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Friday, January 19, 2018

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Deputy Prime Minister Kim visited Hyundai Motor Group’s Mabuk Environmental Technology on January 17 to meet group officials including vice chairman Chung Eui-sun.

Deputy PM’s First Visit to Conglomerate

18 January 2018 - 10:15am
Jung Min-hee

In a meeting with Deputy Prime Minister and Finance Minister Kim Dong-yeon on January 17, Hyundai Motor Group pleged to invest 23 trillion won (US$21.49 billion) in new businesses and hire 45,000 employees over the next five years.

Deputy Prime Minister Kim visited Hyundai Motor Group’s Mabuk Environmental Technology Center in Yongin, Gyeonggi Province, on the same day to meet group officials, including vice chairman Chung Eui-sun. After that, he told reporters, “Hyundai Motor said it is planning to make a 23 trillion won (US$21.49 billion) investment and hire 45,000...

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Doosan Heavy Industries & Construction suffers deteriorating profitability due to the factors including the South Korean government’s nuclear phase-out policy.

Groundless Rumors?

18 January 2018 - 9:15am
Jung Min-hee

On January 17, a local news outlet reported that Doosan Group is discussing the sale of Doosan Heavy Industries & Construction to focus more on Doosan Robotics and Doosan Bobcat after adjusting its business portfolio with the profitability of Doosan Heavy Industries & Construction deteriorating due to the factors including the South Korean government’s nuclear phase-out policy.

“The report is not true at all,” Doosan Group said, adding, “Doosan Heavy Industries & Construction is one of our key subsidiaries and we have never discussed the sale of the company.”

The...

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The Hyundai Motor union members’ achievements in the wage negotiation are smaller than in the previous years as the company faces now a crisis and the union’s tactics are no longer effective.  Hyundai Motor Company announced on January 16 that its employe

No Longer Effective Tactics

17 January 2018 - 12:00pm
Jung Min-hee

The Hyundai Motor union members’ achievements in the wage negotiation are smaller than in the previous years as the company faces now a crisis and the union’s tactics are no longer effective.

Hyundai Motor Company announced on January 16 that its employers and employees finished their wage negotiation for 2017 in nine months. At the meeting of the trade union on January 15, 61% of the union members voted for a tentative agreement.

According to the agreement, the employees’ base pay will be raised by 58,000 won, their merit pay will be calculated to be 300% plus 2.8 million...

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POSCO's Indonesian steelworks 'Krakatau POSCO' was the first case to build a steel mill in a foreign country with Korean technology.

Turning into Profit-making

16 January 2018 - 11:30am
Jung Min-hee

POSCO's Indonesian steelworks 'Krakatau POSCO' exceeded 10 million tons in cumulative sales in four years since the start of its operation. As a result of the preliminary calculation of last year's performances, the company posted about 12 million dollars in operating income and produced a surplus for the first time in its corporate history.

Krakatau POSCO announced that its sales ran to 10 million tons in total on January 15 as they steadily grew to the 2.8 million ton level since 2016 after hitting 1.7 million tons in 2014.

POSCO and Indonesian state-run steelmaker Krakatau...

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Exhibition booth of Hanwha Q CELLS.

Promoting Photovoltaic Biz in Middle East

16 January 2018 - 11:15am
Jung Min-hee

Hanwha Q CELLS takes part in the energy fair of the World Future Energy Summit (WFES), which takes place in Abu Dhabi from January 15 to 18.

Hanwha Q CELLS participated in the exhibition last year, too. This year, the company is going to double the size of its booth to 105 square meters to display a variety of photovoltaic products ranging from EPC to those for household use.

The size of the photovoltaic power generation market of the Middle East is expected to grow at least 300% between 2017 and 2020. For example, Saudi Arabia is planning to increase the ratio of renewable...

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The U.S. now has to comply with the final decision of the WTO on anti-dumping duties on oil country tubular goods (OCTG) immediately or within a reasonable period of time.

Amid Trade Disputes Escalating

16 January 2018 - 9:45am
Jung Min-hee

The Ministry of Trade, Industry & Energy of Korea announced on January 15 that WTO’s final decision was made on January 12 regarding anti-dumping disputes over oil country tubular goods (OCTG) between South Korea and the United States.

In November last year, the Dispute Settlement Body (DSB) of the World Trade Organization (WTO) held a meeting and determined that anti-dumping duties the United States imposed on South Korean OCTG violated the WTO Agreement. The United States did not lodge an appeal and the determination has become the final decision.

The U.S. Department of...

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South Korean top four oil refiners are expected to post more than 8 trillion won (US$7.53 billion) in surplus last year for the first time in history.

Record-high Profits Amid Uncertain Variables

15 January 2018 - 2:30pm
Jung Min-hee

The major four South Korean oil refiners are expected to post more than 8 trillion won (US$7.53 billion) in surplus last year for the first time in history thanks to stable oil prices and a boom in non-oil refining business, including petrochemical.

According to oil refining industry sources on January 14, SK innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. are now summing up their sales performance in the fourth quarter last year and the combined operating profit of the four companies are expected to reach 2.1 trillion to 2.3 trillion won (US$1.98 billion to 2....

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SK Global Chemical and Sinopec established China-Korea Petrochemical in China in 2013.

For Risk Sharing

15 January 2018 - 10:30am
Jung Min-hee

In the past, South Korean companies established local subsidiaries and conducted M&As in most cases to penetrate overseas markets. These days, however, an increasing number of them are opting for risk sharing with local joint venture partners for the same purpose.

The number of such joint ventures is likely to continue to increase for the time being in that the business of South Korean companies in China were negatively affected last year by China's economic retaliation related to THAAD deployment in South Korea. Joint venture establishment has its own side effects though. One...

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The third unit of the Shingori Nuclear Power Plant has been in safe operation without stopping for 389 days since the completion of its construction in December 2016.

Safe and Convenient Model

15 January 2018 - 10:15am
Jung Min-hee

The third unit of the Shingori Nuclear Power Plant has been in safe operation without stopping for 389 days since the completion of its construction in December 2016.

Korea Hydro & Nuclear Power (KHNP) announced that the third unit of the Shingori Nuclear Power Plant has been in safe operation without stopping for 389 days since the completion of its construction in December 2016 and that its first preventive maintenance is implemented on January 12.

The third unit is an APR-1400 reactor developed by South Korea. It is better than previous 1 GW models in terms of...

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The US Department of Commerce applied the AFA (Adverse Facts Available) regulation on Hyundai Heavy Industries’ transformers while imposing a high-rate anti-dumping duty.

Applying AFA on Transformers

15 January 2018 - 9:30am
Jung Min-hee

The US government expanded an anti-dumping duty on high-capacity Korean transformers six-fold by overturning a ruling on them which was made two years ago.

According to industry sources on January 14, the US Department of Commerce raised the antidumping tariff on large transformers exported by Hyundai Heavy Industries of Korea early this month to 25 percent. The tariff will apply to products which Hyundai Heavy Industries has been exporting to the US since August 2013 and is more than sextuple the tariff of four percent in 2016. The ruling came after ABB, a US...

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