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Industry

Hyundai Heavy receives domestic order to build eight large container ships SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilder, received an order from a South Korean shipper to build eight large container ships as part of a government scheme to rehabilitate domestic shipbuilders which have been put under painful restructuring to reduce their debt. Hyundai Merchant Marine, the country's top shipping company controlled by creditors, said Monday it sent out orders for 20 very large container ships to Hyundai Heavy Industries, Dae June 4, 2018
Samsung shipyard wins $364 mln order from AET of Singapore to build four tankers SEOUL -- South Korean shipbuilder Samsung Heavy Industries has secured a $364 million order from AET of Singapore to build four tankers which transport oil from offshore oil fields to storage tanks. The shipyard said Friday that the deal calls for delivery of four shuttle tankers by 2020 to AET, part of Malaysia's MISC. Brazilian state oil and gas company Petrobras runs Suezmax shuttle tankers on long-term charter from AET. The four vessels to be bu June 1, 2018
GM finally shuts down plant in S. Korean port city without ceremony SEOUL -- A standing signboard reading "Closed!" was placed at the gate of a GM plant in the southeastern port city of Gunsan Thursday, putting a permanent end to its operation that began 22 years ago. There was no ceremony to shut down the plant in Gunsan, 178 kilometers (110 miles) southeast of Seoul, which used to produce two GM models, the Orlando SUV and the Cruze compact. In February, GM decided to close the plant as part of its global business restructuring. T May 31, 2018
S.Korean defense chief to visit Singapore ahead of N. Korea-U.S. summit A file picture shows Defense Minister Song Young-moo. SEOUL -- South Korean Defense Minister Song Young-moo will visit Singapore this week to participate in a regional security conference that will probably come ahead of a historic summit between North Korean and U.S. leaders on removing nuclear threats on the Korean peninsula. The 17th Asia Security Summit in Singapore is the largest in Asia to discuss security issues in the Asia-Pacific region. The three-day meeting, wh May 31, 2018
Explosion leaves seven workers dead or injured at Hanwha munitions plant An explosion rips open the wall of a Hanwha munitions plant in Daejeon. SEOUL -- A mid-day explosion at a munitions plant run by South Korea's Hanwha group left nine people dead or injured, crippling operation at one of the country's key defense contractors involved in the production of guided weapons. Hanwha said the explosion at one plant on its munitions complex in the central city of Daejeon killed two workers and injured seven others. The extent of damage was May 30, 2018
[FOCUS] Hyundai Motor urges shareholders' support to head off challenges SEOUL -- South Korea's Hyundai auto group appealed for support from shareholders to the proposed reorganization of its governance structure as a proxy vote war intensified due to a strong challenge from U.S. activist hedge fund Elliott. The group will split the module manufacturing and after-sales parts business of its parts-making unit Hyundai Mobis to combine it with Hyundai Glovis, a logistics unit. The plan requires approval at a meeting of Hyundai Mobis shareholders o May 17, 2018
Proxy advisor Glass Lewis urges vote against Hyundai: Yonhap SEOUL -- Hyundai Motor Group's push for a corporate governance overhaul program is facing growing opposition as U.S. proxy advisor Glass Lewis has urged shareholders to vote against the move later this month. In a recent report to investors, Glass Lewis said that Hyundai Motor Group's planned restructuring through spinoffs and mergers between affiliates carries "questionable business logic." In March, the world's fifth-biggest automaking group announced May 15, 2018
GM's unit in S. Korea to receive $7.15 bln bailout for long-term operation SEOUL -- The South Korean unit of U.S. carmaker General Motors will receive a bailout of 7.15 billion US dollars from its parent group and creditors to keep its troubled operation running under a deal that would quash a row sparked by the shutdown of one plant. The U.S. carmaker will convert $2.8 billion owed by GM Korea into shares by the end of this year and extend loans worth $3.6 billion for facility investment. GM cannot sell any of its stake in GM Korea over the next fiv May 10, 2018
Saudi Arabia wants joint development of next-generation vehicles SEOUL -- Saudi Arabia is willing to invest actively in the joint development of electric and other next-generation vehicles with South Korea, its energy minister said Friday at talks with President Moon Jae-in. Saudi Energy Minister Khalid Al Falih also called for the joint development of new small or medium-sized nuclear reactors with the state-run Korea Atomic Energy Research Institute (KAERI), Moon's office said. Moon suggested that South Korea and Saudi Arabia can fin May 4, 2018
LG acquires Austria's premium headlamp maker ZKW SEOUL -- LG Electronics, a unit of South Korea's fourth-largest conglomerate, disclosed a deal to acquire ZKW Group, an Austrian automotive lighting system producer, revealing its strategy to tap into a vehicle component industry. LG Electronics said it would buy a 70 percent stake in ZKW for 770 million euros while its parent holding company, LG Corp., will purchase a 30-percent stake for 330 million euros. ZKW produces premium car headlamps used for high-end European April 26, 2018