Economy

• 
  POSCO International promises to promote cotton industry ecosystem in Uzbekistan SEOUL -- POSCO International, a trading arm of South Korea's steel group POSCO, disclosed a blueprint to promote a sustainable cotton industry ecosystem in Uzbekistan, a Central Asian nation and former Soviet republic, through vertical integration from cultivation to the manufacturing of finished products. "Central Asia is one of our strategic areas," POSCO International CEO Ju Si-bo said on March 8 after he signed a memorandum of agreement on the establishment of a ra 2022-03-08
• 
  POSCO Chemical to build joint battery material plant with GM in Quebec SEOUL -- POSCO Chemical and General Motors will build their joint venture plant in Quebec, Canada, to produce high-nickel cathode active materials. Construction will begin immediately with an initial investment is $400 million. The two companies would gradually increase the amount of investment. POSCO Chemical said the plant in Becancour would become a stepping stone for its drive to build a supply chain of core battery materials in North America, where the electric vehicle market 2022-03-08
• 
  Dongkuk Steel unveils solvent-free colored steel sheet SEOUL -- Dongkuk Steel Mill, a metal construction material maker in South Korea, has unveiled a new colored steel sheet product by applying biomass paint without any volatile solvent. The company will promote commercialization in the second half of 2022. The paint on color-coated steel sheets consists of resin, solvent and pigment. The solvent used to control the viscosity of the paint generates carbon dioxide while being heated and dried. Dongkuk has developed a solvent-free color 2022-03-08
• 
  SeAH Besteel becomes first S. Korean company to deliver spent nuclear fuel transport casks SEOUL -- SeAH Besteel, a special steel producer in South Korea, will deliver the first shipment of three spent nuclear fuel transport casks to a U.S. energy company through Orano TN, an American provider of total system solutions for used nuclear fuel and radioactive waste management. SeAH Besteel became the first South Korean company to export spent nuclear fuel transport casks. Since it received an order from Orano TN in September 2019, SeAH Bestee has established a mass produc 2022-03-07
• 
  Passenger-cargo ship installed with mobile electric power system launched in S. Korea SEOUL -- A 420-ton electric propulsion passenger ship capable of transporting cars and cargo together made its debut in South Korea. It is the country's first eco-friendly ship installed with a vehicle-type mobile battery pack system to maximize power supply efficiency. There is no need to install high voltage charging facilities at ports. The vessel was launched in a ceremony on March 4 in the southwestern port city of Mokpo, which has been selected for a five-year government 2022-03-04
• 
  ​Shinsegae's online shopping wing partners with sanitary product maker targeting young female consumers SEOUL -- In a bid to attract more young female consumers, the online shopping mall of South Korean retail giant Shinsegae has partnered with Yuhan Kimberly, a major domestic sanitary product maker, to jointly promote new sanitary products such as sanitary pads, tissues, face masks and cleaning tools SSG.com said in a statement on March 3 that the online shopping mall operator signed a cooperation agreement with Yuhan Kimberly to promote sanitary products through Shinsegae's o 2022-03-03
• 
  Hyundai Oilbank unveils virtual energy station in metaverse platform SEOUL -- Hyundai Oilbank, a refining unit of South Korea's Hyundai shipbuilding group, created a digital all-in-one energy station inside a virtual world called metaverse. The virtual gas station was set up to promote the major refiner's business areas that range from fossil fuels to clean energy fuels including hydrogen. Metaverse is a virtual space where users can participate in many different social and economic activities by creating their own personalized characters c 2022-03-03
• 
  Taihan Cable wins $49.8 million U.S. order for high voltage power grid SEOUL -- Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, has secured a fresh order worth about 60 billion won ($49.8 million) through its American subsidiary to provide a 230 kilovolt-class high voltage power grid that links an offshore wind power complex and power systems to stabilize the supply and demand of urban electricity. The new order brought to about 190 billion won the total value of orders that Taihan Cable's U.S. subsidiary 2022-03-03
• 
  KT agrees to provide digital transformation services through Turk Telekom SEOUL -- South Korea's top telecom company, KT, will provide various digital transformation services through its Turkish partner, Turk Telekom. Based on 5G, artificial intelligence, cloud, and big data, the two companies would expand their cooperation to various fields such as robots, smart cities, autonomous driving, and media services., KT said it has signed a memorandum of understanding for strategic partnerships with Turk Telekom on the sidelines of at MWC, an annual mobile 2022-03-03
• 
  Doosan Corporation uses Movandi's technology to produce 5G antenna modules SEOUL -- Doosan Corporation, the corporate holding company of South Korea's Doosan Group has produced 5G antenna modules, using technology from Movandi, an American wireless system company tackling the technical challenges of 5G millimeter-wave networks. Starting with the production of antenna modules, the company aims to get deep into 5G-related businesses. The first batch of 5G antenna modules produced by Doosan Corporation has been shipped to F 2022-03-03
• 
  Passenger-cargo ship installed with mobile electric power supply system awaits launching ceremony SEOUL -- A 420-ton electric propulsion passenger ship that could transport cars and cargo together has been built. It is South Korea's first eco-friendly ship installed with a mobile battery pack system in the form of a vehicle. A launching ceremony will be held on March 4 at a port in the southwestern city of Mokpo, which has been selected for a five-year government project that began in 2020 to develop electric propulsion ships with the state-funded Korea Research Institute 2022-03-02
• 
  LG Electronics creates large LED wall for home shopping studios SEOUL -- LG Electronics has created a large light-emitting diode (LED) wall each at two studios run by the home shopping unit of South Korea's CJ Group. The LED wall implements bright and clear image quality in studios with numerous filming lights, and Studio operators do not have to create a background set for every shoot. A total of 576 planar and curved LED signage cabinets were attached in a modular method to surround the walls of two CJ Onstyle studios that cover a combine 2022-03-02
• 
  KT displays AI-based control tower solution for 5G base stations at MWC 2022 Barcelona -- South Korea's largest telecom company KT showcased an artificial intelligence-based control tower solution that can manage 5G base stations at Mobile World Congress, an annual mobile device exhibition in Barcelona. Conventional management solutions focus on maintaining the overall performance quality of base stations hooked onto a single local-area network. Such solutions are good for managing the average performance of stations but it is hard to tweak an individua 2022-03-02
• 
  KT commercializes all-in-one AI-based customer call center solution SEOUL -- KT cs, the customer service solution wing of South Korea's major telecom company KT, has commercialized an all-in-one artificial intelligence-based customer call center service solution that can be operated on web-based systems including web browsers. The new solution will help small-and-medium-sized companies save costs and increase the quality of services. An AI contact center (AICC) is an integrated cloud-based system solution that offers a variety of customer servi 2022-03-02
• 
  POSCO's granulated blast furnace slag used for eco-friendly construction materials SEOUL -- Granulated blastfurnace slag is a by-product of the steel-making industry that can be produced by the rapid cooling of iron ore slag. It can be upcycled in cement to increase the strength and durability of concrete. Continental New Materials will use granulated blast furnace slag produced by South Korea's steel group POSCO to produce eco-friendly construction materials. Continental New Materials is a venture company that manufactures eco-friendly construction materia 2022-02-25
• 
  [INTERVIEW] Bithumb ready for fresh leap in cryptocurrency exchange to win back customers SEOUL -- In a country where regulators are reluctant to officially recognize digital money or virtual currencies as a general means of exchange, Bithumb, a major cryptocurrency exchange in South Korea, is ready for a fresh takeoff with a reorganized system to win back customers who have complained about high fees, unkind services and sporadic server failures. Since its foundation in 2014, Bithumb has been plagued with frequent attacks by hackers, along with crackdowns and investig 2022-02-25
• 
  Hyundai auto group ties up with Shell to strengthen green businesses including EVs SEOUL -- To meet growing demands for eco-friendly products, South Korea's Hyundai auto group will work with Shell, a global energy and petrochemical group. The auto group will adopt Shell's various renewable energy solutions at all production facilities worldwide by 2045. Comprehensive cooperation between Hyundai Motor Group and Shell will be made in electric vehicle charging infrastructure, low carbon energy solutions and hydrogen-related businesses. "We hope this coop 2022-02-25
• 
  Taihan Cable partners with domestic company to jump into industrial werable robot market SEOUL -- Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, jumped into the industrial wearable robot market with a strategic investment in FRT, a domestic system software company that has key source technologies and developed hydraulic wearable robots. Through cooperation with FRT, Taihan said it would commercialize business models and actively pioneer overseas markets by utilizing its global network. The amount of investment was not disclos 2022-02-25
• 
  LS Cable partners with state-funded research body to develop green power transmission technology SEOUL -- LS Cable & System, a major cable maker in South Korea, teamed up with a state-funded research body to develop eco-friendly power transmission technology. Both sides will cooperate in power grid safety diagnosis technology using artificial intelligence and big data technology. Cooperation between LS Cable and the Korea Electrotechnology Research Institute (KERI) covers superconducting power transmission and distribution devices and joint research in high-voltage direct c 2022-02-24
• 
  Researchers develop 3D printer capable of manufacturing large parts with powder bed fusion technology SEOUL -- South Korea's state-run nuclear energy research body claimed to have developed the world's first 3D printer capable of manufacturing one-meter-sized parts with powder bed fusion technology that uses either laser, thermal energy, or electron beam to melt and fuse material powder together. 3D printing technology was incorporated with nuclear technology to seamlessly design complex structural parts. Powder bed fusion (PBF) technology is useful for the production of hig 2022-02-24