Articles by Suk Gee-hyun
Suk Gee-hyun
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POSCO restructuring to be continued: chairman
POSCO, the world’s third-largest steelmaker, said on Thursday it aimed to achieve consolidated sales of 67.4 trillion won ($61. 8 billion) this year by further strengthening its core business.It will divest its noncore assets, partly by selling its stakes in its affiliates.The steelmaker said in a meeting with its investors that it would continue its restructuring efforts and concentrate on fortifying its steel business to gain sales of about 30 trillion won. The company will invest only about 4
Industry Feb. 5, 2015
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DSME eyes LNG carriers for this year’s growth
Daewoo Shipbuilding & Marine Engineering, the world’s second-largest shipbuilder, is expected to focus on fuel-saving liquefied natural gas carriers as a way to boost its sales this year. A Daewoo Shipbuilding & Marine Engineering LNG carrier. (DSME)DSME said on Wednesday that it had signed a $100 million contract to build an LNG carrier. It has now signed five deals this year, worth about $1 billion in total. The company declined to reveal the name of its partner.It remains to be seen whether D
Industry Feb. 4, 2015
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Organica wins iF Design Award
Organica, a Korean premium organic whole food company, has won this year’s International Forum Design Award for the packaging section, the company said Tuesday.A panel of 53 experts chose Organica’s packaging of rice and mixed grain lineup, “Season to Season,” which was co-designed by Herald Design Core and advertising firm Big Ant International.“Our competitiveness in design has been recognized through this meaningful award. This will serve as an opportunity for us to continue to differentiate
Industry Feb. 3, 2015
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Shinsegae heir’s management skills put to the test
This year will be pivotal for several chaebol, including Shinsegae Group, Korea’s 13th-largest conglomerate by assets, and its de facto leader Chung Yong-jin. Chung Yong-jinHaving experienced bitter failure in China, the son of Shinsegae chairwoman Lee Myeong-hee and nephew of Samsung Group chairman Lee Kun-hee is set to enter what may be the next gold mine ― Southeast Asia. “After having actually done business there, I have to admit that the Chinese market wasn’t easy,” Chung told reporters on
Industry Feb. 3, 2015
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Hyundai Steel shows robust 2014 results: Moody’s
Moody’s Investors Service said Monday that Hyundai Steel’s robust operating results for 2014 proved a stable outlook.“Hyundai Steel’s reported operating income for the full year ended Dec. 31, 2014, doubled year-on-year, resulting in a material improvement in its financial leverage,” said Chris Park, Moody’s senior vice president.“Moody’s had expected in December 2014 that Hyundai Steel would record strong full-year results. We therefore changed the outlook on the company’s ratings to stable fro
Industry Feb. 2, 2015
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Twitter may face probe over pornography
American social media service Twitter may experience a tough year in Korea as it is likely to face government scrutiny over its lack of action against pornography distribution.According to the Korea Communications Standards Commission, a special task force against online distribution of pornography will kick off as early as February, with a particular focus on foreign social media such as Twitter.Twitter founder and chairman Jack Dorsey. (Bloomberg)“We will closely look into these media. We are
Industry Feb. 1, 2015
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Late Poongsan Group founder’s wife dies at 87
Bae Jun-young, wife of the late Poongsan Group founder Ryu Chan-u, died Saturday after suffering from a chronic disease. She was 87.Bae is widely known for her passion in educating and supporting Korean women in sports.She has devoted herself to developing young talented players and supporting them with financial assistance, and worked to promote exchange programs with China and Japan. Bae Jun-young, wife of late Poongsan Group founder Ryu Chan-u. (Poongsan Group)For the past 15 years, she spons
People Feb. 1, 2015
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Hyundai to enter duty-free bidding
Hyundai Department Store announced Thursday that it would join the bid for a license to open a city duty-free store in Seoul, adding fuel to the fierce competition in the 3.2 trillion won ($2.9 billion) market. In its first attempt to join the bid, company chairman Chung Ji-sun is facing competition from his uncle Chung Mong-gyu, chairman of Hyundai Development Co. Ji-sun is the grandchild of the late Hyundai Group founder Chung Ju-yung. Mong-gyu is the only child of the late former Hyundai Deve
Industry Jan. 29, 2015
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Starbucks faces legal action over menu omission
(Bloomberg)A consumer group has taken action against Starbucks Korea for failing to include the price of short size drinks on its menu, claiming the move is aimed at selling more expensive drinks.The Citizen’s Mediation Center at Seoul YMCA on Monday filed a complaint with the Ministry of Food and Drug Safety against Starbucks for violating the Food Sanitation Law, which requires all businesses to post the prices of their products.Currently, menu boards in Starbucks stores here show only the pri
Industry Jan. 28, 2015
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U.S. soldier accused of stealing woman’s purse
A U.S. soldier was arrested on charges of stealing a woman’s purse, authorities said on Monday.The unnamed private first class is accused of taking a South Korean woman’s purse last Friday at a nightclub near Hongik University, western Seoul.Police arrested the soldier in the early hours of Sunday, after he was seen again at the same club. A nightclub staff member recognized the soldier from earlier camera footage showing him stealing the purse, and notified the police.Upon arrest, the U.S. serv
Social Affairs Jan. 27, 2015
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POSCO expects Chongching steel plant to break ground next month
POSCO, South Korea’s largest steelmaker, is expected to start building a steel plant in Chongqing, China, as early as next month, reports said Monday.“Chinese Vice Premier Wang Yang has vowed to approve the construction of the project as soon as possible. We could receive an authorization next month, at the earliest,” POSCO chairman Kwon Oh-joon told reporters after a meeting with Yang in Seoul on Saturday. But a POSCO spokesperson stressed that nothing had been fixed yet, saying the chairman wa
Industry Jan. 26, 2015
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AgriVogue brings Canada’s Saskatoon berries to Korea
Saskatoon berries, Canada’s indigenous superfruit, will soon become available to South Korean consumers for the first time.Prairie Berries’ Saskatoon berry spread, syrup and topping as well as its dried berries will have their official market debut during the Lunar New Year holidays at Shinsegae Department Store branches in Seoul, said AgriVogue, the local representative of Prairie Berries.“Saskatoon berries will present South Korean consumers with a new culinary taste and joyful experience of C
Industry Jan. 23, 2015
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POSCO ranks 36th in global 100 sustainable firm index
POSCO chairman Kwon Oh-joon (center), along with high-level government officials from Korea and India, attends the launching ceremony for the steelmaker’s cold rolling mill in Maharashtra, India, Thursday. (POSCO)POSCO, a leading South Korean steelmaker, ranked 36th on an index of the most sustainable companies in the world.The steel giant’s rank was the highest mark among four South Korean companies listed on the 2015 Global 100 Most Sustainable Corporations in the World Index.POSCO, recognized
Industry Jan. 22, 2015
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BISSELL targets W10b in Korean vacuum cleaner sales
BISSELL, a U.S. vacuum cleaner and floor care product manufacturer, said Thursday that it aimed to achieve 5 billion won to 10 billion won ($4.6 million-$9.2 million) in sales in its first year in Korea. The Michigan-based company is planning to enter the market by launching its latest model, the Symphony All-in-One, on TV homeshopping channels.“Korean consumers are peculiar when it comes to cleaning and choosing floor care products with high technology,” BISSELL Asia regional brand manager Evel
Industry Jan. 22, 2015
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Leadership vacuum weighs on CJ Group’s investment plan
CJ Group, South Korea’s largest food and entertainment conglomerate, will stop short of announcing its 2015 investment and employment plans due to its leadership vacuum, industry sources said Tuesday. This move is expected to deal yet another blow to the conglomerate, which has been struggling for years to find new growth engines and promote mergers and acquisitions.About 20 percent of CJ’s investment deals fell through last year, leading its total investments to drop below the 1 trillion won ($
Industry Jan. 20, 2015
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