt. POSCO ICT plans to install infrastructure at its headquarters and factories, and gradually expand the production capacity. “We have a bright outlook on the [...]
POHANG, South Korea, May 18 (Korea Bizwire) – POSCO’s 1-trillion-won ($887 million) thermal power plant in Pohang is likely to be scrapped amid growing concerns over fine dust and stringent environmental policies on the part of the current administration. The world’s fourth-largest steelmaker has 13 generators of 20MW to 146MW-capacity at its Pohang steelworks, mainly [...]