LS Group’s LS Cable Ltd. announced Thursday that it had changed its name to LS Cable and System at the previous day’s shareholders meeting.LS Cable and System said that the change was approved as its previous name LS Cable did not sufficiently represent the scope of its operations.The company, the country’s largest producer of cables and wires, has been changing its business model from a supplier

Industry March 24, 2011

Kia Motors Corp. loaded its 10 millionth vehicle to be exported at the Pyeongtaek Port in Gyeonggi Province on Thursday.The vehicle, a K5 midsized sedan, will be shipped to the U.S. “Today’s achievement was made possible by the efforts of Kia employees and the affection shown by the customers,” Kia vice chairman Lee Hyung-keun said at the ceremony marking the event.The company’s exports began with

Industry March 24, 2011

POSCO announced Wednesday that it would support local small- and medium-sized enterprises to secure competitiveness in the global market.The steelmaker formed a partnership with 28 small- and medium-sized companies to collaborate in developing each of them into a “leading midsized company of global standing” on Wednesday. SMEs that signed on to POSCO’s scheme include industrial equipment makers Se

Industry March 23, 2011

Hyundai Motor Co. will hire up to 1,000 Meister high school graduates over a 10-year period starting next year.The plans were revealed in a memorandum of understanding the carmaker signed with the Ministry of Education, Science and Technology to collaborate on related issues on Tuesday. Introduced last year, Meister high schools are high-quality vocational schools designed to diversify education a

Industry March 22, 2011

DAEGU ― The disasters that struck Japan will not change the economic prospects of the country, Berkshire Hathaway Inc. chief executive Warren Buffett said Monday.Speaking at a press conference held on the sidelines of the groundbreaking ceremony for TaeguTec’s second plant in Daegu, Buffett said that while such adversity leaves effects, they would temporary and limited in the long term.TeaguTec is

Industry March 22, 2011

Hyundai Heavy Industries Co. will provide four packaged power stations for areas affected by the earthquake and the tsunami in Japan, the Ministry of Foreign Affairs and Trade announced Sunday.Packaged power stations are transportable electricity-generating equipment packaged into 40-feet shipping containers. The packaged power stations will be used to supply power to the cooling system at the dam

Industry March 20, 2011

BMW Korea launched the new R1200R roadster motorcycle on the local market on Tuesday. The bike is fitted with a 1,170 cubic centimeter engine that puts out 110-brake horsepower, and manages 24 kilometers per liter when traveling at 90 kilometers per hour.  BMW R1200RThe vehicle also comes with a number of safety features including automatic stability control and anti-lock braking systems as standa

Mobility March 20, 2011

Hyundai Motor Co. added the new U2 diesel engine to the i30 and i30CW compact car lineup on Wednesday. The new 1.6-liter U2 diesel engine puts out 128-brake horsepower, and manages 18.1 kilometers per liter with automatic transmission, and 22 kilometers per liter with manual transmission, which according to the company is about 10 percent more efficient than the older diesel engine. i30The engine

Mobility March 20, 2011

After return to profit in 2010, carmaker hopes new models bring growth and stabilityWith its takeover by Mahindra and Mahindra Ltd. now complete, troubled carmaker Ssangyong Motor Co. is hoping to strengthen its product lineup, expand into new markets and rebuild its reputation. “Ssangyong caused much trouble for Korea, and to do this (revive the company) creditors and others involved had to make

Industry March 17, 2011

Hanwha Engineering and Construction Co. has won a $220 million refinery facility contract in Kuwait.Under the deal signed Monday, the company will update fire detection and alarm systems at three refinery facilities near Kuwait City, and two office buildings, the company said.The project, issued by the state-run Kuwait National Petroleum Co., is to be completed in 30 months, the builder said.“The

Industry March 16, 2011

Kia Motors Corp.’s midsized sedan K5 and the compact SUV Sportage R are to receive the top prizes in this year’s Red Dot Design Award, the carmaker announced Tuesday.According to Kia, this is the first time Korean automobiles have been selected to receive the top honors in the German design award. K5 (top) and Sportage RThe K5 has been selected as the Best of the Best award winner in the automobil

Industry March 15, 2011