Industry

  • Hyundai Motors flooded assembly line remains crippled
    Hyundai Motor's flooded assembly line remains crippled Hyundai Motor suspended the operation of an assembly line in the southeastern industrial city of Ulsan for a second consecutive day Thursday to clear muddy water after torrential rains brought by Typhoon Chaba battered southern coastal areas. The country's top car company said the flooded assembly line for Avante cars and Santa Fe sports utility vehicles remained crippled for two days. Muddy water suspended an assembly line for Accent and Veloster compact cars Wednesd October 6, 2016
  • Court mulls package sale of STX units: Yonhap
    Court mulls 'package sale' of STX units: Yonhap A South Korean court may push for the "package sale" of STX Offshore & Shipbuilding, once the nation's number four shipbuilder, and its two affiliates, an informed source said Monday. STX filed for court receivership in May, succumbing to mounting debts attributable to mismanagement and an industry-wide slump. The Seoul Central District Court is waiting for the stakeholders of STX to decide on a revival plan, leaving the possibility of the simultaneous October 4, 2016
  • Samsung Heavy wins first shipbuilding order in 11 months
    Samsung Heavy wins first shipbuilding order in 11 months ​ South Korea's Samsung Heavy Industries Co. said Friday it has clinched a deal from a European client to build two LNG (liquefied natural gas) carriers. It was the shipyard's first order in 11 months. The deal was estimated at 420 billion won (380 million US dollars). Monaco-based Greek outfit GasLog is coming in for up to six LNG carriers at Samsung Heavy, a deal that could be worth as much as $1.2 billion, according to Splash 24/7, an inter September 30, 2016
  • Tesla applies for government certification to sell Model S 90D
    Tesla applies for government certification to sell Model S 90D ​ US company Tesla Motors has applied for government certification to sell the 90D version of its Model S electric sedan in South Korea before opening its first showroom. Tesla's request this week for certifications on emissions and noise is expected to be approved quickly by South Korea's environment ministry. South Korea provides subsidies to electric cars, but it's still unclear whether Tesla will be able to meet requirements such as after-sale service. Telsa September 29, 2016
  • South Koreas first offshore wind power system in operation this week
    South Korea's first offshore wind power system in operation this week ​ South Korea's first offshore wind power system will be put into operation this week off the southern resort island of Jeju, using three wind driven generators capable of producing electricity for 7,000 homes. The system built by Korea South-East Power Co. and Doosan Heavy Industries & Construction Co. will be operated from Thursday off Dumori west of Jeju City. The two companies plan to build seven more generators by September next year. The generators were m September 28, 2016
  • Hyundai shipyard proposes unpaid leave for office workers
    Hyundai shipyard proposes unpaid leave for office workers Hyundai Heavy Industries, the world's largest shipbuilder, said Monday that office workers at one of its three shipyards would be given an unprecedented unpaid leave as part of a cost-saving program. The troubled shipbuilder said that some 1,000 officers at Hyundai Samho Heavy Industries Co. in the southwestern port of Yeongam would embark on an unpaid leave program for at least three weeks from the first week of October. The program will be effecti September 26, 2016
  • Hyundai shipyard wins refund guarantee from banks
    Hyundai shipyard wins refund guarantee from banks ​ South Korea's Hyundai Heavy Industries has finally secured a refund guarantee from South Korean banks, paving the way for the world's largest shipyard to hunt for orders and build ships more actively than now. Due to concerns about heavy exposure to snowballing debts and bad loans in South Korea's shipbuilding and shipping sectors, banks have been reluctant to provide refund guarantees for new shipbuilding orders. Given that a shipowner September 22, 2016
  • Daewoo shipyard subsidiary wins $120 mln deal to design ships for US yard
    Daewoo shipyard subsidiary wins $120 mln deal to design ships for US yard A subsidiary of South Korea's troubled shipyard Daewoo Shipbuilding & Marine Engineering has clinched a 120 million US dollar deal from a US shipyard to design two ships. Daewoo Shipbuilding & Marine Engineering Co. said its unit, Daewoo Ship Engineering Company (DSEC), would design the two vessels with each capable of carrying 3,250 container boxes and 525 vehicles. Under the deal with NASSCO, a unit of General Dynamics, DSEC would also supply September 19, 2016
  • South Korea suspends four nuclear reactors for safety checks
    South Korea suspends four nuclear reactors for safety checks Four reactors have been shut down for safety checks in a nuclear power plant near the epicenter of an earthquake that rocked South Korea's southeastern region, operators said Tuesday. The region around Gyeongju hit by a magnitude-5.8 tremor on Monday has a dozen reactors in South Korea's largest nuclear power complex in Gori and other complexes. It was the strongest tremor to date since South Korea started collecting quake-related data. Four reactors in Wolseong September 13, 2016
  • Hyundai Motor releases third-generation i30: Yonhap
    Hyundai Motor releases third-generation i30: Yonhap Top South Korean automaker Hyundai Motor Co. unveiled its third-generation i30 hatchback, one day before what it called the latest and most advanced hatchback was to go on sale globally. The new i30 shares most of its looks and design with its previous versions, except for the new cascading grille that will be installed in all of Hyundai's upcoming vehicle models, according to the company. However, the next-generation i30 is an entirely different car in terms of perfo September 8, 2016