South Korean chemicals maker SKC said Tuesday it will establish its first overseas production base for copper foils in Malaysia and that the factory would be powered by 100 percent renewable energy sources. According to the company, its copper foil subsidiary SK Nexilis will invest 650 billion won ($587.4 million) and construct a copper foil plant with an annual production capacity of 44,000 metric tons at Kota Kinabalu Industrial Park in the state of Sabah. “After breaking ground in

Industry Jan. 26, 2021

A video game treats children with attention deficit hyperactivity disorders, helping them build self-control and concentration. Adults with specific phobias are prescribed to virtual reality programs designed to help them face their fears and train their minds. Games are no longer just fun stress relievers. They are rising as next-generation treatments. According to a session at CES this month, digital therapeutics, or medical software in the form of games, mobile applications, virtual rea

Industry Jan. 26, 2021

South Korea’s state power companies are projected to register 1.3 trillion won ($1.17 billion) in combined losses this year due to the nation’s anti-coal drive and low electricity prices. According to budget plans submitted by five subsidiaries of Korea Power Corp. on Tuesday, the Korea South-East Power, Korea Midland Power, Korea Southern Power, Korea East-West Power and Korea Western Power are expected to record net losses of between 230.8 billion won and 350 billion won. The b

Industry Jan. 26, 2021

South Korean defense companies enjoyed a solid performance last year despite complications from the pandemic and are expected to continue their momentum this year, according to market tracker FnGuide on Tuesday. Last year, five major local defense firms -- Hanwha Aerospace, LIG Nex1, Korea Aerospace Industries, Hyundai Rotem and Hanwha Systems -- were estimated to have logged sales similar or slightly lower than those of a year prior, as the coronavirus prevented them from landing new contra

Industry Jan. 26, 2021

Hanwha Solutions said Monday it will triple production of the eco-friendly plastic material Eco-DEHCH to respond to a growing market demand. According to the South Korean solar-to-chemical company, it has completed the expansion of its Eco-DEHCH facility in Ulsan, increasing the annual production capacity from 15,000 metric tons to maximum 65,000 tons. The expansion cost 45 billion won ($40.7 million). Eco-DEHCH is a type of plasticizer, a substance added to a plastic to make it softer and mo

Industry Jan. 25, 2021

Market turbulence brought on by the pandemic has left many companies in shambles. Some forward-looking corporations took the unease as an opportunity to reset and refocus, in order to emerge stronger in the post-pandemic era. For Hanwha Solutions, this was a prime time to invest. Aiming to dominate the global solar-to-hydrogen business, the Hanwha Group company announced last month a plan to raise 1.2 trillion won ($1.09 billion) through rights offering. The new share issue is part of the

Industry Jan. 21, 2021

From a wartime gunpowder supplier to a retail-to-finance conglomerate, Hanwha Group has made quite a transformation in its near seven-decade history. Yet, its change from now on may be even more dramatic, as the group with 86 affiliates and total assets of 71 trillion won redefines its core to future-leading technologies such as solar power and hydrogen. At the very center of this ongoing shift in Hanwha’s identity stands Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seun

Industry Jan. 21, 2021

A new space race has begun in the US, as billionaire entrepreneurs Elon Musk and Jeff Bezos set out to launch thousands of small satellites to provide high-end internet coverage everywhere around the globe. Although a late comer to the space in general, South Korea, too, has an ambitious player seeking to join the race -- the defense units of Hanwha Group. At the forefront is Hanwha Aerospace, which manufactures aircraft components and commercial engine parts. The group announced last mont

Industry Jan. 21, 2021

LG Energy Solution topped the global market of electric vehicle batteries in 2020, while Hyundai Motor and its sister company Kia have ranked fifth in the global electric vehicle market. According to market tracker EV-Volumes, the country’s battery giant LG Energy Solution deployed the most electric vehicle batteries in the world – a total of 34.5 gigawatts, or enough to power 700,000 electric vehicles. LG was followed by China’s CATL and Japan’s Panasonic, which sold

Industry Jan. 21, 2021

Samsung heir Lee Jae-yong finally broke his silence, three days after he was sent back to prison on Monday for bribing former President Park Geun-hye. In a message sent via his attorneys on Thursday, the Samsung Electronics vice chairman reaffirmed the importance of his ongoing drive to establish a law-abiding culture at the conglomerate. “While reaffirming my continued support for Samsung’s legal compliance monitoring committee, I implore its chairman and its members to carry

Industry Jan. 21, 2021

LG Chem Vice Chairman and CEO Shin Hak-cheol has been invited to the World Economic Forum in Davos, Switzerland, to share the company’s strategies on the climate change. According to South Korea’s leading chemical company, Shin will give a speech on the subject during the “Mobilizing Action on Climate Change” session of the forum which will be held online Jan. 25-29. “Korean business leaders have participated in the forum before, but Shin will be the first to t

Industry Jan. 20, 2021

South Korea is projected to set a new record in rechargeable battery exports this year. Overseas shipment of rechargeable batteries is expected to grow 5.7 percent from a year earlier to reach a record high of $7 billion, according to a projection by the Ministry of Trade, Industry and Energy and the Korea Battery Industry Association on Monday. In 2020, the country’s battery exports increased 2.9 percent year-on-year to $6.57 billion, marking a fifth consecutive year of growth. By

Industry Jan. 18, 2021

Hyundai Oilbank said Thursday it will begin the production of a raw material for solar panels to seek a new growth engine in the renewable energy industry amid sluggish demand for petrochemical products due to the prolonged pandemic. According to the South Korean refinery, its subsidiary Hyundai Chemical will manufacture 180,000 metric tons of ethylene vinyl acetate at its plant under construction in the Daesan petrochemical complex in South Chungcheong Province, starting in the second half o

Industry Jan. 14, 2021

LG companies applied for the most number of patents for organic light-emitting diode materials in South Korea, new data showed. LG companies, including LG Display and LG Electronics, lodged a total of 939 patent filings for OLED materials in the 2015-2019 period, according to the Korean Intellectual Property Office on Thursday. Samsung Group and its affiliates came in second with 442 filings and Doosan companies ranked fourth with 203 patent applications. Of the total 3,067 patent applicat

Industry Jan. 14, 2021

  As the auto industry shifts to electric and self-driving cars, auto parts makers are no longer mere suppliers. They have become a key driving force behind market innovations. In this transition, South Korean companies are coming out of the shadows of compatriot brands Hyundai and Kia to become global players, taking aim at the worldwide automotive parts and components market which is expected to reach $2.4 trillion in 2024 from last year’s $1.9 trillion. This year’s all-d

Industry Jan. 13, 2021