Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Posco crosses crude steel output milestone
South Korean steelmaker Posco said Thursday it has hit the 1-billion ton milestone of crude steel production since 1973, amid intensifying oversupply globally. The volume is equivalent to the material needed to produce 1 billion midsized cars or 20,000 units of Lotte Tower, the nation’s tallest skyscraper in Seoul.Posco began producing the first molten metal at its blast furnace in 1973. It produced 1 million tons of crude steel, supplied steel for 25,000 cars and provided 12,000 compensat
Industry Oct. 3, 2019
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LS Cable & System disaster safety products certified
LS Cable & System has received government certification for its national disaster safety products, becoming the first cable manufacturer to gain this recognition, the firm said Tuesday. The certified products are fireproof, and they emit less smoke and lower levels of toxic gas during a fire, according to the company. In the event of a fire, the company explained, durability is crucial for emergency lights, fire alarms, sprinklers, ventilators and evacuation facilities. The company&rsqu
Industry Oct. 1, 2019
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S. Korea urges Japan to resolve trade dispute
South Korea on Tuesday once again urged Japan to resolve their trade dispute through consultations in accordance with the World Trade Organization regulations, according to government officials. Japan unilaterally announced its decision to impose tighter export controls against Korea three months ago. On July 4, it tightened export controls for three high-tech materials: fluorinated polyimide, photoresist and hydrogen fluoride.“The export restrictions are still in place. The number of expo
Industry Oct. 1, 2019
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South Korea strengthening taxation of YouTubers
The government is moving to strengthen taxation of high-income influencers and content creators on social networking services, including YouTubers, to prevent tax evasion, according to documents submitted to lawmakers on Monday. According to Rep. Kang Byung-won of the Democratic Party of Korea, the Finance Ministry has been collecting foreign exchange receipts exceeding $10,000 per person from the Bank of Korea, and using the data for tax reports and investigation of high-income influencer
Industry Sept. 30, 2019
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[Photo News] 2019 KGCCI Innovation Awards
INNOVATION AWARDS -- Korean four-dimensional radar technology firm Bitsensing CEO Lee Jae-eun (center) poses for a photo with Manfred Martin, a professor at RWTH Aachen University, at the fifth KGCCI Innovation Awards ceremony held at the Sebitseom floating islands in Seoul on Friday. During the event, Bitsensing and three other companies, including 42 Maru, BASF Korea and Henkel Korea, received innovation awards in the presence of high-ranking executives from the Korean-German business communit
Industry Sept. 30, 2019
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New KAI chief urges focus on winning orders
The new chief executive officer of aerospace and defense company Korea Aerospace Industries has urged his employees to focus all of their capabilities on winning orders to overcome the management crisis, the firm said Sunday. “Despite the harsh environment, KAI has achieved remarkable growth through the efforts of its employees and partner companies as well as support from the government. However, the company is in a crisis due to stagnant sales and orders over the past five years,&rd
Industry Sept. 29, 2019
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SK Innovation accuses LG Chem of reneging on patent deal
SK Innovation on Sunday expressed regret over the patent infringement lawsuit recently filed against it by LG Chem with a US court, as they had agreed five years ago not to sue each other on one particular patent case.Vowing a befitting response as the legal battle rages, SK Innovation said, “We will respond strongly by taking all possible legal actions,” lashing out at LG Chem for failing to create a virtuous cycle through fair and cooperative competition.The remarks came as LG Chem
Industry Sept. 29, 2019
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Samsung Heavy develops fuel cell-powered crude oil tankers
Samsung Heavy Industries has become the first shipbuilder to develop the world’s first fuel cell-powered aframax crude oil tankers in response to the International Maritime Organization regulations strictly limiting carbon dioxide emissions. Samsung Heavy said Thursday it acquired Approval in Principle, or AiP, by Oslo-based international accredited registrar and classification society DNV GL, for its fuel cell-powered aframax crude oil tanker. AiP is a process to verify technological
Industry Sept. 26, 2019
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LG CNS sets up JV with Megazone Cloud
South Korea’s LG CNS, an information technology services subsidiary of LG Corp., said Thursday it is set to establish a joint venture specializing in cloud conversion and operations with Megazone Cloud, the largest cloud management company here.The companies aim to take the lead in the cloud conversion market through their JV. They have signed a joint investment agreement. After discussing the detailed implementation plan for about three months they hope to finalize the JV’s establis
Industry Sept. 26, 2019
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HHI to localize materials with Posco
Hyundai Heavy Industries said Thursday it has partnered with Korean steelmaker Posco to localize materials for liquefied natural gas tankers. HHI said it has recently applied Posco’s 9 percent nickel steel to fuel tanks -- with a model name of Hi-CIX -- for 180,000-ton LNG propulsion vessels in order to localize and stabilize the supply of core materials for cryogenic tanks. Nine percent nickel steel is a material that can maintain strength and toughness even in cryogenic environments
Industry Sept. 26, 2019
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Posco International embarks on Ukraine grain export terminal
Posco International, a trading subsidiary of Posco, has become the first Korean company to complete construction of an overseas grain export terminal, as it went into full operation, the firm said Wednesday. The new grain terminal at the Ukrainian Black Sea port of Nikolayev, which is owned by Posco International with a 75 percent stake, is one of the largest export ports in the southern Black Sea. It is capable of shipping 2.5 million tons of grains such as wheat, corn and soybeans annually.The
Industry Sept. 25, 2019
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KAI’s unmanned chopper succeeds in vertical take-off, landing
South Korean aerospace and defense company Korea Aerospace Industries said Tuesday it was successful in flying an unmanned helicopter in its first flight. The company said its unmanned helicopter NI-600VT, or Night Intruder-600 Vertical Take-off & Landing, showed hovering and horizontal direction conversion functions at the Goheung Aerospace Center located in South Jeolla Province. And the copter confirmed its flight control performance and safety. The NI-600VT copter is a reformed vers
Industry Sept. 24, 2019
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South Korea to purchase US LNG worth $9.6b
South Korea’s state-run Korea Gas Corp. signed a long-term agreement with British energy company BP to buy US liquefied natural gas, the first LNG deal between the two countries under the Donald Trump administration, officials said on Tuesday. On Monday, Korea Gas Corp. signed a 15-year contract with BP in Washington to purchase 1.58 million tons of US liquefied natural gas on a yearly basis starting from 2025. The seller, BP, can extend the term for three years if desired.The signing
Industry Sept. 24, 2019
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US energy institute says Doosan Heavy needs forensic audit
Doosan Heavy Industries’ high dependence on nuclear and fossil fuel power has led to serious financial troubles, and it is time for the firm to undergo a forensic audit, as its financial results raise important fiduciary questions, according to a US-based energy economics institute on Monday. “The past five years have been dire for its shareholders and the stock prices of the firm have fallen 74.8 percent,” said Melissa Brown, director of energy finance studies at the Inst
Industry Sept. 23, 2019
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Hyosung’s spandex plant starts operation in India
South Korean industrial conglomerate Hyosung’s spandex plant in India went into commercial operation Friday, the firm said Monday. The plant, near Aurangabad Industrial City on a site that covers about 400,000 square meters, is capable of producing 18,000 tons of spandex per year. Hyosung, which entered India in 2007, generates more than $300 million in annual sales there. The company established an ultra-high-voltage breaker production plant in Pune in 2016.CEO Cho Hyun-joon said, &l
Industry Sept. 23, 2019
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