Articles by Suk Gee-hyun
Suk Gee-hyun
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Steelmakers face U.S. antidumping dispute
U.S.-based steel producers have lodged a complaint against South Korean and other steelmakers with the U.S. International Trade Commission accusing them of irregular trade practices.This is the first time that a country’s steel industry has taken anti-dumping retaliatory proceedings against foreign competitors this year ― duties were levied on some global steelmakers by authorities in six markets including Korea and China over similar disputes last year.According to an overseas media outlet, the
Industry June 5, 2015
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POSCO-Saudi fund deal imminent
POSCO’s impending deal with Saudi Arabia’s sovereign wealth fund is raising both concerns and expectations for Korea’s largest steelmaker. According to financial industry sources, POSCO is set to sell 15.89 million shares or about 38 percent of POSCO Engineering and Construction to Saudi’s Public Investment Fund, or PIF.The two sides are expected to ink the deal within this month, said a source close to the matter.The sale is expected to give POSCO a boost in its efforts to streamline its affili
Industry June 4, 2015
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Shipbuilders strike out in key market
South Korean shipbuilders failed to strike a single deal in selling offshore support vessels in the January-April period, a sign that they are at risk of losing the market to increasingly confident Chinese competitors.Up to 22 of 34 offshore support vessels worldwide were sold by Chinese shipbuilders during the period, while local firms posted zero sales, according to industry reports. China’s outpacing of local shipbuilders, including Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy I
Industry June 3, 2015
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Hanwha Total under surveillance on safety
Hanwha Group’s new chemical affiliate Hanwha Total Petrochemicals is mired in safety controversies less than a month after being rebranded from Samsung.The Labor Ministry said Tuesday it lacked appropriate safety measures and “fell short of legal standards” at its factory in Daesan, South Chungcheong Province.The company is under surveillance after a construction worker died from a fall at the site on May 19. The ministry said it would decide whether to press charges within this month after the
Industry June 2, 2015
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POSCO’s steel mill project gets Chinese approval
POSCO, the country’s leading steelmaker, was granted approval by the Chinese government to build a steel mill there with an annual capacity of 3 million tons, the company said Wednesday. Once the company gets the green light from the South Korean government, POSCO will build the facilities in the southwestern city of Chongqing, which will produce steel using the firm’s self-developed Finex technology. The development comes less than two years after the company and Chinese steelmaker Chongqing Ir
Industry May 27, 2015
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POSCO subsidiary to submit debt workout plans
POSCO Plantec on Tuesday decided to submit workout plans to its creditors, the company said on Tuesday.The main creditor, the Korea Development Bank, will decide whether to approve the plans early June.If the plans are rejected, and the parent company declines to inject more funds into the unit, POSCO Plantec will become POSCO’s second subsidiary in its 47-year history to be put under court supervision.The plant parts unit also confirmed that about 89.2 billion won ($81.2 million) of its loans i
Industry May 26, 2015
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Hyundai, Shilla link up on duty-free
Hotel Shilla and Hyundai Development Co. launched a joint venture on Monday to run a downtown duty-free store in Seoul, a burgeoning duty-free market worth 3.2 trillion won ($2.9 billion). The event comes a week before the firms join a bid for a new downtown duty free license to be issued in Seoul later this year, which is expected to be a tight race against major competitors ― Hanwha Galleria, Lotte Duty Free and SK Networks.If the joint venture is granted the downtown duty-free license in July
Industry May 25, 2015
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Hyundai Heavy Industries restructures financial units
Hyundai Heavy Industries is streamlining its financial units as part of an ongoing group-wide restructuring to ride out financial difficulties. The shipbuilder said Friday that it would realign the businesses of Hyundai Finance Corp., Hyundai Venture Investment and Hyundai Futures as part of its large-scale restructuring efforts to streamline business operations and combat the group’s financial crisis.Hyundai Finance chairman Chung Mong-il, the eighth son of the late Hyundai Group founder Chung
Industry May 25, 2015
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POSCO sells stake in Australian firm in restructuring drive
The country’s leading steelmaker, POSCO, announced Thursday that it had sold off its entire stake in the Australian copper mining firm Sandfire Resources. POSCO’s 15.2 percent stake in the firm was sold for 130 million Australian dollars ($102.7 million). POSCO acquired the Sandfire shares in 2008 for about A$290 million as part of its efforts to diversify its raw materials sources.Although Sandfire has been profitable, POSCO categorized its investment in the firm as a nonessential asset and sol
Industry May 21, 2015
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Time for companies to show true colors on climate change
The Paris summit on climate change coming up in December will be a test of the ability of world leaders to read science accurately, and to act in the long-term interests of their countries and their planet.But the spotlight is also on business.Traditionally understood to be a major source of the problem, the private sector is now becoming a necessary part of the solution.The first cracks in the ice of corporate inactivity came in 2009, as the United Nations mounted a climate change summit in Cop
Industry May 21, 2015
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S-Oil supports firefighters with trip to Jejudo
S-Oil on Thursday opened a three-day vacation camp for 70 fire service personnel and their spouses on Jejudo Island as part of its campaign to support the emergency services. The company has been operating the campaign in collaboration with the Korea National Council on Social Welfare. A fire service worker and his wife pose during a three-day vacation camp for 70 fire service personnel and their spouses on Jejudo Island held Thursday to support the emergency services. (S-Oil)The campaign award
Industry May 21, 2015
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Time for companies to show their true colors on climate change
Time for companies to show their true colors on climate changeBy Georg Kell The Paris summit on climate change coming up in December will be a test of the ability of world leaders to read science accurately, and to act in the long-term interests of their countries and their planet.But the spotlight is also on business.Traditionally understood to be a major source of the problem, the private sector is now becoming a necessary part of the solution.The first cracks in the ice of corporate inactivit
Industry May 20, 2015
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Ban urges Korean firms to join sustainable development drive
U.N. Secretary-General Ban Ki-moon on Tuesday called for South Korean firms to step up efforts to achieve sustainable development. “The Korean industry is dynamic. Everybody agrees, and it is growing. I am here to call on you to be even more creative in your contributions to global progress,” Ban said during the U.N. Global Compact Korea Leaders Summit 2015 held in Seoul.Stressing that Korea is one of the highest emission-producing countries within the OECD, Ban urged business leaders to join th
Industry May 19, 2015
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Samsung Heavy dismisses Indian shipbuilding tech
Samsung Heavy Industries president Park Dae-young reportedly talked down Indian shipbuilding capabilities after meeting Prime Minister Narendra Modi, visiting Seoul on Tuesday.“India’s shipbuilding technology lags far behind South Korea’s. It’s too early to worry about shipbuilding technology being leaked,” Park told reporters after the meeting in a Seoul hotel. India’s state-run shipping company Cochin Shipyard recently inked a deal with Samsung Heavy to win a tender issued by Gail, India’s sta
Industry May 19, 2015
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POSCO bets on India as next growth engine
POSCO, South Korea’s largest steelmaker, is betting on India to fuel its growth.POSCO said it is ramping up efforts to develop more infrastructure and operations at the India office, aiming to meet the needs of the country’s rising demand for locally produced steel. POSCO India recently reshuffled its unit and integrated local offices to focus on “glocalization,” a practice of adapting a product or service specifically to each region or culture. The move is in line with POSCO CEO Kwon Oh-joon’s
Industry May 18, 2015
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