POSCO, South Korea's top steelmaker, said Thursday its third-quarter net profit dropped 53 percent from a year earlier, hit by high raw material costs.Net profit reached 496.8 billion won (US$424 million) in the July-September period on a consolidated basis, compared with a profit of 1.05 trilli
LG Chem Ltd. said Friday its net profit tumbled 68.9 percent in the third quarter from a year earlier due to falling profit margins and weak demand for major petrochemical products. The net income for South Korea's leading chemicals firm stood at 137.2 billion won (US$116.7 million) in t
South Korea's top steelmaker POSCO said Wednesday that its salt lake in Argentina contains more lithium reserves than its original calculation, allowing the company to safely secure a key commodity for making electric vehicle batteries.POSCO said its latest exploration of the Salar del Hombre Mu
SK hynix Inc. said Thursday its third-quarter net profit tumbled 89 percent from a year earlier due to lower prices of memory chips and weak global demand.The net profit for the world's No. 2 memory chip producer came to 495.5 billion won (US$423.1 billion) in the July-September period, compared
SK Innovation Co. said Tuesday it has filed a lawsuit seeking compensation against local rival LG Chem Ltd. in Seoul, upping the ante in their monthslong legal battle over electric vehicle (EV) battery issues.SK Innovation and its U.S. affiliate SK Battery America Inc. filed a lawsuit with the Seoul
Workers at Hyundai Heavy Industries Co., South Korea's top shipbuilder, will stage a partial strike this week, its labor union said Tuesday, amid little progress in its wage negotiations with management.The decision to lay down their tools for four to seven hours per day from Wednesday to Friday
South Korea's industry ministry said Tuesday it will install hydrogen charging stations throughout the country without any delay in line with its hydrogen policy vision that promotes the cleanest energy for automobiles.Under the plan, South Korea will finish installation of 310 charging stations
By Business Editor Sung Jung-wookThe Grandmother Hakhwa Walnut Cookie Company was the first firm in the world to develop walnut cookies in 1934. Shim Bok-sun, widely known as a walnut confectionery grandmother, is the wife of Cho Gwi-geum, the founder of Hakhwa and the first developer of walnut conf
Hyundai Heavy Industries (HHI) will build the next-generation Aegis destroyer of the Korean Navy, HHI said on Oct. 10.HHI has signed a "Gwanggaeto-III Batch-II detailed design and leading ship building contract" worth a total of 676.6 billion won with the Defense Acquisition Program Administration
Hana Financial Group Vice Chairman Ham Young-joo has been selected as an honorary citizen of Changchun City, the province of Jilin in China, Hana Financial Group said on Oct. 10.It is the third choice among Koreans since 1986 when Changchun City began to select foreign nationals for their contributi
"What we need at this moment is a shift in our ideas and perceptions toward a new era. We have to challenge and innovate with the initial intention that took the first step in the world," Hanwha Group Chairman Kim Seung-youn said on Oct. 10."Innovative challengers are emerging to destroy the exis
South Korea will provide support worth more than 2 trillion won (US$1.6 billion) each year to strengthen the competitiveness of key industrial materials, parts and equipment, the finance minister said Friday.Hong Nam-ki also said South Korea will push for a stable supply of the industrial materials,
Korea Ginseng Corp.(KGC) sponsored the “World Vision Global 6K for Water”running event at Sangam World Cup Park's Peace Plaza in Seoul on Oct. 3.The World Vision Global 6K for Water event is a global donation event designed to empathize and help participants walk and run for more than 6 kilomete
Hyundai Engineering & Construction (Hyundai E&C) held a signing ceremony for the memorandum of understanding (MOU) for cooperation in major national projects to be carried out by the Indonesian government in Jakarta on Oct. 9 (local time) with Indonesian state-run construction company PT Hutama Kary
Samsung Heavy Industries (SHI) has received an order for large container ships worth 1.09 trillion won, showing a good sign that it will meet its order goal for this year.SHI has won a contract from Evergreen, a Taiwanese shipping company, for about 1.09 trillion won ($920 million) to build six 23,0
Bang Moon-seok, a professor of rehabilitation medicine at Seoul National University Hospital (SNUH), will take office as the head of the National Transportation Rehabilitation Hospital on Oct. 11. Seoul National University Hospital will operate the National Transportation Rehabilitation Hospital for
South Korea's trade ministry said Thursday it will hold bilateral talks with Japan this week to discuss the on-going trade row between the two Asian neighbors, the first step toward resolving the dispute at the World Trade Organization (WTO).The meeting, to be held Friday (Switzerland time) in G
South Korea remains alert over the possibility of another typhoon approaching the country, though the chance seems to be slim at the moment, the country's weather agency said Sunday.Typhoon Hagibis, the season's 19th typhoon, took shape some 1,450 kilometers east of Guam at around 3 a.m., wi
Two suspected cases of African swine fever tested negative, the agriculture ministry said Sunday, easing concerns over further spread of the fatal animal disease.Samples of several dead pigs at each farm in Pocheon and Boryeong indicated that the pigs were not infected with the highly contagious dis
Six people were killed and several others went missing as Typhoon Mitag lashed the southern and eastern regions of South Korea with heavy rain and strong winds, the authorities said Thursday.The casualties are feared to grow further, as four people are presumed to have been buried due to a landslide