Despite the South Korean government’s ambitious plans to create a hydrogen economy this year, oil refiners appear to be taking a passive stance, citing questions over profitability. In January, the government announced its road map to boost the hydrogen economy, produce 6.2 million fuel cell vehicles by 2040 and eventually become the largest hydrogen car producer in the world. The government said 50,000 tons of byproduct hydrogen are currently available to fuel 250,000 hydrogen cars. Byproduct h

Industry March 3, 2019

President Moon Jae-in named Yoo Myung-hee, deputy minister for FTA negotiations, as trade minister Thursday, replacing Kim Hyun-chong, who was appointed deputy chief of the presidential National Security Office on the same day.                                                                     Yoo Myung-heeThe new trade minister started her public service career in 1992 after passing the nation’s public administration examination. In 1995, she moved to the Ministry of Foreign Affairs and Trade,

Industry Feb. 28, 2019

Korean steelmaker Posco plans to invest 1.07 trillion won ($956 million) in building environment-friendly facilities by 2021, with the aim of cutting air pollutants by 35 percent by 2022, in line with the government’s efforts to cut emissions of carbon dioxide. “We will close six aging units out of a total of 21 generating units by 2021 and invest 350 billion won to build new facilities with the latest technologies. The construction of new plants will start in December after undergoing environme

Industry Feb. 26, 2019

 The South Korean government said Tuesday it will tighten regulations and standards for food manufacturing companies to ensure health safety. The Ministry of Food and Drug Safety said it planss to implement from July a one-strike-out policy involving its controversial application of hazard analysis and critical control points, or HACCP, when a certified company violates basic food safety principles.  (Yonhap)HACCP is a preventative management system that verifies and manages risks in the entire

Industry Feb. 26, 2019

Experts on self-driving cars from the US, the UK, Germany and Japan gathered in Seoul on Monday to urge for swift establishment of global standards for advanced self-driving cars in order for related technologies to further advance, according to the government here Monday.Lee Seung-woo, chief of the Korean Agency for Technology and Standards (MOTIE)An international conference on standardization of self-driving cars, hosted by the Korean Agency for Technology and Standards, was attended by around

Industry Feb. 25, 2019

State-run electric utility company Korea Electric Power Corporation reported an operating loss in 2018 for the first time in six years, due mainly to rising fuel prices and the cost of buying power from its affiliates. Kepco posted an operating loss of 208 billion won ($184 million) last year, down from an operating profit of 4.9 trillion won the previous year, according to its regulatory filing on Friday. It reported sales of 60.6 trillion won, up from 59.8 trillion won last year. Last year, fu

Industry Feb. 22, 2019

Korea Aviation Engineering & Maintenance Service said Thursday it will begin providing aircraft maintenance for the Boeing 737. KAEMS, which is a service provider for aircraft maintenance, repair and operations, was jointly launched in July last year by Korea Aerospace Industries, Korea Airports Corporation, BNK Financial Group, Jeju Air and Eastar Jet. (Yonhap)The launch was designed to offer wider options for Korean aircrafts that depend on foreign companies for their maintenance. Korean airli

Industry Feb. 21, 2019

Hyundai-Steel on Thursday apologized for the death of its worker at its plant in Dangjin, South Chungcheong Province, which has repeatedly seen workplace accidents over the past decade. “We send our deep condolences to the victims and their families. We will do our best to cooperate with related organizations on the investigation and we take safety measures not to repeat this accident,” the firm said in a statement.(Yonhap)At 5:20 p.m. on Wednesday, a worker died after being caught in a coal con

Industry Feb. 21, 2019

Yuhan-Kimberly, South Korea’s leading sanitary product manufacturer, ranked fifth on a list of South Korea’s most admired companies, making it to the top 10 for 16 straight years, according to a survey released by Korea management Association Consulting this week. By segment, the company ranked first in terms of social value and first in household goods business, according to the survey of around 10,000 local consumers and professionals. Yuhan-Kimberly sanitary napkins, tissues and paper towels

Industry Feb. 20, 2019

The merger plan between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering is facing opposition from workers of the two firms, who say it would lead to possible technology leaks and restructuring. A labor union of Daewoo Shipbuilding & Marine Engineering said Monday it has started voting on whether to go on a strike over the acquisition by Hyundai Heavy Industries. (Yonhap)The voting involves 5,611 workers at its shipbuilding plants in Okpo, a neighborhood in the city of Geoje

Industry Feb. 18, 2019

South Korean carmakers remain on edge as a decision on tariffs by US President Donald Trump looms closer, with the Department of Commerce reportedly having concluded in its confidential recommendation report due Sunday that auto imports could hurt national security.Last week, Agence France-Presse reported the Department of Commerce had concluded that auto imports are “a threat to national security,” citing two unnamed sources and the report expected to be delivered to the White House by Sunday.(

Industry Feb. 17, 2019

The deaths of three employees in an explosion at a Hanwha factory on Thursday have fueled concerns about workplace safety at the major Korean conglomerate, as an explosion at the same factory had claimed the lives of five people just seven months ago. Hanwha confirmed Thursday three employees had died after the explosion at its plant in Daejeon, a city some 140 kilometers south of Seoul. (Yonhap)“We express our deep condolences to the victims and their families. We will do our best to address th

Industry Feb. 14, 2019

The Korea International Trade Association said on Tuesday it has signed an agreement with Dubai Future Foundation to set up a Korea Desk to help domestic startups better advance into the Middle East. The signing ceremony held in Dubai was attended by Kim Ki-hyun, chief of KITA’s United Arab Emirates office, Dubai Future Foundation CEO Khalfan Belhoul and key UAE government officials. Kim Ki-hyun(left), chief of KITA’s UAE regional office and Dubai Future Foundation CEO Khalfan BelhoulUnder the d

Industry Feb. 12, 2019

The hydrogen industry will be the first beneficiary of South Korea’s deregulation efforts, with the government allowing Hyundai Motor to build hydrogen-fueling stations at the National Assembly, in a symbolic move in the nation’s push toward the next-generation energy. Last month, the government announced its plan of producing 1.8 million units of hydrogen cars and installing 660 charging stations by 2030. This year, it aims to produce 4,000 hydrogen cars and 86 charging stations. There are curr

Industry Feb. 11, 2019

Samsung Heavy Industries is reviewing a letter from the Korea Development Bank asking Samsung’s shipbuilding arm to consider acquiring ailing ship maker Daewoo Shipbuilding & Marine Engineering, the company said Friday.KDB is the largest shareholder of DSME and has been accelerating efforts to sell the company to other Korean shipbuilders. “Although it is true the management is discussing the matter, now is not the time to disclose the direction of the review,” said an official from Samsung Heav

Industry Feb. 8, 2019