Korea Resources Corp. (KORES) recently called for bids for its 10 percent share in the Cobre Panama copper mine one year ahead of commercial production. Four or five foreign companies reportedly participated in the tender. In other words, the stake is likely to end up in the hands of a foreign compa
Korea Gas Corp. (KOGAS) is beginning to obtain good results in overseas projects, offsetting the losses incurred in resource development projects.The state-run company is pushing ahead with a total of 25 projects in 23 countries around the world in order to secure a stable supply of natural gas and
The POSCO Group announced on Dec. 20 that it has decided to expand and divide its steel division into three units of steel, non-steel, and new growth. It also announced a fresh executive reshuffle to bring in talent from outside.The non-steel unit will be responsible for establishing growth strategy
POSCO Daewoo will carry out diverse LNG-related projects in partnership with PetroleumBRUNEI, a national oil company in Brunei, which is rich in oil and gas.POSCO Daewoo announced on Nov. 28 that it has signed an MOU with PetroleumBRUNEI to look for and carry out projects throughout the LNG value ch
The POSCO Group will get rid of a legacy of the Daewoo Group. The group took over Daewoo International, a former Daewoo Group affiliate, eight years ago, and changed its name to POSCO Daewoo. But it now plans to take off “Daewoo” from the company’s name.The group believes that the post-merger integr
POSCO Daewoo will make a full-fledged foray into the global downstream market of automotive steel plates in partnership with a Korean automobile parts maker.POSCO Daewoo is seeking to break away from the simple trading business and build a long-term growth base by strengthening its value chain, whic
POSCO chairman Choi Jeong-woo has announced the largest-ever investment and employment plans in just one month after taking office. POSCO plans to invest 45 trillion won (US$40.43 billion) to create 20,000 jobs in the next five years.The group announced the investment plans on Sept. 3, saying that t
POSCO Daewoo announced on August 30 that it is waiting for an approval from the Chinese government with regard to the recent gas pipe explosion and a recovery plan and that its gas field development project in Myanmar will go along as planned.According to the company, gas pipes run by the China Nati
Amid the improving relationship between South Korea and China, the fifth Korea-China Economic Cooperation Forum will be held at Kintex in Goyang City, Gyeonggi Province, on August 29, where more than 350 leading companies from the two countries will participate.The Korea-China Economic Cooperation F
Posco Daewo is accused of harming the environment with regard to deforestation in Indonesia’s Papua province.According to foreign news reports and industry sources, PT Bio Inti Agrindo, a palm oil plantation company owned by Posco Daewoo, has cleared more than 200 square kilometers of forest in Papu
POSCO Daewoo has started the second phase of a Myanmar gas field development project, the company announced on June 28. It began to develop eight additional production wells by signing a contract with world-class companies.POSCO Daewoo announced that its president Kim Young-sang signed an engineerin
Hyundai Engineering & Construction Co. and POSCO Daewoo Corp. will jointly conduct a project worth US$1.8 billion (1.9 trillion won) to build a combined-cycle power plant and high-voltage power transmission and transformation line in Uzbekistan.The consortium of Hyundai E&C and POSCO Daewoo announce
Park Yong-man, chairman of the Korea Chamber of Commerce and Industry (KCCI), proposed the signing of a free trade agreement (FTA) with the Eurasian Economic Union (EAEU)“If South Korea and the EAEU sign an FTA, it will help promote trade between South Korea and China which is faltering and diversif
POSCO Daewoo, trade arm of the POSCO Group, is reportedly building palm oil farms by chopping down rainforests in Indonesia, generating controversy.According to the Korean Federation for Environmental Movement on August 3, PT. Bio Inti Agrindo (BIA) being run by POSCO Daewoo in Indonesia was turning
POSCO reported a negative net debt for the third consecutive quarter. The company announced on July 31 that its net debt totaled negative 153 billion won (US$137 million) in the second quarter of this year after negative 31 billion won (US$27.9 million) in the fourth quarter of last year and negativ
According to industry sources and the Ministry of Commerce, Industry and Commerce on July 17, the Directorate General Of Anti-Dumping and Allied Duties (DGAD) under the Ministry of Commerce and Industry of India made the final anti-dumping judgment on styrene-butadiene rubber (SBR) from Korea, the E
The US government finally decided to impose an up to 44.3 percent anti-dumping duty on Korean synthetic rubber.The US Department of Commerce announced the final positive dumping decision in a July 11 statement, saying that Kumho Petrochemical Korea, POSCO Daewoo (former Daewoo International) and LG
POSCO Daewoo announced on May 3 that the company signed a contract to supply a total of 50 billion won (US$45 million) worth of transformers through an international competitive bidding placed by National Grid, a government-run power corporation of the UK in April.Through this agreement, POSCO Daewo
The first division of the criminal department of the Seoul Northern District Prosecutors’ Office announced on Aug. 25 that it arrested Gyun, a businessman assisting POSCO Daewoo, formerly named Daewoo International, in purchasing heavy equipment from suppliers in China and supplying them to clients
POSCO Daewoo said on August 4 that it has signed a memorandum of agreement (MOA) to supply shipbuilding materials worth US$150 million to Penataran Angkatan Laut (PT PAL), Indonesia’s largest state-run shipbuilder.Under the contract, the Korean trading company will supply engines and other parts nec