S-Oil on Monday reported a swing to an operating loss of more than 1 trillion won ($815 million) in the first quarter due to a sharp fall in oil prices amid the COVID-19 outbreak, recording the worst figure since the company started business in 1976. The Korean refiner posted an operating loss of some 1,007,300,000,000 won in the first quarter from 270.4 billion won from the same period last year. The company’s revenue dipped 4.2 percent to 5.1 trillion won on-year. “The loss w

Industry April 27, 2020

The government is increasing efforts to make the logistics industry here greener. The Ministry of Environment said Friday it will be providing subsidies for 8,200 electric cargo trucks to reduce fine dust and carbon emissions. It has signed a memorandum of understanding with two automakers and five logistics firms -- Hyundai Motor and Kia Motors as well as CJ Logistics, Hanjin, Lotte Global Logistics, DHL Korea and Hyundai Glovis -- to put more environment-friendly electric cargo trucks on t

Mobility April 26, 2020

South Korean solar panel maker Hanwha Q Cells topped both residential and commercial solar power module markets in the US last year, industry data showed Sunday. Hanwha Q Cells controlled 25.2 and 13.3 percent of each sector last year, up 11.1 and 5 percentage points on-year, respectively, becoming the first solar power module manufacturer to top both markets since 2013, according to data compiled by energy consulting firm Wood Mackenzie. “With unrivaled technology and quality, Hanwh

Industry April 26, 2020

South Korean pharmaceutical company Kainos Medicine said Friday that it had recently signed a contract with a domestic research facility in its efforts to develop a new drug to treat the coronavirus. By analyzing cells infected with coronaviruses -- including SARS-CoV-2, which causes COVID-19 -- the lab will test the antiviral efficacy of the compound developed by Kainos Medicine. “Kainos Medicine’s self-developed compound has a similar mechanism and chemical structure with thos

Industry April 26, 2020

South Korean game company Nexon said Thursday it will fix the faulty system of its online PC soccer game “EA Sports FIFA Online 4” in a move to sooth users that have warned of boycott. Nexon will readjust the system designed to benefit newly released game characters, which consequently brought down the price of existing game characters, drawing a barrage of criticisms from users who had faced depreciation. Currently, FIFA Online 4 operates under a “payroll system.” T

Industry April 23, 2020

Computers are back on the list of South Korea’s top 10 export items as remote work becomes the new normal amid the coronavirus pandemic. According to the Korea International Trade Association on Thursday, Korea’s exports of personal computers and laptops in the first quarter recorded $3.1 billion, accounting for 2.4 percent of the $130.8 billion total, making computers the country’s No. 9 export item. They had dropped out of the top 10 in 2019. Computer exports increased o

Industry April 23, 2020

South Korean bullet maker Poongsan is getting a boost in sales on the back of soaring gun demand in the US amid the novel coronavirus pandemic. According to the Korea International Trade Association, Korea’s bullet exports to the US witnessed a record high of $4.51 million in March, a 1,062 percent surge on-year. In the first quarter, bullet exports to the US spiked 653 percent on-year to $8.6 million, which accounts for 73.4 percent of $11.7 million in total bullet exports to the US in

Industry April 23, 2020

South Korea might lose investments worth 10 trillion won ($8.1 billion) for its industrial complex project, as major refiners are struggling to find a middle ground over land prices before even beginning the project. South Chungcheong Province currently plans to transform 2.91 million square meters of land in Daesan industrial complex No. 2 and surrounding areas in the city of Seosan into an advanced chemical industrial plant. The project is expected to bring investments worth 10 trillion won

Industry April 21, 2020

The COVID-19 outbreak has only accelerated the transition to electric vehicles, as major automakers stay on course for the change, benefiting Korean battery makers along the way. Despite resistance from internal combustion engine industries in Europe and the US citing market struggles from the pandemic, key auto brands are using the situation as an opportunity to take out their ill-prepared competition. The move consequently has brightened the outlook for Korean electric vehicle battery giant

Industry April 20, 2020

South Korean chemical and tech materials firm SKC said Monday it would mass produce mask blanks this year, tackling the key material’s heavy reliance on Japanese suppliers. SKC, an affiliate of memory chip giant SK hynix, is testing a prototype of a high-end mask blank -- a core material for semiconductor production that relies 90 percent on Japanese supplies -- with domestic firms and will begin the mass production of the material in the second of this year, according to the company.

Industry April 20, 2020

South Korean battery maker SK Innovation will supply electric vehicle batteries to the Beijing Automotive Industry Holding Co., or BAIC, after winning out against state-sponsored Chinese competitors. According to industry sources Monday, the Chinese automaker’s premium electric SUV model Arcfox Mark 5 will be equipped with NCM811 batteries produced at SK Innovation’s battery cell plant in Changzhou, Jiangsu province. “Technology is the only area where SK Innovation can dif

Industry April 20, 2020

The United States International Trade Commission said Sunday that it has accepted a request from SK Innovation to review a high-profile case between the company and LG Chem concerning the alleged theft of trade secrets. The ITC said it would “review the initial determination in its entirety.” Previously, the ITC found that SK Innovation stole trade secrets about lithium-ion batteries for electric vehicles, in the process of recruiting former LG Chem employees since 2017. Publishe

Industry April 18, 2020

Sales of the botulinum toxin product Meditoxin, from South Korean drugmaker Medytox, have been banned due to apprehensions about an unapproved ingredient, authorities said Friday. The Ministry of Food and Drug Safety said it will indefinitely suspend the manufacturing, selling and use of Meditoxin, adding that it was canceling its approval for Meditoxin products containing doses of 2, 4 and 6 milliliters. The ministry made the decision after the prosecution revealed the results of an investi

Industry April 18, 2020

South Korea will allow certain coronavirus-hit countries to postpone repayment of their debts until the end of this year, Seoul officials said. Finance Minister Hong Nam-ki said Friday in a World Bank Development Committee videoconference that Korea would extend the repayment deadline for members of the Industrial Development Agency and for the world’s least developed countries, at the suggestion of the World Bank, to give them some financial breathing room. “South Korea support

Economy April 18, 2020

Amid the slump in global demand for petrochemical products triggered by the coronavirus outbreak, South Korean refiners are diversifying, according to industry sources Thursday. SK Lubricants, an affiliate of domestic refiner SK Innovation, has introduced its new premium lubricant SK ZIC, as lubricant products are more profitable than general petrochemical products. Last year, the company showed an operating profit rate of 9.8 percent, more than seven times higher than the 1.3 percent post

Industry April 16, 2020