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Reporter : Lee Hyo-sik
Fri, December 8, 2023 | 05:28
POSCO, Hyundai Steel face higher US barrier
POSCO, Hyundai Steel and other Korean steelmakers will have a much harder time exporting their products to the United States as it vows to restrict steel imports in the name of protecting national security, analysts said Friday. U.S. President Donald Trump’s order to investigate whether foreign steel products adversely affect U.S. national security is the latest in a series of steps by the populist leader to curb steel imports and revive the struggling U.S. steel industry. Since his inauguration in January, Trump has been raising trade barriers for Korean and other foreign steelmakers, impos...
Companies | 2017-04-21 19:03
KEPCO enters US virtual power plant market
The Korea Electric Power Corp. (KEPCO) will enter the rapidly growing virtual power plant (VPP) market in the United States as part of efforts to find new growth engines. The state-run utility said Friday that it signed an agreement with KOKAM, a local lithium polymer battery maker for energy storage systems (ESS), and Sunverge, the California-based renewable energy managemen...
Companies | 2017-04-21 18:53
SK pays 4.8 bil. won incentives to 93 social enterprises
SK Group has extended 4.8 billion won ($4.2 million) in incentives to 93 selected social enterprises as part of efforts to nurture startups that contribute to solving diverse social issues. Under the leadership of Chairman Chey Tae-won, Korea’s third-largest conglomerate has been supporting social enterprises that hire the disabled, carry out community improvement programs an...
Economy | 2017-04-20 16:48
Sponsoring orchestra of disabled youths
S-Oil President Ryu Yul, left, poses with Heart to Heart Foundation Chairman Kim Young-joo, right, after donating 100 million won ($88,000) to the charity’s orchestra at the oil refiner’s office in Seoul, Thursday. S-Oil has been sponsoring the Heart to Heart Orchestra made up of disabled youths since 2009. / Courtesy of S-Oil
2017-04-20 16:37
Hyundai Equipment wins $20 mil. orders from Russia
Hyundai Construction Equipment (HCE) has secured a $20 million contract to export 36 large excavators to coal and iron ore mine developers in Russia. The company, spun off from Hyundai Heavy Industries in March, said Thursday that the deal will enable it to expand its presence in Russia and neighboring countries rich with natural resources. HCE is the No. 1 heavy machinery co...
Companies | 2017-04-20 16:35
KDB faces bumpy road to closing Kumho Tire sale
The Korea Development Bank (KDB) faces a bumpy road to the sale of Kumho Tire to a Chinese tiremaker. KDB, which holds a 42.1 percent stake in Kumho Tire, has been criticized by politicians and Kumho employees who raise concerns about a possible technology leak and job security if Double Star Tires acquires Korea’s second-largest tiremaker. Above all, the right to use the Kumho Tire brand has emerged as the most contentious issue as KDB promised to allow the mid-tier Chinese tiremaker to use the trademark for 20 years without gaining consent from Kumho Industrial. Kumho Industrial owns the t...
Companies | 2017-04-19 16:51
GS chief vows to enhance core competence
GS Group will work harder to strengthen its core competence in oil refining, retail, construction and other businesses to cope with the rapidly changing market environment, its chairman said Wednesday. In a meeting with executives from group affiliates, GS Chairman Huh Chang-soo said Korea’s seventh-largest conglomerate should be the first one to detect changes in the marketp...
Economy | 2017-04-19 16:35
KEPCO acquires US solar power plant
The Korea Electric Power Corp. (KEPCO) has acquired a solar power plant in the United States, its first acquisition in the field of renewable energy in North America. Using the deal as a springboard, the state-run utility plans to acquire more wind, solar and other renewable energy businesses in the United States and elsewhere to become a global leader in the clean energy industry. KEPCO said Monday that it paid $34 million on April 14 to complete the acquisition of Cogentrix Energy’s Alamosa Solar Generating Plant in Colorado. KEPCO’s U.S. unit holds a 50.1 percent stake in the 30-megawatt ...
Companies | 2017-04-17 16:16
Former FKI vice chairman won't get severance pay
The former No. 2 man at the scandal-ridden Federation of Korean Industries (FKI) probably won’t receive his severance pay as the chaebol lobby struggles to stay afloat on plunging membership fees, his successor said Monday. FKI Vice Chairman Kwon Tae-shin said that given the organization’s dire financial state, it cannot pay his predecessor Lee Seung-cheol, one of the main cu...
Economy | 2017-04-17 16:11
Korea's 'hansik' globalization bears fruit
Korea’s efforts to make Korean food a favorite of diners across the world is proceeding as planned, as more and more people from other countries became fans of kimchi, bulgogi and other local dishes. The government has spent tens of millions of dollars over the years to promote Korean food, branded as “hansik,” by paying TV broadcasters in Europe and the United States to air ...
Economy | 2017-04-16 17:00
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