Posco Group Chairman Chang In-hwa stressed that the group will continue to focus on investing in its secondary battery materials business and expand the application of eco-friendly steel-making methods at a forum organized by World Steel Dynamics in New York, US, Posco Holdings said Wednesday. “The global auto industry will completely shift to electric vehicles in the end despite a recent slowdown. (Posco Group) sees the chasm as an opportunity to strengthen its business and to make new in

Industry June 19, 2024

Daewoong Pharmaceutical, South Korea’s leading drug company, said Wednesday its botulinum toxin product Nabota has been launched in Spain, one of Europe's largest aesthetic toxin injectable markets. According to Daewoong Pharmaceutical, its US partner Evolus, which has the exclusive right to import and sell Daewoong's botulinum toxin Nabota in the US, Europe and Canada, started to sell the botulinum toxin product under the brand name of Nuceiva, starting last week. “Evolus

Industry June 19, 2024

Daewoo Engineering & Construction announced Friday that a floating offshore wind turbine foundation jointly developed by the Korean builder and its partner from the Netherlands has acquired approval in principle from Det Norske Veritas, an international accredited certification body. In 2021, Daewoo E&C and Monobase Wind started a partnership to develop a floating offshore wind turbine foundation. In March 2022, the two companies completed model tests for their wind turbine foundation ca

Industry June 14, 2024

The National Pension Service has decided to oppose the appointment of Lim Jong-yoon as an inside director of Hanmi Pharmaceutical at the upcoming extraordinary shareholders' meeting of the drug company on Tuesday next week. Lim, however, is expected to take the position as he and his aides hold a controlling stake in the pharmaceutical company, according to industry sources, Friday. The national pension fund, the second-largest shareholder of Hanmi Pharmaceutical, said on Thursday that it

Industry June 14, 2024

South Korean biosimilar giant Celltrion announced Thursday that Steqeyma, the company’s biosimilar referencing Stelara, has been approved by the Ministry of Food and Drug Safety. Stelara (ustekinumab) is Johnson & Johnson's blockbuster drug used to treat patients with plaque psoriasis. According to market research company IQVIA’s report, the global ustekinumab market was estimated to reach $20.3 billion as of last year. Celltrion said Steqeyma has been approved for its uses

Industry June 13, 2024

South Korean energy company GS Caltex announced Thursday that it has partnered with cosmetics company Summit Cosmetics, a subsidiary under Japanese conglomerate Sumitomo, to supply its cosmetics ingredients. According to GS Caltex, the company signed a memorandum of understanding with Summit Cosmetics for the company’s future supply of GreenDiol, the brand name of GS Caltex’ multifunctional 2,3-Butanediol derived from sugarcane and cassava. The 2,3-Butanediol GreenDiol is produced fr

Industry June 13, 2024

David Moatazedi, CEO of Evolus, the US company that sells Daewoong Pharmaceutical's botulinum toxin product Nabota, marketed as Jeuveau in the US, has pledged to boost its sales of the botulinum toxin product to $700 million by 2028, the Korean pharmaceuticals company said Wednesday. “Jeuveau is the fastest growing neurotoxin in the US for the past three years, and Evolus is on track to achieve at least $700 million in total revenue by 2028,” Moatazedi said during his visit to D

Industry June 12, 2024

Posco International began construction of its new traction motor core plant in Brzeg, Opole Voivodeship, Poland on Tuesday, the company announced Wednesday. A traction motor core is a crucial component in the powertrain systems in most eco-friendly vehicles, except the ones powered by traditional combustion engines. Construction of the new factory in Poland, which will be built on a 100,000-square-meter land plot, will be completed in mid-2025. The goal is to begin commercial production of tract

Industry June 12, 2024

TerraPower, Bill Gates’s energy company that SK Group invested in, is starting the construction of a next-generation nuclear power plant at its Wyoming site, SK Group said Tuesday. According to SK Group, TerraPower held its groundbreaking ceremony Monday at Kemmerer, Wyoming, with Chairman Bill Gates, TerraPower CEO Chris Levesque, and government representatives participating. SK On Vice Chairman Yoo Jung-joon and SK Inc. Executive Vice President Kim Moo-hwan also joined the event. Kemmere

Industry June 11, 2024

South Korean oil refiner S-Oil on Monday delivered a donation of 325 million won ($235,728) to the Korea Coast Guard (KCG), as part of its ongoing program to support the country’s maritime officers. The donation will be used to award honorary maritime officers, support the officers with medical expenses and provide tuition scholarships for children of officers who died while on duty. “Maritime officers, who take risks to save lives despite difficult sea conditions, are the real heroe

Industry June 10, 2024

GS Engineering & Construction announced Monday that the company would cooperate with the Seoul Metropolitan Office of Education to open new after-school care facilities for elementary school students to help low-income households and families with working parents. The Seoul Metropolitan Government is currently trying to expand after-school care programs for elementary school students to help families save expenses on private after-school classes. As part of its plan, the government is introd

Industry June 10, 2024

Value-focused coffee chain operators, such as Mega MGC Coffee and Compose Coffee, have grown rapidly in South Korea, thanks to increasing demand for affordable coffee products. While the number of such stores has been increasing across the country, concerns are mounting as the owners of licensed stores suffer amid low margins from selling cheap beverages, while chain operators enjoy higher operating profit margins. According to earnings reports for 2023, the operating profit margin of Mega MGC C

Industry June 7, 2024

Daewoong Pharmaceutical’s research that confirmed its diabetes drug Envlo’s safety and efficacy in animals has been published in Veterinary Medicine and Science, a peer-reviewed, open-access journal for research in all areas of veterinary medicine, the company said Friday. Daewoong Pharmaceutical’s Envlo is the 36th new drug developed in South Korea. Launched in May last year, Envlo is an SGLT-2 inhibitor that has efficacy in reducing blood sugar levels in humans. According to

Industry June 7, 2024

Korea Water Resources Corp. said Thursday that the state-run agency and African leaders held talks to increase their cooperation on water management technology. Several leaders of African countries, who were visiting South Korea for the inaugural Korea-Africa Summit in Seoul, gathered at K-water’s artificial intelligence-powered water treatment facility in Hwaseong, Gyeonggi Province, Wednesday, according to the water agency. Attendees included Central African Republic President Faustin-Ar

Industry June 6, 2024

Shares of Korean cosmetics firms that produce sunscreen products and materials approved by the United States health regulator soared in May, coupled with returning investor sentiment in the K-beauty industry, according to industry sources, Thursday. "Recently, there were dramatic increases in the stock prices of Korean cosmetic firms that make sun protection products with US Food and Drug Administration approvals, as the US government is expected to soon impose stricter rules on sunscreen p

Industry June 6, 2024