Korean steelmaking conglomerate Posco Group has pledged to donate $1 million to the Korean Red Cross to support emergency relief efforts in Turkey after a massive earthquake hit the country Monday. The group operates three facilities in Turkey, including the stainless steel plant Posco Assan TST, the manufacturing center Posco-TNPC and the Istanbul branch of Posco International. Although the three facilities are located far from the epicenter of the disaster and remain unaffected, some local wor

Industry Feb. 9, 2023

South Korean car manufacturer Renault Korea Motors’ midsize sedan SM6 is a steady seller in the vast domestic automobile market alongside other sizable competitors. This is thanks to the model’s commercial value, which is built on a balance between the carmaker's heritage and advanced technology. The carmaker highlighted the popular sedan’s state-of-the-art features such as a downsized engine, smooth handling and steering system as well as safety functions. In the past, lo

Mobility Feb. 9, 2023

Kim Jong-hoon, chairman of the board of directors at South Korea’s largest energy company SK Innovation, asserted that the company will continue to set a global example on governance structure. In an interview Wednesday with the firm’s official news channel SKinno News, Kim cited the independence and expertise of the board of directors as key to innovating the company’s corporate business structure. “The cultivation of our company value and environmental, social, and gove

Industry Feb. 8, 2023

South Korean oil refinery company S-Oil announced on Wednesday that it has donated 1 billion won ($793,000) to the Korea National Council on Social Welfare to help vulnerable households affected by the recent spike in winter heating bills. The donation will be used to provide heating cost relief for welfare facilities and households that are in need of energy support as determined by social welfare institutions across the country. Beneficiaries may include grandparents who raise their grandchild

Industry Feb. 8, 2023

Doosan Enerbility, a leading manufacturer of energy solutions in Korea, announced Tuesday that it has signed a framework agreement with Siemens Gamesa Renewable Energy, a multinational provider of wind power solutions, for a strategic partnership in the Korean offshore wind market. Siemens Gamesa’s offshore business CEO Marc Becker and Doosan Enerbility’s Power Services Business Group CEO Park Hong-ook participated in the signing ceremony held in Hamburg, Germany. The two companies p

Industry Feb. 7, 2023

Kim Jun, CEO of South Korea’s largest energy company SK Innovation, reaffirmed the company’s commitment to go net zero with more detailed action plans to be implemented across the firm. In a recent interview with the firm’s official news channel SKinno News, Kim revealed that this will be the first year to begin implementation of its greenhouse gas emission reduction plan called “All Time Net Zero.” The All Time Net Zero vision was announced last year during the 60t

Industry Feb. 6, 2023

LG Group, the nation’s fourth-largest conglomerate, renewed its commitment to achieving net-zero goals by 2050 in a groupwide report on emissions reduction Sunday -- a first among major conglomerates in South Korea. In the report, titled "LG Net Zero Special Reporting: Placing the First Stepping Stone," the group outlines the plans and strategies LG companies will adopt to achieve the net-zero goals. Seven affiliates have signed on to the plan, including LG Electronics, LG Displa

Industry Feb. 5, 2023

Sales of cosmetics products have seen a surge over the past week after the nation’s mask-wearing mandate was lifted here, according to data compiled by Shinsegae International, a local importer of foreign beauty brands, Thursday. US luxury makeup brand Hourglass posted a 149 percent jump in sales here from Jan. 28 to Feb. 1 right before and after eased masking rules, according to Shinsegae International. For the whole month of January, sales more than doubled compared to a year ago. The co

Industry Feb. 2, 2023

South Korean telecommunications giant KT Corp. announced Wednesday that it has signed a memorandum of understanding with Monnis Group, a Mongolian industrial holding conglomerate, for a joint business venture into the rare earth minerals industry. This comes after another memorandum previously signed on Jan. 26 between KT and the Mongolian government for the supply of various mineral resources, including rare earth elements. Following this new agreement, KT is now able to utilize Monnis Group&rs

Industry Feb. 1, 2023

Hyundai Mobis, a car parts maker under Hyundai Motor Group, announced Tuesday that it received a record-breaking $4.7 billion of orders from global automakers last year. This is the company’s greatest feat since it first entered the international automotive parts market in the early 2000s. The company surpassed its initial goal of $3.8 billion by 25 percent and achieved a near-double increase compared to 2021 earnings, which were valued at $2.5 billion. Overseas orders do not include those

Industry Jan. 31, 2023

Samyang Foods on Thursday opened a popup store to promote its new premium dried noodle brand in Seoul. The noodle boutique, called Salon de Cootique, is set up at the space LES601 Seongsu in Seongsu-dong, and runs until Feb. 5, it said in a statement. In December last year, the firm launched a new premium dried noodle brand, Cootique -- a portmanteau of “cook” and “boutique.” The brand is dedicated to curating products inspired by global noodle dishes. At the popup store,

Industry Jan. 27, 2023

Celltrion Healthcare, the marketing unit of South Korean drug developer Celltrion, announced Thursday that it has expanded its product portfolio with the recent launch of its cancer-fighting biosimilar Vegzelma in Japan. Vegzelma is a biosimilar referencing Bevacizumab, which is sold under the brand name Avastin. In September of last year, the drug received sales approval from the Japanese Ministry of Health, Labor and Welfare for the treatment of metastatic colorectal cancer, non-small cell lun

Industry Jan. 26, 2023

South Korean drugmaker Celltrion announced on Wednesday that it has increased its stake in British biotechnology firm Iksuda Therapeutics to 47.05 percent through direct investment and a fund formed with Mirae Asset Capital. This decision has made Celltrion and the Mirae Asset Celltrion New Growth Fund the largest shareholders of Iksuda, which specializes in the development of a new generation of antibody drug conjugates, or ADCs. Celltrion declined to disclose its original shareholding percenta

Industry Jan. 25, 2023

One of the biggest traditions of the Korean Seollal holiday is sebae, or the act of bowing to your elders and wishing them a happy new year, after which older relatives share cash gifts. This long-held tradition has gone on in Korean households for generations. However, times are changing. The question of how much money it is appropriate to give or receive -- or whether anything should be given or received at all -- is a hard one to reach a consensus on. In a survey conducted by SK Communication

Social Affairs Jan. 21, 2023

South Korean drugmaker SK Bioscience announced Friday that it has hired experts from big pharma companies including Sanofi in a bid to bolster its presence in overseas markets. SK Bioscience plans to boost its qualifications to the highest possible standards through recruitment of world-class professionals and eventually venture into foreign markets, including the US and Europe. “It is time for us to expand our presence into global markets. By upgrading our business through strategic talen

Industry Jan. 20, 2023