POHANG, South Korea, Dec. 5 (Korea Bizwire) — The industrial heart of Pohang, once buoyed by its thriving secondary battery and steel industries, is grappling with a severe economic downturn, underscoring the fragility of the region’s core sectors. The city, home to major players like EcoPro, POSCO Future M, and GS Energy Materials, has been [...]
SEOUL, May 16 (Korea Bizwire) — South Korea’s trade industry said Thursday it has agreed with the United States to launch an electronic certification system (eCERT) for the export and import processing of steel products. The agreement will connect the eCERT, operated by the U.S. Customs and Border Protection, with the Korea Iron & Steel [...]
SEOUL, Dec. 17 (Korea Bizwire) — South Korea’s domestic demand for steel is forecast to hit the lowest level in 11 years in 2020 due to the fallout from the coronavirus outbreak, a trade body said Thursday. The Korea Iron & Steel Association said domestic steel demand is likely to reach the 48 million-ton range [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s steel exports to the United States last year, regulated by a quota, fell more than those by key rivals China and Japan that were subject to higher tariffs, analyzed data indicated Tuesday. According to the analysis by the Washington office of the Korea Trade-Investment Promotion Agency (KOTRA), [...]
SEJONG, Dec. 9 (Korea Bizwire) — The U.N. maritime agency has approved guidelines on the application of POSCO’s steel product, officials said Friday, paving the way for global sales of high manganese austenitic steel for liquefied natural gas (LNG) tanks. The International Maritime Organization (IMO) made the decision in favor of POSCO’s steel for cryogenic [...]
SEOUL, Mar. 27 (Korea Bizwire) — South Korea’s troubled automobile industry faces yet another blow amid growing speculation that the government might trade the sector in for favorable steel tariffs. Speaking to the press at Incheon Airport, South Korean trade minister Kim Hyun-jong. who had just returned from Washington, said, “Understanding on the bilateral FTA and [...]
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, Sept. 13 (Korea Bizwire) — Canada’s border authorities said they have imposed up to 107.2 percent provisional duties on South Korean steel products in a preliminary ruling that could deal a blow to South Korean companies. The Canada Border Services Agency said on its website checked here Tuesday that it “made a preliminary determination” [...]
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, 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 [...]