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Monday, October 23, 2017

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Toray President Akihiro Nikkaku (left) and Toray Advanced Materials Korea President and CEO Lee Young-kwan held a press conference in Seoul on October 19 to announce new investment plans.

Aggressive Investment in Korea

20 October 2017 - 3:00pm
Jung Min-hee

Toray President Akihiro Nikkaku said on October 19 that his company will invest one trillion won in South Korea until 2020 via its local subsidiaries.

According to the company’s investment plan, Toray Advanced Materials Korea invests 115 billion won (US$103 million) in the production of polypropylene spunbond nonwoven fabrics and 100 billion won (US$90 million) in its manufacturing plant located in the Saemangeum Industrial Complex, which was built last year, for an increase in the production of polyphenylene sulfide (PPS) resins and compounds. Once the facility expansion is...

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Daewoo Shipbuilding & Marine Engineering (DSME) is expected to sign a new contract with Norwegian oil company Statoil. Estimated to have a total value of 650 billion won (US$580 million).

$580M Worth FPSO Contract

20 October 2017 - 10:45am
Jung Min-hee

According to industry sources, Daewoo Shipbuilding & Marine Engineering (DSME) is expected to sign a new contract with Norwegian oil company Statoil. Estimated to have a total value of 650 billion won (US$580 million), the contract is to build the hull and living quarter of a floating production, storage and offloading (FPSO) facility. The other two participants in the tender are Hyundai Heavy Industries and Samsung Heavy Industries.

The construction of the facility is estimated to take US$1.5 billion in total. The...

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POSCO Chairman Kwon Oh-joon (left in the picture) and Nippon Steel & Sumitomo Metal President Kosei Shindo were appointed as its vice chairman and chairman, respectively, at this year’s annual board meeting of the World Steel Association.

World Steel Association

19 October 2017 - 6:15pm
Jung Min-hee

POSCO Chairman Kwon Oh-joon was appointed as a Vice Chairman of the World Steel Association (worldsteel) at its annual board meeting held in Brussels on October 17.

According to the association’s protocol, his term as a head of the association continues until October 2020 and he is scheduled to spend the first and third one-year periods as a vice chairman and the second one-year period as the chairman of the association.

At this year’s meeting, Nippon Steel & Sumitomo Metal President Kosei Shindo was appointed as the chairman and Nucor President John J. Ferriola was...

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Manufacturing plant of Hankook Tire located in Clarksville, Tennessee

Inroad into US Market

19 October 2017 - 1:00pm
Jung Min-hee

Hankook Tire put a new plant into operation in Clarksville, Tennessee on October 17. The opening ceremony for the plant was attended by Tennessee Governor Bill Haslam, Clarksville Mayor Kim McMillan, Hankook Tire Worldwide CEO Cho Hyun-shik, Hankook Tire Vice Chairman Seo Seung-hwa, Tennessee Department of Economic and Community Development Commissioner Bob Rolfe, etc.

The plant has an annual production capacity of 5.5 million tires and the items it produces include passenger vehicle tires, light truck tires and ultra high performance tires. The annual production capacity of the...

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Starting with the issuance of new shares worth 700 billion won (US$618.87 million) within this year, the creditors of Hyundai Merchant Marine have decided to inject more money by year and stage.

For Securing Competitiveness

19 October 2017 - 12:45pm
Jung Min-hee

The South Korean government and creditors have practically launched its phased program to provide up to 10 trillion won (US$8.84 billion) of money to strengthen the competitiveness of Hyundai Merchant Marine (HMM), the only remaining long-distance shipping firm in the country.

A senior official from creditors said on October 17, “It is inevitable to provide additional financial support to HMM as the nation’s only shipping firm in order to secure the competitiveness of the domestic shipping industry. Starting with the issuance of new shares worth 700 billion won (US$618.87 million)...

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Vehicle rollover test in which the panoramic sunroof airbag of Hyundai Mobis is used

Sunroof Airbag

19 October 2017 - 12:30pm
Jung Min-hee

Hyundai Mobis announced on October 17 that it developed the world’s first airbag system for panoramic sunroofs, completed various tests regarding the system, and applied for patents regarding 11 different relevant techniques.

The airbag developed by Hyundai Mobis at this time is similar in shape to a curtain airbag for protection from a side impact. Once a change in rotation angle results from vehicle rollover, the sensor of the airbag detects the change and deploys the airbag in 0.08 seconds.

The airbag for a panoramic sunroof functions as an impact absorbent and prevents an...

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Sales of the Korean automobiles produced in the overseas factories sank 12.0% year on year to 372,919 units.

Cars Produced Abroad

19 October 2017 - 11:00am
Jung Min-hee

Domestic sales and exports of automobiles grew by double digits but overseas sales of cars from overseas factories failed to escape from a slump in September.

According to the Ministry of Trade, Industry and Energy (MOTIE) on October 18, domestic automobile sales in September were up by 20.1% from last year to 154,188.

Korean-made car sales grew 21.0 percent to 133,252 units, while import car sales 14.6 percent to 21,266 units. Domestic car sales were driven up mainly by sales of new cars such as the Grandeur, the Kona, the Stinger and the G4 Rexton while import cars of...

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30% of Samsung Tianjin Battery shares have been put up for sale.

Selling Off Shares

18 October 2017 - 6:00pm
Jung Min-hee

It has been found that 30% of Samsung Tianjin Battery shares have been put up for sale. In the joint venture for the management of Samsung SDI’s battery manufacturing plant located in Tianjin, Tianjin Economic-Technological Development Area State-owned Assets Management Company and Tianjin Zhonghuan Electronic and Information Group have 20% and 30% shares, respectively. The former is planning to sell all of its shares and the latter is going to sell one-third of its shares.

The two Chinese companies, which have worked with Samsung SDI since the establishment of Samsung Tianjin...

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Nuclear power plant construction is a business item that accounts for more than 20% of the sales of Doosan Heavy Industries & Construction.

Hurt by Gov’t Policy

18 October 2017 - 5:45pm
Jung Min-hee

“Doosan Heavy Industries & Construction’s sales are likely to decrease by 350 billion won to 400 billion won a year until 2020 if the project is stopped as planned,” the credit rating agency explained, adding, “In addition, its operating profit is estimated to show a decline of 50 billion won or so and damages may follow as well.”

Nuclear power plant construction is a business item that accounts for more than 20% of the sales of Doosan Heavy Industries & Construction. However, the company is unlikely to be capable of signing any new contract for the time being with the South...

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Plant of GM Korea located in Gunsan City, North Jeolla Province

GM Korea’s Restructuring

18 October 2017 - 3:30pm
Jung Min-hee

GM is expected to dispose of the Gunsan Plant of GM Korea as one of the veto rights of the Korea Development Bank, which has 17.02% of GM Korea, expired on October 16 and GM now can dispose of more than 20% of the total assets of GM Korea at will.

Put into operation two decades ago, the Gunsan Plant of GM Korea has an annual production capacity of 270,000 vehicles along with an area of 1,290,000 square meters. The plant, however, is currently underutilized with GM having withdrawn from the European market and the automobile sales in South Korea remaining sluggish. Specifically, its...

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