South Korean steelmaker Posco said Thursday that it has completed construction of a plant in China that will produce cathode materials for rechargeable batteries starting late this year. Under a joint venture with China’s Huayou Cobalt, Posco built the plant in Zhejiang province, capable of producing 5,000 tons of cathode materials per year. It is Posco’s first overseas plant for cathode material production, officials said. Posco holds 60 percent in the venture, with Huayou Cobalt ta

Industry Aug. 22, 2019

SK Holdings, the holding company of the nation’s third-largest conglomerate, held a board meeting last month to push for the market listing of its drug unit, according to industry sources Thursday.With the board’s approval, SK Biopharmaceuticals is expected to apply for preliminary approval from the stock exchange soon, they added. In April, the drug unit named NH Investment and Securities to lead the initial public offering of the company and Korea Investment and Security as a joint

Industry Aug. 22, 2019

Hyundai Motor Group Executive Vice Chairman Chung Euisun (center) participates in a corporate social responsibility program designed to curb desertification in the region of Qagan Nor, Neimenggu, China, by making walls with tree branches to prevent grass seeds from flying off in the wind. Since 2008, the South Korean carmaker has carried out the Hyundai Green Zone project to turn infertile deserts into grassland in China. (Hyundai Motor Group)

Mobility Aug. 22, 2019

The government will spend 4.7 trillion won ($3.89 billion) next year to support the development of future industries as part of its effort to revitalize the nation’s sluggish economy, the finance minister said Wednesday.At a ministerial meeting in Seoul, Deputy Prime Minister and Finance Minister Hong Nam-ki said the government would invest 3 trillion won in system semiconductors, bio-health and future mobility. The remaining 1.7 trillion won is to be set aside for data, fifth-generat

Industry Aug. 21, 2019

Mercedes-Benz Korea, a local importer and distributor of German luxury cars, has expanded its logistics center in Anseong, Gyeonggi Province, 150 kilometers south of Seoul, the company said Wednesday. The changes required a 35 billion won investment. The logistics center opened in 2014 and its space has doubled from 17,800 square meters to 30,500 square meters after the yearlong project. The expanded center can house about 50,000 kinds of spare parts, as compared with 28,000 before the expansion

Mobility Aug. 21, 2019

Amid waning market demand for diesel-powered sport utility vehicles, SsangYong Motor unveiled the gasoline model of the Korando on Tuesday, to boost sales of its SUV brand. The carmaker has improved safety of the 1.5-liter turbo gasoline model by installing seven air bags and other safety features, including lane keeping assist, driver awareness assist and autonomous emergency braking systems. The launch came six months after the company unveiled the 2.0-liter diesel Korando here in February. Th

Mobility Aug. 20, 2019

South Korea’s Hyosung announced Tuesday it will invest 1 trillion won ($829 million) by 2028 to expand its carbon fiber production capacity, vowing to raise the country’s competitiveness to lessen dependence on other countries. To achieve this, it will put advanced materials, crucial for the “hydrogen economy,” at the forefront of its business portfolio.The textile giant plans to start 10 production lines for carbon fiber manufacturing at its plant in Jeonju City, capable

Industry Aug. 20, 2019

The sales unit of South Korean biopharma giant Celltrion Group is accelerating efforts to expand its overseas operations by launching 10 additional offices in Europe and Central America in the first half, the company said in a regulatory filing Monday.Celltrion Healthcare, the overseas sales and marketing unit of the biosimilar drug manufacturer, has launched offices in Italy, Germany, Belgium, Norway, France and Finland. The list also includes Canada, Chile and Peru.  Celltrion has been ex

Technology Aug. 19, 2019

Seeking changes in the way a conglomerate operates, SK Group kicked off an annual in-house forum Monday in search of a new path to transform its wide range of businesses. Hosted by Chairman Chey Tae-won, the Icheon Forum invited CEOs of affiliates, executives and rank-and-file employees to discuss the future of the nation’s third-largest conglomerate, which faces growing geopolitical risks, technological competition and fast-changing consumer markets, officials said.During the third editio

Industry Aug. 19, 2019

In the trendy industry of luxury automobiles -- particularly in a country where the market is highly volatile, depending on social and even political factors -- sustaining a respected premium business is indeed a challenging task. Balancing confidence with humility with accrued sophistication, Han Sung Motor CEO Ulf Ausprung is responsible for the stellar performance over the past few years of the largest official Mercedes-Benz dealer here.According to CEO Score, a local corporate tracker, Han S

Mobility Aug. 18, 2019

A global alliance of multinational companies led by South Korea’s SK Group will standardize the measurement of businesses’ contribution to society in the next three years, officials said Thursday.Taking the leadership of the project, SK in partnership with German chemical firm Basf, has launched a nonprofit organization in Frankfurt to start developing a methodology for measuring the value of social contribution made by private entities. Named Value Balancing Alliance, the organizati

Industry Aug. 15, 2019

The government has approved the use of Posco’s cryogenic high manganese steel for manufacturing liquefied natural gas storage tanks, the company said Tuesday.The decision made after a review by an independent panel on gas technology standardization will be notified by the government, it added.Cryogenic HMS developed by the South Korean steel giant, can withstand temperatures as low as minus 196 degree Celsius, and could replace nickel alloy steel which has been commonly used for LNG storag

Mobility Aug. 13, 2019

South Korean auto parts maker Hyundai Mobis said Tuesday it will supply collision-warning features including radar and camera sensors, developed in-house, for Hyundai Motor’s commercial vehicles starting September.The forward-looking sensor and radar automatically detect objects that are up to 170 meters ahead, and reduce the speed of vehicles to avoid collision with other vehicles. Hyundai Motor is applying such driver-assist features in its commercial vehicles for the first time. Mobis&r

Mobility Aug. 13, 2019

US carmaker Tesla Motors’ Model 3 landed in South Korea on Tuesday, with the local branch starting to receive orders via its website. The price of the Model 3 starts from 52 million won ($43,000) without a government subsidy of 9 million won. The company plans to request for state subsidies. The first batch of the Model 3 will be delivered to customers starting in the final quarter, it said in an email statement. The smallest sedan by Tesla has three trims, including a high-performance ver

Mobility Aug. 13, 2019

Lotte Group Chairman Shin Dong-bin met Israel’s Economy Minister Eli Cohen to discuss ways to strengthen partnership with tech companies and startups in the Middle Eastern country, the South Korean food and retail giant said Monday.During a meeting in Jerusalem on Sunday, the chairman told the minister that Lotte plans to invest in Israel’s innovative companies in the areas of agriculture, robots and artificial intelligence for the group’s future growth. Minister Cohen, in resp

Industry Aug. 12, 2019