Industry

  • SK hynix predicts at least 20% rise in this years global microchip demand
    SK hynix predicts at least 20% rise in this year's global microchip demand SEOUL -- South Korea's second-largest semiconductor company SK hynix predicted a prolonged supply shortage in the global microchip market, citing strong demand for server products as internet data-center operators especially in China and the United States expand their investment. The chipmaker said that global demands for dynamic random access memory (DRAM) chips is expected to rise by more than 20 percent throughout this year. Demand for high-capacity server DRAMs w April 24, 2018
  • Hyundai Heavy seeks IPO of lucrative refinery this year
    Hyundai Heavy seeks IPO of lucrative refinery this year SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilding group, will try to make an initial public offering of its lucrative refinery, Hyundai Oilbank, this year in an effort to raise funds for group-wide restructuring. Last year, the shipbuilding group spun off non-shipbuilding operations. Hyundai Robotics was separated and renamed as the group's holding company for non-shipbuilding units so that the shipyard in the southeastern cit April 16, 2018
  • STX shipyard avoids court receivership on concessions from key creditor
    STX shipyard avoids court receivership on concessions from key creditor SEOUL -- South Korea's debt-stricken shipyard, STX Offshore & Shipbuilding, will be kept afloat again with a bailout from creditors after a state policy lender changed its tough stance to accept a self-rescue plan that contained unpaid leave but no layoffs. Earlier, Korea Development Bank (KDB) decided to put STX under court receivership because union leaders and company officials reached a tentative deal only after the deadline expired. The bank blasted union lea April 11, 2018
  • Hyundai Merchant start sending our orders for giant container ships
    Hyundai Merchant start sending our orders for giant container ships SEOUL -- South Korea's creditor-controlled shipping company, Hyundai Merchant Marine, started sending out orders for 20 giant container ships Tuesday as part of a government scheme to rehabilitate domestic shipbuilders which have been put under painful restructuring to reduce their debt. The shipper said its request for proposal for very large container ships would be sent to three top shipyards -- Hyundai Heavy Industries, Daewoo Shipbuilding & April 10, 2018
  • Creditors decided to place STX shipyard under court receivership
    Creditors decided to place STX shipyard under court receivership ​SEOUL -- South Korea's debt-stricken shipyard, STX Offshore & Shipbuilding, will be put under court receivership, its key creditor said Tuesday, blasting union leaders for dragging their feet in presenting a "viable" agreement on layoffs. After a midnight deadline, union leaders and company officials reached a tentative deal on cutting labor costs through unpaid leave and reductions in wages and bonuses in return for scaling back layoffs. Korea Develop April 10, 2018
  • Samsung spends more money on rehabilitation of troubled shipyard
    Samsung spends more money on rehabilitation of troubled shipyard SEOUL -- Samsung Electronics disclosed a costly plan Friday to acquire new shares worth 191 million US dollars to be issued by the debt-stricken shipbuilding arm of South Korea's largest conglomerate. Samsung said in a regulatory filing that it would spend some 204 billion won ($191 million) on the purchase of new shares from Samsung Heavy Industries, which has been under a rehabilitation program. In an effort to clear off its debt, the shipbuilder April 6, 2018
  • S. Korea to import more natural gas as part of new energy policy
    S. Korea to import more natural gas as part of new energy policy SEOUL -- South Korea will increase imports of natural gas in line with President Moon Jae-in's drive to replace nuclear and fossil energy with alternative sources such as natural gas and renewables. The Ministry of Trade, Industry and Energy said that demand for natural gas would grow to 40.49 million metric tons in 2031 from 36.46 million tons this year. The ministry predicted that natural gas demand for power generation would see a gradual increase. South Korea April 5, 2018
  • Doosans U.S. subsidiary wins deal to deliver battery energy storage system in Michigan
    Doosan's U.S. subsidiary wins deal to deliver battery energy storage system in Michigan SEOUL -- Doosan GridTech, a Seattle-based software and solutions provider, has been selected to deliver a battery energy storage system for American energy provider Consumers Energy. Doosan GridTech, a U.S. subsidiary of South Korea's Doosan Heavy Industries & Construction, said that the storage system would be deployed at the Colony Farm substation in Kalamazoo, Michigan with a capacity of one megawatt which is enough energy to power 1,000 homes for an hour. Do April 3, 2018
  • Hyundai Motor to streamline corporate governance structure
    Hyundai Motor to streamline corporate governance structure A file picture shows Hyundai auto group chairman Chung Mong-koo. SEOUL -- South Korea's Hyundai auto group vowed Wednesday to streamline its complicated governance structure under government pressure to overhaul a complicated web of cross-shareholding among group units and enhance transparency in its management. The group said it would split and spin off the module manufacturing and after-sales parts business of its parts maker, Hyundai Mobis, and merge it wi March 28, 2018
  • S. Korea opens auto market wider in return for steel quota
    S. Korea opens auto market wider in return for steel quota SEOUL -- South Korea has agreed to open its auto market wider to American cars in return for a steel quota to avoid tariffs in negotiations on a new free trade agreement pushed by U.S. President Donal Trump, trade officials said Monday. The trade ministry said South Korea steel products shipped under an annual import quota would not be slapped with a 25 percent tariff. As a result, South Korean steel shipment to the United States this year will stand at 74 percent of las March 26, 2018