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

Industry Dec. 29, 2021

An increasing number of South Korean companies are moving their 2022 kickoff meetings online or replacing them by releasing the CEO‘s message virtually, adapting to the continued coronavirus pandemic.  Before the pandemic, local conglomerates typically held year-end or kickoff meetings by gathering executive members at a large auditorium, with the CEO addressing the company’s new vision for the next year.  But with strengthened social distancing rules as well as transfor

Industry Dec. 28, 2021

Yongsan Park, now a vacant area set to become a public park by 2027 will be expanded to hold a total of 3 million square meters of land by absorbing nearby sites that have been used by the military. According to the revised plan for establishment of Yongsan Park released by the Land Ministry on Monday, the site for Yongsan Park has expanded by 570,000 square meters, or 23.5 percent, compared to the 2014 plan. The plan to turn the USFK’s Yongsan Garrison into a national park was first

Industry Dec. 27, 2021

The head of a local carmakers’ association said Thursday that the country’s finished carmakers would enter the certified used car market here starting next month, despite resistance from small businesses. Jung Man-ki, chairman of the Korea Automobile Manufacturers Association, said that local carmakers will no longer wait and will prepare to register for business licenses and establish physical spaces to launch their B2C secondhand car businesses.  “Although there is no

Industry Dec. 23, 2021

Hyundai Motor Group will present what robotics technology will bring to human life in the future at the upcoming Consumer Electronics Show 2022, in line with its vision of pushing mobility beyond the limits of physical movement, time and space, the automaker said Thursday. Transforming itself from a transportation maker to a smart mobility service provider, Hyundai Motor said the key message of its presentation will include the company’s purpose and direction of expanding robotics techno

Industry Dec. 23, 2021

Hyundai Motor Group has secured recognition at six of 10 major car of the year awards this year, stepping up its brand value and reputation on the global stage, along with securing fourth place in terms of global sales this year.  According to the Korean automaker, Hyundai Motor vehicles including an electric model, luxury car and a combustion engine vehicle have received awards. Hyundai’s Elantra sedan has been awarded as the North American Car of the Year. The company’s luxu

Industry Dec. 15, 2021

LX Holdings, a holding company which was established in May by taking four non-electronics affiliates from LG group, said Tuesday that its Chairman Koo Bon-joon has sold his stake in LG Group to complete the spinoff procedure. The company said Koo Bon-joon’s stake in LG Group has reduced to 2.04 percent from 7.72 percent. Together with his family’s stake, Koo’s total stake is now at 2.96 percent, meeting the prerequisite of the chief and relatives owning no more than 3 percen

Industry Dec. 14, 2021

Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Monday that it will hold an exhibition to celebrate the 10th anniversary of its art scholarship program Dream Gream.  Titled “A dream of 10 years,” the exhibition looks into Han Sung Motor’s operation of the scholarship program over the past decade, showcasing artworks by current artists as well as mentors and mentees of the Dream Gream program.  Since 2012, Han Sung Motor has offered support to select

Industry Dec. 13, 2021

Hyundai Mobis, an auto parts making unit of Hyundai Motor Group, said it would power all its worksites with renewable energy by 2040 and cut 30 percent of energy use by 2030 in its green campaign announced Monday.  Under a vision of “Green Transformation to 2045 Net-Zero,” the company said it would produce environment friendly products and technology to establish an ecosystem for carbon neutrality and for the future generation.  According to Hyundai Mobis’ 2045 car

Industry Dec. 13, 2021

Carmakers in South Korea -- Hyundai Motor and GM Korea -- appear to be concerned as hardline union leader came back to negotiation tables, amid prevailing uncertainties at manufacturing facilities hit by the pandemic and supply crunch woes.  According to Hyundai Motor branch of Korean Metal Workers’ Union, Ahn Hyun-ho has received 53.3 percent of approval from some 48,000 member union to reign over the country’s one of the most powerful unions from next year for two years. In 1

Industry Dec. 10, 2021

Five of Hyundai Motor Group’s affiliates have been listed on the Dow Jones Sustainability Index, three of which were added for the first time.  Hyundai Engineering & Construction and Hyundai Steel have been recognized on the world’s first sustainability index for 12 and four consecutive years, respectively.  Hyundai Motor, auto parts maker Hyundai Mobis and logistics company Hyundai Glovis were newly added this year. DJSI picks the top 2,544 listed companies based on

Industry Dec. 10, 2021

South Korean steelmaker Posco Group’s plan to set up a holding company, Posco Holdings, was approved by the board Friday, buoying expectations that the steelmaker will extend its business areas to hydrogen fuel cells, advanced materials and renewable energy.  Under the plan, the group’s steelmaking arm will be physically split off and will be placed under the planned holding company. The envisioned holding company is expected to hold a 100 percent stake in the steelmaking

Industry Dec. 10, 2021

Construction conglomerate Jungheung Group’s acquisition of much-larger rival Daewoo Engineering & Construction on Thursday is set to make Jungheung the third-largest builder by asset in South Korea, following Samsung E&C and Hyundai E&C.  While the two firms will run management individually under terms, Jungheung Group said it will retain Daewoo E&C staff and executives and guarantee the builder‘s independence in management. The two builders’ flagship apa

Industry Dec. 9, 2021

Hyundai Motor Group is likely to post a better-than-expected fourth quarter result as well as a record-high operating profit of 7 trillion won ($5.9 billion) this year, despite the ongoing chip shortage, market experts said Wednesday.  Market analysts viewed that the Korean automaker’s focus on expanding sales of its ecofriendly models and broadening its product mix to enhance its brand value has helped the company to anticipate a turnaround this year.  Nine local securities f

Industry Dec. 8, 2021

Some 2.63 million jobs have disappeared in the last year, while only 710,000 new jobs have been added, government data showed Tuesday. According to Statistics Korea, over 2 million jobs have been destroyed due to companies downsizing their workforce or shutting down businesses due to the pandemic.  In the same period, some 710,000 jobs were created. More than half, or 53.5 percent, of them were for people aged 60 or above, followed by those in their 50s and 40s with 3.2 percent and 1.6

Industry Dec. 7, 2021