Posco calls time on oldest blast furnace

South Korea’s oldest furnace in Pohang, the home city for steelmaker Posco, has shut down operations on Wednesday, signaling an end to a decadeslong chapter of the nation’s manufacturing-driven industrial growth. The company’s first blast furnace that had run since 1973 was renovated twice as the average lifespan of furnaces lasts around 15 years. “Behind the country stepping up as the world’s top 10 economic power, there was Pohang No. 1 furnace and employees&rsq

Dec. 29, 2021

Samsung likely to regain top spot in global chip market

Samsung Electronics is expected to regain the top spot in the global semiconductor market by revenue this year, outpacing its archrival Intel for the first time in three years. According to estimates collected by market tracker FnGuide on Wednesday, the Korean tech giant is estimated to post 95.13 trillion won ($80.18 billion) in chip sales this year, up 30.6 percent from last year. The record figure is compared to Intel’s sales estimates of $75.5 billion, down 1 percent from a year ag

Dec. 29, 2021

Loosening of helium tank led to Nuri rocket’s failure: officials

The loosening of a fixture that holds a helium tank of the Nuri rocket blocked the country’s first homegrown rocket from a successful launch, officials said Wednesday. After two months of data analysis, government officials and experts concluded that the degree of buoyancy increase during flight was not sufficiently considered when designing the fixture for Nuri’s helium tank. According to the Science Ministry and Korea Aerospace Research Institute, an unusual vibration from Nuri

Dec. 29, 2021

[CES 2022] At CES, SK to pledge to cut 1% of Earth’s carbon emissions

SK Group, the third-largest conglomerate in South Korea, albeit lesser known on the global stage than Samsung, plans to surprise the world with its grand plan to reduce 1 percent of the world’s carbon emissions at the Consumer Electronics Show 2022. Bringing a rather public agenda at the world’s largest tech event where technological innovations take center stage, SK will share its hydrogen strategy to promote global transition into a carbon-neutral world, according to Andrew Kwon

Dec. 29, 2021

Samsung Electronics cuts chip production in Xian due to lockdown

Samsung Electronics reduced chip production in Xian where Chinese authorities placed a strict lockdown last week to contain the prolonged pandemic. According to Samsung Newsroom Thursday, the South Korean IT giant “decided to temporarily adjust operations” at its chip factory in Xian. The decision was made to protect the health and safety of its employees and partners, according to the press release. To ensure its customers are not affected, the company will take all necessary me

Dec. 29, 2021

Loose anchor for helium tank blamed for Nuri rocket failure: science ministry

The loosening of a device to anchor a helium tank of the Nuri space rocket was found to have caused the early shutdown of the rocket's third-stage engine, leading to a mission failure, the science ministry said Wednesday. In October, South Korea launched the country's first homegrown space rocket, also called the KSLV-II. It flew to a target altitude of 700 kilometers, but failed to put the dummy satellite into orbit as its third-stage engine burned out 46 seconds earlier than expected. The g

Dec. 29, 2021

Trade terms hit near 9-year low in Nov.

South Korea's terms of trade hit a near nine-year low in November as import costs rose at a much faster pace than export prices, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- came to 88.27 last month, down 10.1 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). The November tally represented the lowest level since March 2013. The figure is calculated by dividing the index for expor

Dec. 29, 2021

Corporate capital spending forecast to grow 3.6% in 2022

South Korea's corporate capital spending is expected to expand nearly 4 percent in 2022 on a recovery in manufacturing activity and private consumption, a poll showed Wednesday. The survey of 3,700 big, midsize and small companies, taken by the state-run Korea Development Bank (KDB), showed their combined facility investments will likely reach 186 trillion won ($158 billion) next year, up 3.6 percent from this year. "The country's corporate capital spending is likely to keep growing in th

Dec. 29, 2021

LG Chem to invest W475b for cathode materials plant in S. Korea

LG Chem Ltd., South Korea's leading electric vehicle battery maker, will invest 475.4 billion won ($400 million) in cathode materials plant, the trade ministry said Wednesday. LG Chem will set up LG Battery Core Material to produce 60,000 tons a year of cathode materials and create 187 jobs for three years, the Ministry of Trade, Industry and Energy said in a statement. The company plans to begin construction of the plant in Gumi, 260 kilometers south of Seoul, next month with an aim to produc

Dec. 29, 2021

Samsung SDI launches new battery brand PRiMX

Samsung SDI has unveiled its new battery brand “PRiMX,” which stands for a prime battery for maximum experience, to better convey its corporate identity that pursues super-gap technology. The rebranding portrays the philosophy of the firm’s new CEO Choi Yoon-ho, who took the post earlier this month. In his inaugural speech, Choi said, “Let’s together embark on a journey of true No. 1 ... based on super-gap technology and best quality.” “Samsung SDI h

Dec. 29, 2021

Samsung Electronics invests in 3D avatar platform Ready Player Me

Samsung Electronics has invested in Ready Player Me, a 3D avatar platform for the metaverse that allows users to explore virtual worlds with one consistent identity, according to a press release Wednesday. Samsung Next, Samsung Electronics’ subsidiary investing in startups with promising technologies, participated in a $13 million series A funding round led by a venture capital Taavet+Sten. According to Ready Player Me, the funding will be used to grow its global presence as the defaul

Dec. 29, 2021

Seoul shares open lower on ex-dividend date

South Korean shares opened lower Wednesday as institutional and foreign investors dumped shares on the ex-dividend date. The benchmark Korea Composite Stock Price Index (Kospi) fell 17.81 points, or 0.59 percent, to 3,002.43 in the first 15 minutes of trading. Overnight, Wall Street showed mixed results amid persistent concerns over the COVID-19 pandemic. The Dow Jones Industrial Average rose 0.26 percent to 36,398.21, but the tech-focused Nasdaq composite index fell 0.56 percent to 15,781.72

Dec. 29, 2021

[Interactive] Posco named world’s most competitive steelmaker for 12th year

South Korea’s top steelmaker Posco said it was named the world’s most competitive steelmaker in a global industry report for the 12th consecutive year. In an annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics gave Posco the top mark of 8.54 points out of 10, according to the South Korean company. The WSD report, which ranks the steelmakers based on 23 categories, gave top scores for Posco in eight segments, including techno

Dec. 29, 2021

[Interactive] Exports of fishery goods up over 20% through October

South Korea’s exports of fishery products grew 20.5 percent on-year in the first 10 months of this year, data showed. Outbound shipments of fishery products reached $2.24 billion during the January-October period, compared to $1.86 billion tallied a year earlier, according to the data from the Ministry of Oceans and Fisheries. Exports to China rose 48.1 percent to $540 million, and those to the United States and the European Union surged 24.2 percent and 39.4 percent, respectively. Sales

Dec. 29, 2021

Manufacturers' biz sentiment improves for January amid robust exports

South Korean manufacturers' business sentiment improved for January on optimism that the country's exports remain strong despite the global pandemic, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 92 for December, up from 88 for this month, according to the data from the Bank of Korea (BOK). The index measures manufacturers' prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists.

Dec. 29, 2021

Number of female business leaders in Korea rises to 2.2 million

SEJONG -- The number of women representing small and large businesses in Korea increased by 366,000 over the past five years, data showed Tuesday. In particular, they outnumbered male presidents in private educational services and lodging and food services. According to Statistics Korea, the number of businesses in the nation came to 6.01 million at the end of 2020. About 2.2 million, or 36.7 percent, of them had female presidents, involving chief executives in the case of conglomerates. The

Dec. 28, 2021

[Best Brand] Samsung C&T wins undersea power network order in UAE

Samsung C&T said it has signed a deal to build an undersea high-voltage direct current network that connects the United Arab Emirates’ offshore oil production facilities and Abu Dhabi’s land power network. Samsung C&T said it would form a consortium with Belgian construction company Jan De Nul for the engineering, procurement and construction project worth 3.5 trillion won ($3 billion). Samsung C&T’s portion of the project amounts to 2.7 trillion won. This brin

Dec. 28, 2021

Experts on market 2022: Stocks to rebound, home price rise to slow

South Korean shares could recede early next year but will gradually pick up speed in robust rebound on upbeat corporate earnings and consumer sentiment, while the home price rise will slow but with room for a moderate hike, market experts here said. 　 The benchmark Kospi -- which hit a record high on July 6 this year at 3,305 amid ample liquidity and pandemic recovery hopes -- could reach as high as 3,480 next year, though it could also dive down as low as 2,710, according to analysts citi

Dec. 28, 2021

Korea Shipbuilding wins W583b frigate order from Philippines

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday it has received a 583 billion won ($490 million) order to build two patrol frigates for the Philippines. KSOE is the shipbuilding subholding company of Hyundai Heavy Industries Group, the world's biggest shipbuilder by orders. Under the deal signed with the Southeast Asian country's defense ministry, KSOE's main affiliate Hyundai Heavy Industries Co. will build two 3,100-ton patrol frigates for the country by 2025, the compa

Dec. 28, 2021

Seoul shares end higher on foreign, institutional buying

Seoul shares closed higher on Tuesday as foreign and institutional investors scooped up market heavyweights following overnight US gains. The local currency fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (Kospi) went up 20.69 points, or 0.69 percent, to 3,020.24 points. Trading volume was moderate at about 593 million shares worth some 11.9 trillion won ($10.1 billion), with gainers outnumbering losers 524 to 333. Individuals sold a net 1.9

Dec. 28, 2021