Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Korean steelmakers expect bleak Q1 earnings
South Korea’s steel industry is likely to see weak corporate earnings in the first quarter of this year due to a price surge in raw materials, a fall in steel prices and growing trade protectionism. According to corporate tracker FnGuide, the market consensus forecast the nation’s largest steelmaker Posco would see operating profit fall 22 percent to reach 1.1 trillion won ($962 million) in the first quarter of this year. During the same period, Hyundai-Steel and SeAH Besteel are estimated to se
Industry April 9, 2019
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Korea to call on EU to ease trade barriers on steel, automobiles, pharmaceuticals
South Korea is slated to call on the European Union to ease trade barriers on some Korean products during its meeting Tuesday with the EU, as its trade deficit with the EU remains high, according to the government on Monday. The eighth meeting on the Korea-EU free trade deal, attended by Trade Minister Yoo Myung-hee and EU Trade Commissioner Cecilia Malmstrom, will be held in Seoul. During the meeting, the Korean side plans to ask for the improvement of export conditions for Korean firms in the
Industry April 8, 2019
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[Going Renewable (3)] Why can’t Samsung join RE100?
The Korea Herald is publishing a series of articles on the quest of South Korea’s government and businesses to switch to renewable energy. -- Ed.Going green is becoming mainstream for big tech players. Amazon, Apple, General Motors and BMW are among the 169 multinational firms that have joined RE100, a global initiative to reach the goal of 100 percent renewable electricity. And now the global players are starting to aim even higher and encouraging their suppliers to go carbon-free. Samsung Elec
Industry April 7, 2019
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Disconnect switch may have caused coastal forest fire: Kepco
The devastating forest fire in the town of Goseong, Gangwon Province, may have been caused by a disconnect switch on a utility pole, the state-run power utility said Friday. In the early morning, the nation’s emergency management agency said the fire appeared to have started when a transformer exploded near a resort in the town of Goseong. (Yonhap)But a few hours later, the state-run Korea Electric Power Corporation, which manages both transformers and disconnect switches, said, “There was no tr
Industry April 5, 2019
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2 million trees cut down to make way for solar panels in 3 years: lawmaker
More than 2 million trees have been cut down in South Korea over the last three years to make space for solar panels, according to opposition lawmakers who argue that the government’s renewable push should not be a replacement of nuclear energy. Since the government strongly pushed for solar power business in 2017, 4,407 hectares of forest have been damaged, 15 times the space of the Yeouido area of Seoul, according to Rep. Yoon Sang-jin of the main opposition Liberty Korea Party on Thursday. 12
Industry April 4, 2019
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South Korea to suspend tariff concessions on EU goods
South Korea is slated to suspend tariff concessions on European Union products in response to the EU’s safeguard measures on Korean steel products, according to the government Tuesday. The Ministry of Trade, Industry and Energy said it “notified the World Trade Organization about suspending tariff concessions on EU goods valued at about 56.8 million euros ($63.6 million).” (Yonhap)The amount is the estimation of additional tariffs imposed on Korean steel products in the wake of the EU safeguard
Industry April 2, 2019
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[Herald Interview] ‘Korea should open energy market to private firms for renewable goals’
South Korea needs to open its state-run energy sector to private companies to bring in more investment and competition and to better achieve the nation’s renewable energy goal, according to a UK-based energy consulting firm. Shortly after Moon Jae-in became president, the Korean government unveiled its power supply plan aiming for 20 percent of total electricity consumption to come from renewable energy sources by 2030.Wood Mackenzie forecast Korea’s renewables would account for about 17 percent
Industry April 1, 2019
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Supply glut, tariffs weigh on Korean steelmakers
A continued oversupply of global steel products and growing protectionism around the world are weighing on South Korean steelmakers already struggling to find fresh growth engines for the future. Global steel production capacity last year stood at around 2.23 billion tons, down 0.3 percent from the previous year, said the OECD Steel Committee at a regular meeting in Paris last week. Though the figure was nearly unchanged, it far exceeded demand -- by 576 million tons, which was almost 19 times t
Industry March 31, 2019
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Kumho Asiana Group chairman steps down
Kumho Asiana Group Chairman Park Sam-koo announced Thursday he would step down from all of his roles to take the blame for mismanagement, in a surprising turn of events just a day after the chairman of its rival Korean Air, Cho Yang-ho, was ousted from board membership. “I will leave my role as the chairman of the group. This is a decision made to take responsibility for the group mired in (financial) difficulties,” Park said in an email sent to employees Thursday. “The group will be run under t
Industry March 28, 2019
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The shameful fall of Korean Air chairman
After years of being mired in controversies and scandals fit for a soap opera involving himself and his closest family members, Cho Yang-ho, chairman of South Korea’s largest air carrier, lost his board seat Wednesday after shareholders voted against extending his term as a director.Although he retains his management rights with shares held by his family, Cho becomes the first conglomerate chief ousted since the nation’s pension fund decided to actively exercise voting rights last year for respo
Industry March 27, 2019
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Hyundai Steel elects new board of directors
Hyundai Steel elected its new board of directors during its annual shareholders meeting last week, in its first move to achieve this year’s corporate goals of expanding sales and innovating corporate culture, the steelmaker said Wednesday. The firm appointed new inside directors -- CEO Ahn Dong-il, Vice President Park Jong-sung and Finance Executive Suh Kang-hyun. CEO Ahn was also elected as chairman of the board of directors. As for outside directors, Chung Ho-yeol, a professor of Sungkyunkwan
Industry March 27, 2019
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South Korea sets aside W16tr for R&D on key technologies
South Korea is slated to invest around 16 trillion won ($14 billion) in research and development for 100 key technologies over the next five years in its push to become a global technology powerhouse. The Ministry of Trade, Industry and Energy announced its seventh industrial technology innovation plan Tuesday. The plan sets forth industrial technology research and development policy goals and related investment plans over the next five years under the Industrial Technology Innovation Promotion
Industry March 26, 2019
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Posco chairman visits plants in Southeast Asia
Posco Chairman Choi Jeong-woo chose Southeast Asia for his first overseas trip since taking office last year. According to the Korean steelmaker, Choi left for Indonesia on Monday to visit Krakatau Posco, a joint venture between Posco and Indonesia’s state-owned steelmaker Krakatau Steel. During his four-day trip, he is also slated to visit the firm’s production plants in Vietnam and its gas fields in Myanmar. “Operation sites are the key to a company’s competitiveness,” Choi said during his vis
Industry March 26, 2019
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South Korea prepares for international renewable energy conference
The South Korean government held a general meeting Monday to prepare for the 2019 International Renewable Energy Conference that will take place in October in Seoul. 123rfThe Ministry of Trade, Industry and Energy said it discussed progress and preparation for the biennial conference with a preparation committee formed in December 2017. The meeting was attended by 37 organizations, including regional governments, companies and public organizations. IREC is the world’s largest renewable energy ev
Industry March 25, 2019
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HHI-DSME merger faces bumpy road ahead
Hyundai Heavy Industries faces many obstacles to acquire state-funded Daewoo Shipbuilding & Marine Engineering as it has to win approval from around 30 nations, including its Asian rivals and European clients. When the world’s two biggest shipyards are merged, their combined market share will be 21 percent, and above all, the market share of liquefied natural gas carriers would reach 63 percent. As for LNG vessels, orders are likely to rise further from 2020 due to environmental regulations of t
Industry March 25, 2019
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