SEOUL, Mar. 9 (Korea Bizwire) — South Korean steel exports to the United States will take a big hit from Washington’s move to slap heavy tariffs on imported steel, local industry sources said Friday. Defying threats of retaliatory measures from major economies, U.S. President Donald Trump signed orders imposing 25 percent tariffs on steel imports, [...]
SEOUL, Feb. 27 (Korea Bizwire) – POSCO, South Korea’s largest steel producer, said Tuesday it has signed a deal to buy up to 240,000 tons of lithium spodumene concentrate per year from Australia’s Pilbara Minerals, securing the key material for its lithium business. POSCO did not elaborate on how much it will pay for the import of lithium spodumene concentrate. Lithium is a key material [...]
SEOUL, Jan. 19 (Korea Bizwire) — A long-held rite of passage for new employees at big firms has in recent weeks come under fire after reports surfaced detailing allegations that newly hired female employees at Kookmin Bank (KB), who were participants in a company mandated training program, were offered contraceptives to avoid suffering from discomfort [...]
SEOUL, Jan. 15 (Korea Bizwire) – South Korean steelmaker PSCO said Monday its steel plant in Indonesia turned a profit after four years of operation, with accumulated sales exceeding 10 million tons. PT Krakatau POSCO, an integrated steel mill jointly set up by POSCO and Indonesia’s state-run steel firm Krakatau Steel, shifted to an operating profit of US$12 million last year after posting losses in the previous three years, POSCO said [...]
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, Dec. 22 (Korea Bizwire) – The very first South Korean LNG-powered merchant vessel is expected to set sail next year. The Ministry of Trade, Industry and Energy and POSCO said on Thursday that the launch ceremony for the country’s first LNG-powered merchant vessel, ‘Green Iris’, will take place on Friday at Hyundai Mipo Dockyard [...]
SEOUL, Dec. 13 (Korea Bizwire) — POSCO, South Korea’s leading steelmaker, said Wednesday that its auto steel processing plant in eastern China has sold an accumulated 5 million tons of steel. The plant in Suzhou in China’s eastern Jiangsu Province is POSCO’s first plant overseas to reach the milestone, said POSCO Automotive Processing Center Co. [...]
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 [...]