Economy

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  ​KT Engineering makes foray into small and medium-sized steam turbine market SEOUL -- KT Engineering, the renewable energy wing of South Korea's top telecom company KT, made a foray into the domestic small and medium steam turbine market dominated by foreign makers from countries such as Germany and Japan. The company will offer a one-stop service including localized parts, construction, management and maintenance. A steam turbine generates electricity at a thermal power plant using steam. Doosan Heavy Industries & Constru 2021-09-23
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  Celltrion's COVID-19 rapid antigen test kit selected by U.S. combat support agency SEOUL -- Celltrion's COVID-19 rapid antigen test kit capable of yielding results in 15 minutes without additional equipment has been selected by a U.S. combat support agency under the Department of Defense for deliveries to about 25,000 locations such as military bases, long-term care facilities, community testing sites, critical infrastructure, and other designated places. The U.S. subsidiary of Celltrion, a leading biotech company in South Korea, has s 2021-09-23
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  S. Korea's proposal for revision of international convention on POSCO's novel high manganese steel SEOUL -- The South Korean government has proposed the revision of an international convention to allow the use of a novel high manganese austenitic steel developed by South Korea's steel giant POSCO for use in liquefied natural gas (LNG) carriers. If approved, the new steel product for cryogenic applications can be used in various industrial fields such as terminal storage tanks and vehicle tanks. The revision was proposed at a 2021-09-17
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  LG's battery-making wing acquires stake in China's Greatpower to purchase nickel SEOUL -- The battery-making wing of South Korea's LG Group will acquire a 4.8 percent stake in Greatpower Nickel & Cobalt Materials, a Chinese supplier of chemicals for lithium-ion batteries, for 35 billion won ($29.7 million), along with a six-year contract to purchase 20,000 tons of nickel from 2023. The deal is part of efforts by LG Energy Solution (LGES) to secure a stable supply of core materials for the production of high-nickel batterie 2021-09-17
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  KHNP partners with Hanwha E&C to build wind farm in Gangwon Province SEOUL -- Korea Hydro & Nuclear Power, the operator of nuclear power plants in South Korea, has partnered with two domestic companies to build three wind farms with a total capacity of some 300 megawatts, which is enough to power a small city, in a mountainous area east of Seoul. The Taebaek Mountains in Gangwon Province is a mountain range that stretches across North Korea and South Korea. The mountains form the main ridge on the eastern side of the Korean peni 2021-09-16
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  Daewoo shipyard develops technology to collect and store CO2 using ammonia-water sorbent SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, has developed a technology that can collect and store carbon dioxide generated during ship operation, using ammonia-water sorbent. The technology would contribute to responding to environmental regulations and providing new solutions to shipowners who are demanding high levels of eco-friendly technology. The technology was verified usin 2021-09-16
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  Steel makers replace quicklime with shell powder in removing impurities SEOUL -- Two major steel companies in South Korea will replace quicklime with powder made by processing shellfish and oyster shells that have been an environmental issue due to a huge accumulation of waste mainly along the southern coast. South Korea is one of Asia's biggest oyster farming countries. Adding quicklime in the process of sintering iron ore for furnace injection can improve productivity and reduce fuel costs. POSCO and Hyundai Steel, aff 2021-09-16
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  SKC ties up with Japan's TBM to produce new eco-friendly material 'biodegradable LIMEX' SEOUL -- SKC, a leading polyester film and chemical material manufacturer in South Korea, tied up with TBM, a Japanese startup, to set up a joint venture for the production of a new eco-friendly material for food containers and disposable products by applying biodegradable material technology to LIMEX, a limestone-based material which can become alternative to paper and plastic. TBM has commercialized LIMEX produced from calcium carbonate (CaCO3), which is derived 2021-09-16
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  GS E&C's battery recycling wing breaks ground for recycling facility in Pohang SEOUL -- Enerma, the battery recycling wing of South Korea's major builder GS Engineering and Construction, broke ground for its very first recycling facility in the southern port city of Pohang, heralding the company's full-scale entry into the blooming battery recycling industry which has attracted a lot of big companies with competitive technologies. Secondary batteries, also known as rechargeable batteries including lithium-ion batteries, have become 2021-09-15
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  Online fresh grocery unicorn sees 579% spike in pet food sales for S. Korean harvest festival SEOUL -- Market Kurly, a successful online fresh grocery delivery startup in South Korea, has seen a sudden spike in pet food sales, thanks to consumers who purchased special gifts for animal companions to celebrate Chuseok, a three-day harvest festival that is celebrated by gatherings of families and relatives. Family members present small gifts including food and sometimes cash to each other to celebrate one of the country's two biggest seasonal festivities. 2021-09-15
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  Hanwha Systems sets up joint venture to produce car night vision sensors SEOUL -- Hanwha Systems, a defense contractor involved in the development of high-performance antennas in South Korea, will produce infrared sensors and other components used for car night vision, which is the ability to see in low-light conditions, based on a partnership with Truwin, a company specializing in motor vehicle-related sensors. Hanwha Systems and Truwin will set up a joint venture with a micro electro mechanical system within this year to produce a mic 2021-09-15
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  Hanwha Solutions begins syngas production to reduce reliance on foreign products SEOUL -- Hanwha Solutions, a renewable energy service provider affiliated with South Korea's Hanwha Group, has embarked on the commercial production of synthesis gas or known as syngas that has been used to manufacture polyurethane and other materials. The plant would ensure the smooth supply and demand of raw materials for South Korean companies which have relied heavily on imported syngas. Syngas is a fuel gas mixture that can be produced from many sources in 2021-09-15
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  Daewoo shipyard uses Doosan Heavy's steel component for wind turbine installation vessels SEOUL -- Doosan Heavy Industries & Construction, a key contractor in South Korea's power industry, has localized a key component used for jack-up legs of wind turbine installation vessels. Jack-up legs are extended to the seafloor and lift platforms to the intended height above sea level. High-strength steels, which permit higher static stress limits, are used for jack-up legs and components to prevent fatigue cracking. 2021-09-15
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  Hyundai auto group partners with U.S. electric utility CPS to install ESS in Texas SEOUL -- South Korea's Hyundai auto group will install an energy storage system reusing spent electric vehicle batteries to supply power in Texas in September 2022 through a partnership with CPS Energy, the American municipal electric utility serving the city of San Antonio. An energy storage system is an integrated system of battery packs and is connected to a power grid to provide power to nearby towns or sell electricity back to power companie 2021-09-15
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  SK Group leads state project to set up hydrogen energy ecosystem at ports SEOUL -- South Korea's SK Group will lead a state project to build a "hydrogen port" with an energy ecosystem capable of producing, importing, storing, supplying, consuming, and utilizing hydrogen. Ports are considered the best place for a hydrogen ecosystem that can produce, import, and supply hydrogen to consumers. The Ministry of Oceans and Fisheries selected SK Group for the construction of a port hydrogen comple 2021-09-14
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  LG Chem and ADM agree to set up U.S.-based joint factory for production of bioplastic material SEOUL -- Archer Daniels Midland, a major American grain processing company, agreed with LG Chem, a chemical unit of South Korea's LG Group, to set up a joint factory in the United States for the production of corn-based raw materials for bioplastics that can be made from agricultural by-products and also from used plastic bottles and other containers using microorganisms. LG Chem said it has signed a heads of agreement with Archer Daniels Midland (ADM) for 2021-09-14
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  GS Caltex adopts robot system to prevent suffocation at petrochemical plants SEOUL -- South Korea's major refiner GS Caltex has adopted a robot system that would operate inside petrochemical tanks to prevent suffocation. The remotely controlled robot based on an idea submitted by employees will replace catalysts inside a tank filled with nitrogen. Normally, a petrochemical tank is filled with nitrogen gas during maintenance to prevent explosions. The gas-filled tank is a hazardous environment where human workers can suffocate an 2021-09-14
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  KT launches abnormal local currency transaction detection service using blockchain and AI SEOUL -- South Korea's top telecom company KT has added an artificial intelligence and blockchain-based abnormal local currency transaction detection service to its digital regional money wallet app. The service will help local governments save taxes and maintain a transparent distribution flow of regional money by preventing consumers from exchanging discounted local currency for cash. A local currency is issued by local governments so that consumers can use 2021-09-13
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  LG Innotek develops eco-friendly magnet with strong power thru cooperation with domestic partner SEOUL -- LG Innotek, the electric component unit of South Korea's LG Group, has teamed with a domestic permanent magnet producer to develop an eco-friendly magnet with strong magnetic power that can minimize the use of heavy rare earth metals, an essential component to maintain magnetic force at high temperatures. Magnets are mounted on vehicle motors, smartphone cameras, audio speakers, and wind power generators. China has been a major source of rare ear 2021-09-13
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  LG Chem partners with TK Chemical to produce maritime biodegradable materials SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, teamed up with TK Chemical, a domestic chemical fiber producer, to develop maritime biodegradable materials and source materials for agricultural vinyl films and disposable bags. Maritime biodegradable materials can be used to develop eco-friendly fishnets to protect marine environments and resources. South Korea has been focusing on distributing biodegradable fishing nets to prevent marine polluti 2021-09-13