On Oct. 19, POSCO announced the completion of an automotive coated steel plate production and sales factory in Hebei Province, China. This is a joint venture with the Hesteel Group with an annual capacity of 900,000 tons.In May 2021, POSCO’s board of directors approved the establishment of a joint v
The Chinese steel industry is ramping up its exports of steel products to international markets as it strives to overcome domestic market challenges, including a slowdown in the real estate sector.According to the Korea Iron & Steel Association on Sept. 12, China’s steel product exports for the firs
At MWC Shanghai 2023, Huawei launched 5GigaGreen innovations for wireless communications to promote ultimate network performance and energy saving with global operators.Gan Bin, Vice President and Chief Marketing Officer of Huawei Wireless Network Product Line, stated that ultimate performance and e
SK E&S announced on May 26 that it has signed a strategic cooperation agreement with Beijing Gas Group, the largest single city gas supplier in China's city gas industry. A signing ceremony was held at the World Gas Congress (WGC 2022) site in Daegu on tMay 25 with the attendance of SK E&S CEO Y
Hyundai Motor Co. has decided to inject 1 trillion won worth of capital into its Chinese joint venture company, which has been losing billions of dollars every year.Beijing Hyundai, a joint venture between Hyundai Motor Co. and BAIC of China, said on March 20 that it lost 6.28 billion yuan (about 1.
Hyundai Motor Co. is spearheading development of a hydrogen society and fuel cell commercial vehicle ecosystem in China with regional partners.The company announced on Nov. 5 that it has signed an MOU with Shanghai Electric Power Co., Ltd., Shanghai Sunwise New Energy System Co., Ltd., and Shanghai
AIA Group Limited announced on March 12 financial results for the year ended 31 December 2019.Growth rates are shown on a constant exchange rate basis below:Robust growth in value of new business• 6 percent growth in value of new business (VONB) to US$4,154 million• 16 percent growth in VONB excludi
Korean companies are delaying the normal operation of their plants in China as the Wuhan coronavirus outbreak has not subsided. They are hampered by local governments’ demanding guidelines, a shortage of manpower, and problems in the supply of raw materials and parts arising from logistics paralysis
POSCO ICT announced on July 8 that the company would supply unmanned cranes and a crane control system to the continuous casting mill and hot rolling mill of Shougang Jingtang United Iron & Steel in Hebei Province, China.Global companies such as Schneider in Germany and Danieli in Italy participated
Lotte Shopping will sell off 21 Lotte Mart discount and supermarket stores in Beijing to local distributor Wumei.Lotte Shopping is also accelerating the withdrawal of its operations in other Chinese cities. Talks are underway with local distributors to dispose of Lotte Mart stores in Shanghai, Chong
With optimism and pessimism about the memory market mixed, some experts predicted that the memory semiconductor market will grow about five percent only by 2022. If the prediction turns out to be correct, it will deal a big blow not only to semiconductor-heavy Samsung Electronics but to the Korean e
The Korean steel industry is expected to post solid earnings in the second half of this year amid a slump in downstream industries such as automobiles and shipbuilding. This is because demand inflated as China's economy, the world's largest producer and exporter, was showing signs of recovery, while
More South Korean companies are choosing to leave China and take their businesses with them due to lingering political tension between Korea and China over the deployment of the THAAD antimissile system. However, SK Group Chairman Chey Tai-won is seeking to expand business in China by strengthening
The worst crisis is facing the Lotte Group’s Chinese business in 23 years as the Lotte Group with a large-scale business presence in China is at the center of controversy over the Terminal High Altitude Area Defense (THAAD) System between South Korea and China. The Lotte Group, which had aggressivel
The Ministry of Environment of South Korea announced on January 9 that it would provide fine dust forecast based on a supercomputer from April this year onwards and increase the accuracy of high-concentration fine dust forecast from 63% to 70%.In addition, the ministry is planning to increase the nu
Korean companies are facing a do-or-die battle once again after surviving chicken games triggered by chronic gluts in the shipbuilding, shipping, steel industries. Japanese and Chinese companies which had been employing aggressive strategies with support from the governments in the restructuring pro
Hyundai Motor Group Chairman Chung Mong-koo said on October 18, “Beijing Hyundai will make a new leap forward with the new plant in Changzhou as a momentum.”Hyundai Motor Group laid out its strategy to overcome the recent crisis by achieving cumulative sales of 10 million vehicles in China by the fi
China is reviewing a plan to reorganize its steel industry into a two-man race to restructure the steel industry suffering from a glut.According to leading foreign news outlets on August 1, a plan was under discussion to combine the Hebei Iron and Steel Group, the largest Chinese steel company in Ch
POSCO ICT will export its industrial electric precipitator, which removes pollutants, including fine dust, emitted from thermal power stations and steelworks, to the Chinese market.The company announced on June 14 that it has signed a contract with Dalian Power Generation Co. run by one of China’s f
According to the World Steel Association, POSCO ranked fourth in the world last year in terms of crude steel production by recording an output of 41.97 million tons.POSCO had ranked fourth in 2011 but remained at the fifth place for the following three years. Although its crude steel production volu