South Korea’s largest steelmaker Posco disclosed Tuesday that its sales declined by 15.9 percent on-year to 13.72 trillion won ($11.44 billion) with operating profit plunging 84.3 percent to 13.72 trillion won in the second quarter. “The sales volume of steel products and prices have fallen due to sluggish global demand and worsening market conditions caused by the coronavirus outbreak,” the company said. The firm’s other affiliates in the global infrastructure sector,

Industry July 21, 2020

South Korea’s rental service firm SK Rent-a-Car said Monday it has launched a rental service for Tesla Model 3 at its 10 branches in Seoul and Gyeonggi Province “As demand for electric vehicles continues to increase, we have recently released new products of Tesla, the most favored EV of customers,” a company official said. A total of 21 Tesla Model 3 units will be offered as short-term rental cars. Customers can make reservations through the firm’s website or custome

Mobility July 20, 2020

The owner family of LS Group recently bequeathed about 33 billion won ($27 million) worth of shares to children and relatives, regulatory filings showed Monday. The move by the South Korean conglomerate came as stock prices of its affiliates have plunged in the wake of the COVID-19 pandemic, which allows them to pay lower gift taxes. Group Chairman Koo Ja-yeol, LS-Nikko Copper Chairman Koo Ja-hong, LS Cable & System Chairman Koo Ja-yub and heads of other units have given a total of 959,

Industry July 20, 2020

SsangYong Motor on Monday unveiled a teaser image of its first electric vehicle, which has been developed under the project name “E100.” The automaker’s new, electric subcompact sport utility vehicle is set to be released in the first half of next year. Prior to the launch of the new EV, the automaker released an image that graphically expresses its exterior design. The firm said the overall design is based on a streamlined line that reflects aerodynamics optimized for urban

Mobility July 20, 2020

During the state-led sales festival, called the “Korea Donghaeng Sale,” aiming to boost consumption amid the pandemic, non-face-to-face sales of department stores and large discount stores were estimated at 25.94 billion won ($21.56 million), data showed Thursday. Between June 26 and July 12, sales at the nation’s major three department stores increased 4 percent on-year. Sales at the top three large discount stores decreased 1.4 percent on-year due to mandatory holidays. B

Industry July 20, 2020

Despite public apathy and tougher shareholder censure, South Korea’s chaebol groups are preparing a generational shift in leadership. The Korea Herald looks at different conglomerates and succession scenarios. -- Ed.   Hankook Technology Group, formerly known as Hankook Tire, was founded in 1941 and was South Korea’s largest and the world’s sixth-largest tire manufacturer by revenue as of 2019. The group operates major units including Hankook Tire & Technology, Hank

Mobility July 19, 2020

South Korea’s Hyundai Robotics said Friday it has joined hands with Hyundai Engineering & Construction to develop products for the construction sector. The two affiliates of Hyundai Heavy Industries Group have signed a memorandum of understanding to collaborate on research and development of construction robotics technologies. Under the agreement, they will jointly develop robots for construction sites, as well as mobile service robots and core technologies for autonomous driving

Industry July 17, 2020

Mercedes-Benz Korea said Thursday it is set to unveil, for the first time here, four new models under the premium high-performance brand Mercedes-AMG at the AMG Speedway in Yongin, Gyeonggi Province, Friday. 　　 “There has been a growing demand for high-performance vehicles, especially among younger customers. In order to address this demand, the AMG brand is introducing a variety of performance models including the first-ever engine family 35 along with the 45 and the 45 S models,”

Mobility July 16, 2020

The European Commission has again suspended the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering, according to industry sources. Upon the suspension, the screening deadline, originally set for September, has been delayed and it is unlikely that the review will be completed within this year, according to industry watchers. The EU had previously suspended the screening twice as it had difficulty collecting screening data due to the coro

Mobility July 15, 2020

South Korean companies should partner with German firms to develop hydrogen technologies and actively take part in related projects to make the best use of the European country’s new hydrogen road map, according to a report Wednesday. The state-run Korea Trade-Investment Promotion Agency (KOTRA) released a report titled “Current status of the German hydrogen industry and Korean firms’ entry strategy,” highlighting that local firms should advance into Germany’s hy

Industry July 15, 2020

Japan’s exports to South Korea have plunged in the wake of its export restrictions, data showed Thursday. According to the Korea International Trade Association and the Japan Customs Association, Japan’s exports to Korea stood at 329.3 billion yen ($3 billion) in May, down 18 percent on-year. The figure is the lowest in 11 years and three months since February 2009 when it reached 32 billion yen. By Shin Ji-hye (shinjh@heraldcorp.com)

Industry July 10, 2020

Local corporate tracker CEOScore conducted a survey on changes in assets, market capitalization, performance and financial status of the nation’s top 30 conglomerates over the past 10 years. Samsung ranked first with 59 affiliates and 424.8 trillion won ($355 million) in fair value. The top six groups -- Samsung, Hyundai Motor, SK, LG, Lotte and Posco -- remained in the first to sixth place, while Hanwha and NongHyup were newly listed in the top 10. GS and Hyundai Heavy Industries fel

Industry July 9, 2020

Hyundai Motor said Wednesday it will hire staff from abroad year-round by replacing its annual regular recruitment to boost workforce in the fields of future mobility. The move is intended to select talented workers more timely in line with the rapidly changing business environment in the auto industry. Recruitment areas this year include autonomous driving, power electronics, fuel cell, future energy, robotics, artificial intelligence, software and big data. The candidates are required have

Mobility July 8, 2020

South Korean and Spanish business experts discussed potential partnerships, especially in digital and green technologies, at a virtual conference on Tuesday. The Korea Chamber of Commerce and Industry held the 21st Korea-Spain Economic Cooperation Committee meeting online in collaboration with the Spanish Chamber of Commerce. The meeting comes after a phone conversation between President Moon Jae-in and King Felipe VI of Spain last month. It aims to serve as an opportunity to build momentum

Industry July 7, 2020

Smartphone usage among South Koreans increased in the wake of the coronavirus outbreak, data showed Monday. According to a survey of 1,017 adult men and women nationwide conducted by local civic group Korean Addiction Forum last month, 44.3 percent of the respondents said smartphone usage time has increased -- either slightly or greatly -- since the implementation of social distancing measures. Among the increase of content, social media and messaging accounted for the largest proportion wi

Industry July 7, 2020