POSCO wrapped up a deal to sell its specialty steel-making arm POSCO Specialty Steel to SeAH Group by selling its 72 percent stake, the steelmaker said in a regulatory filing. With the end of the deal, SeAH will advance as the largest specialty steel manufacturer in Korea. With the acquisition, SeAH will be able to push up its annual production capacity from 3 million tons to 4 million tons.POSCO has pushed the deal since August when it announced a plan to sell its affiliate as part of its busin

Industry Dec. 4, 2014

A free trade agreement between South Korea and Australia will go into effect next week, the South Korean government said Thursday, two days after the deal was ratified by the South Korean parliament.“The government exchanged letters with Australia on Dec. 3 (saying) that the countries’ domestic procedures have been completed, and agreed to enact the Korea-Australia FTA from Dec. 12,” the Ministry of Trade, Industry and Energy said in a press release.The Korea-Australia FTA will be South Korea’s

Dec. 4, 2014

South Korea’s antitrust watchdog said Wednesday that it has decided to reject a commitment agreement request by major movie chains suspected of abusing their market power. A commitment decision refers to a process in which the Fair Trade Commission finalize a case swiftly without making any determinations on illegality if companies under investigation voluntarily come up with reasonable corrective measures. CJ CGV Co., CJ E&M Corp. and Lotte Shopping are accused of abusing their market power in

Dec. 3, 2014

South Korea’s foreign exchange reserves declined for a fourth straight month in November due mostly to the weakening value of some currencies, data showed Wednesday.The country’s foreign exchange reserves reached $363.1 billion as of end-November, down $630 million from the previous month, according to the Bank of Korea. It is the lowest level since May this year when the amount hit $360.9 billion.Foreign reserves consist of securities and deposits denominated in overseas currencies, Internation

Industry Dec. 3, 2014

Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said Tuesday that its U.S. sales had dipped 2.76 percent on-year to 98,608 units, mainly due to weaker demand for older models. The on-year decrease, however, was offset by more cars sold by the two carmakers compared to the month before, when combined sales hit 94,775.Hyundai Motor America, the distribution and marketing arm of the group’s flagship company, said sales were down 4.16 percent to 53,672 cars, while Kia Motors

Industry Dec. 3, 2014

Most listed companies affiliated with South Korea’s top 10 conglomerates have suffered losses on the Seoul bourse this year due to the global economic slowdown and the strengthening of the South Korean won, with listed subsidiaries of CJ and SK being the lone gainers, data showed Wednesday.The data was compiled by Daeshin Securities, based on its tallies of the companies’ market capitalization between the end of last year and Tuesday.Manufacturers in the shipbuilding, chemical and refinery secto

Industry Dec. 3, 2014

South Korean exports are expected to top the $600 billion mark for the first time ever in 2015 thanks to the faster pace of global economic growth and trade, an international traders organization said Wednesday.The landmark figure represents a 4.3 percent increase from the $576 billion worth of goods that is expected to be exported for the whole of this year, the Korea International Trade Association said. It said South Korea’s trade surplus may reach $44 billion in 2015, down from an estimated

Dec. 3, 2014

State-run Korea Electric Power Corp., the nation’s biggest utility company, is expected to streamline its overseas energy development business by selling its stakes in money-losing projects, industry sources said.This likelihood of KEPCO’s portfolio restructuring was included in a report from the Ministry of Strategy and Finance, which is responsible for the reform of public enterprises. Entitled “Guidelines for Public Enterprises’ Investment in Overseas Energy Development Projects,’’ the minist

Industry Dec. 2, 2014

South Korea’s finance minister called the newly-launched won-yuan trading market a startup with “high potential” on Monday, promising to provide necessary support for its successful operation.South Korea held a ceremony earlier in the day to mark the launch of the won-yuan trading market at the headquarters of Korea Exchange Bank in central Seoul. The market, which opens at 9 a.m. and closes at 3 p.m. every business day, is expected to help reduce overall exchange costs in exchanging between the

Dec. 1, 2014

South Korea’s exports dropped slightly from a year earlier last month, but its trade surplus widened as imports shrank at a faster rate, the government said Monday.Outbound shipments came to $46.99 billion in November, down 1.9 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Imports dropped 4 percent on-year to some $41.38 billion. The country posted a trade surplus of about $5.61, compared with a surplus of 4.8 billion in November 2013. It was Kore

Industry Dec. 1, 2014