Economy

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  No hurry in selling HMM to new company, not foreign company or private equity fund SEOUL -- HMM, a major shipping company controlled by creditors in South Korea, has seen brisk performances, heightening expectations about its normalization before being sold to a new private owner. However, policymakers took a cautious stance over its sale which emerged as a buzzword after Hanwha Group was picked as the potential owner of a major shipyard controlled by a state policy bank. "There is no need to sell HMM right now like Daewoo Shipbuilding & Marine Engineeri 2022-09-30
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  Hyundai Rotem's hydrogen tram requires four fuel cells and high-power lithium-ion batteries SEOUL -- A hydrogen tram being developed by Hyundai Rotem, a train-making subsidiary of South Korea's Hyundai auto group, will be equipped with four 95-kilowatt fuel cells, high-power lithium-ion batteries, six hydrogen tanks, and an integrated stack and cooling device. Construction costs are relatively low and external power supply infrastructure is not required. Hyundai Rotem gave an explanation of the technology and development status of hydrogen electric trams at a green 2022-09-30
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  Online fashion store Musinsa nests in Seoul's hottest fashion & trends district SEOUL -- South Korea's popular online apparel store Musinsa has moved its head office to a vibrant fashion district in eastern Seoul that has transformed its shape from a rusty industrial town full of leather and metal workshops operated by veteran craftsmen. The Seongsu area now attracts young fashion and trends enthusiasts. Musinsa is an online fashion mall startup unicorn established in 2003. The company first nested in Apgujeong in southern Seoul 10 years ago when the river 2022-09-30
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  SK siltron makes aggressive investments to gain upper hand in global competition SEOUL -- Undaunted by a global economic slowdown and inflationary pressure weighing down the demand for memory chips, SK siltron, a wafer company affiliated with South Korea's SK Group, is pushing ahead with an aggressive expansion of its production capacity. A wafer is a thin round slice of semiconductor material used for the fabrication of integrated circuits and other devices. Silicon wafers are available in a variety of diameters. The diameter of wafers has gradually incre 2022-09-30
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  Australia and Argentina cited as alternative key material suppliers for S. Korea SEOUL -- Australia is a supplier of important minerals used for electric vehicle batteries and other products in South Korea, but a non-profit trade organization in Seoul suggests that companies should step up efforts to diversify supply lines and avoid risks from their reliance on China. The Korea International Trade Association (KITA) said in a report that the proportion of lithium imports from China rose to 59 percent in 2021 from 47 percent a year ago. South Korea's reliance 2022-09-29
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  Cummins partners with KHNP to cooperate in green hydrogen production and utilization SEOUL -- Cummins, a U.S. producer of engines and power generation products, established a strategic partnership with the operator of nuclear power plants in South Korea, to cooperate in the field of green hydrogen production and utilization. They will demonstrate and commercialize water electrolysis facilities that use electricity to decompose water into oxygen and hydrogen gas. Under a memorandum of understanding, Cummins and Korea Hydro & Nuclear Power (KHNP) will produce gre 2022-09-29
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  Lotte Chemical produces polycarbonate using pyrolysis oil-based naphtha SEOUL -- Lotte Chemical, a major chemical company based in South Korea, has produced polycarbonate, a high-value-added petrochemical product, by using pyrolysis oil-based naphtha made by recycling waste plastic. polycarbonates are strong, tough materials with many applications. They are easily worked, molded, and thermoformed. Pyrolysis is a chemical recycling process that can convert plastics into high-quality oil using extreme heat and pressure. Recycled oil is processed into m 2022-09-28
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  KT ties up with U.S. entertainment company AMC for joint content production SEOUL -- South Korea's top telecom company KT teamed up with AMC Networks, a U.S. cable channel known for its global hit drama "Walking Dead," to push for joint content production and exclusively provide a subscription video service through internet protocol TV. In the first step of cooperation, six AMC dramas including the latest version of "Walking Dead" and "Interview with the Vampire," a horror fiction series, will be serviced on KT's IPTV. 2022-09-28
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  POSCO works with domestic hydrogen producer to push for CCU-based blue hydrogen business SEOUL -- South Korea's steel group, POSCO, joined hands with Approtium, a domestic hydrogen producer, to jointly push for a blue hydrogen business based on carbon capture utilization and produce 40,000 tons of hydrogen annually. They will promote joint research on the overseas production of blue ammonia for use in South Korea. Blue hydrogen is produced by applying carbon capture and storage to reduce CO2 emissions. The steel group has tried to develop technologies for extracti 2022-09-28
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  Konasol selected to produce neutron-absorbing aluminum composite material for spent nuclear fuel SEOUL -- Konasol, a manufacturer of titanium carbide alloy steels in South Korea, will produce materials for spent nuclear fuel transport and storage containers with technology transferred by a state research body that has manufactured a low-cost casting-based neutron-absorbing aluminum composite material plate of up to two meters. Using technology from the state-run Korea Institute of Materials Science (KIMS), Konasol will produce products stretching up to five meters. The develop 2022-09-28
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  GS E&C partners with German chemical company BASF for standardized module project for carbon capture SEOUL -- South Korea's major builder GS Engineering and Construction partnered with BASF, a German chemical company, to carry out a standardized module project for carbon capture utilization and storage. BASF's carbon capture technology called "OASE®blue" will be used as a standardized module to capture carbon dioxide emitted from various sources such as fossil fuel power generation plants. Carbon capture utilization and storage (CCUS) captures waste carbon di 2022-09-27
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  [FOCUS] Hanwha's move to acquire Daewoo shipyard throws chairman's eldest son into spotlight SEOUL -- Hanwha Group's move to acquire Daewoo Shipbuilding & Marine Engineering, a major shipbuilder controlled by South Korea's state policy bank, threw in the spotlight the 38-year-old eldest son of group patriarch Kim Seung-youn who was credited with elevating the ranking of his business empire step-by-step through the acquisition of essential enterprises with great market potential. The eldest son has been trained as heir to the throne. Like other offsprings of Sout 2022-09-27
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  Hyundai Rotem rolls out high-speed electric multiple unit train 'EMU-320' SEOUL -- Hyundai Rotem, a subsidiary of South Korea's Hyundai auto group, rolled out its first high-speed electric multiple unit called "EMU-320" capable of running at a maximum speed of 320 kilometers (198 miles) per hour. The train based on a distributed power system will be operated on high-speed railways after a test run. EMU-320 has eight cars with a total of 515 seats and features distributed traction with driving trailers at each end and six powered intermediat 2022-09-27
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  Hanwha Group picked as potential owner of Daewoo shipyard in $1.4 billion deal SEOUL -- South Korea's Hanwha Group was picked as the potential owner of Daewoo Shipbuilding & Marine Engineering in a preliminary deal to acquire a 49.3 percent stake and management rights, 14 years after its first bid for the troubled shipbuilder controlled by a state policy lender was aborted by a global financial crisis in 2008. The group has been interested in the shipbuilder's capabilities in the production of attack submarines and warships. Daewoo Shipbuilding &am 2022-09-26
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  Doosan Enerbility clinches $385 million EPC contract to build Saudi cogeneration plant SEOUL -- Doosan Enerbility, a key player in South Korea's power industry, has clinched a contract worth about $385 million to build a cogeneration plant that will provide electricity and heat to gas processing facilities in Jafura located between Ghawar, the world's largest conventional onshore oilfield, and the Persian Gulf coast in Saudi Arabia. The plant will be completed in the second half of 2025. South Korea's state power company, KEPCO, has been selected as a p 2022-09-23
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  [FOCUS] Hanwha Q Cells to develop vertical solar modules for transparent soundproof walls SEOUL -- Traditional solar panels are set up horizontally at an optimal angle to maximize their exposure to light. Researchers are in the race to develop new clean energy-generating devices such as a window-type system, bifacial solar panels, and transparent modules that can be applied to windows and soundproof walls. Vertical solar panels can be used in a wide range of applications because they take up less space than traditional solar panels. Hanwha Q Cells, the solar cell-making 2022-09-23
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  LGES ties up with Canadian battery material producers in response to U.S. inflation reduction act SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, teamed up with three Canadian battery material producers to cooperate in supplying and processing rare metals such as lithium and cobalt that can be used for producing lithium-ion batteries. The deal will help the battery maker overcome a U.S. inflation reduction act. The inflation reduction act (IRA) only subsidizes electric vehicles using batteries, which are assembled in North America and contai 2022-09-23
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  Doosan Enerbility to speed up extreme material business in response to growing demand SEOUL -- Doosan Enerbility, a key player in South Korea's power industry, will accelerate its extreme materials business as an empirical research complex will be built to end South Korea's reliance on overseas test and evaluation institutions and cope with growing demands. Extreme materials capable of withstanding harsh environments such as ultra-high temperature, ultra-low temperature, and ultra-high pressure are often used for space, liquid hydrogen storage, and ultra-hig 2022-09-22
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  Hanwha Solutions's technology to produce semiconductive polymer secures state certificate SEOUL -- A technology localized by Hanwha Solutions to produce a semiconductive copolymer for ultra-high-voltage power cables has secured state certification for commercial production. The company is ready for the commercial production of materials that can be used for insulation and prevent discharge in power cables. Acrylic copolymers are transparent thermoplastic copolymers of ethylene and acrylate with exceptional low-temperature flexibility and impact resistance. They are frequ 2022-09-22
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  Cosmax showcases transdermal delivery material at global cosmetic science conference in London SEOUL -- Cosmax, a cosmetics original development manufacturer in South Korea, has showcased a transdermal delivery material, which helps absorb cosmetics into the skin, at a global cosmetic science conference in London. The material was created using lipid components that exist between cells in the stratum corneum. Global demands for transdermal delivery systems have increased. In most cases, effective ingredients for the skin are not sufficiently delivered because of the stratum 2022-09-21