Nexen Tire is consolidating its three European bases -- Czech Republic, Germany, and Italy -- into a single Czech corporation. This initiative aims to streamline business operations by centralizing dispersed bases within Europe. There is keen interest in whether Nexen Tire, which encountered setback
The Korean steel industry is preparing to file an anti-dumping case against cheap Chinese and Japanese hot-rolled steel products.The Korean steel industry led by POSCO is preparing to file an anti-dumping complaint against Chinese and Japanese steel products, according to sources in the steel indust
A U.S. appeals court has rejected a claim by U.S. steelmaker Nucor that cheap electric power in Korea is a subsidy provided by the Korean government to POSCO.According to industry sources on Oct. 24, the U.S. Court of Appeals for the Federal Circuit (CAFC) ruled in favor of POSCO in its appeal of a
As the U.S. administration has raised a countervailing duty on Korean steel products by regarding cheap electricity in Korea as a kind of government subsidy for steelmakers, the Korean government has confirmed its decision to challenge the U.S. administration over the case in the U.S. court along wi
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
OCI Holdings is anticipated to enjoy long-term benefits resulting from the United States’ intensified sanctions on China’s polysilicon. There are only three non-Chinese polysilicon manufacturers globally, and OCI Holdings is one of them in Korea.According to sources in the solar energy industry on S
Chinese companies that have been exporting solar cells and modules to the United States through Southeast Asia are facing a “tariff bomb” from the U.S. Department of Commerce. Hanwha Q CELLS, the solar division of Hanwha Solutions, based in Malaysia, stands to benefit from these tariffs.On Aug. 18,
The United States is executing circumvention investigations again. A circumvention investigation determines whether a country or company changed the production and shipment methods for a product that the United States has imposed antidumping and countervailing duties on. While the United States is t
The U.S. Department of Commerce raised a question about cheap electricity rates through a preliminary ruling, saying, “The Korean government is actually subsidizing the Korean steel industry.” Even three years ago, U.S. officials thought that electricity rates in Korea were not subsidies, but now th
The Korea International Trade Association said in its report on Dec. 19 that the bilateral trade between South Korea and Vietnam has increased 164 times and their mutual investment has increased more than 145 times since the establishment of their diplomatic relations in 1992. At present, Vietnam is
The author is an analyst of Shinhan Investment Corp. He can be reached at yjjung86@shinhan.com. -- Ed. Valuations down to global lows with losses continuing on high costsNexen Tire shares have gained 20.6% since the beginning of September, driven by expectations for a return to profit after three qu
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Acquisition aimed at securing new growth engine — On Mar 22, HDS announced that it would acquire a 35.8% stake in furniture/mattress company Zinus for KRW894.7bn (KRW774.7bn in shares held by founder Lee Yu
Hanwha Solutions announced on Nov. 18 that it will acquire a 16.67 percent stake in REC Silicon ASA, a leading producer of high-purity polysilicon, for a total of US$160.47 million.Headquartered in Fornebu, Norway, REC Silicon ASA, is running two polysilicon plants in the United States, supplying hi
The Joe Biden administration is putting increasing pressure on semiconductor companies while regarding hegemony in the industry as a key part of national security. The White House had an online meeting on Sept. 23 with semiconductor manufacturers including Samsung Electronics, TSMC and Intel, which
The author is an analyst of KB Securities. He can be reached at seongjin.kang@kbfg.com. -- Ed. Robust 2Q21 OP positive for stock but unfavorable 2H21 market conditions of concern — 2Q21 OP exceeded the market consensus with estimate-beating tire unit sales. While the robust earnings should bolster t
The Ministry of Trade, Industry and Energy held a meeting on July 22 and decided to impose anti-dumping duties on flat-rolled stainless steel from China, Indonesia and Taiwan. Specifically, the tariff rates are 24.83 percent, 25.82 percent and 9.07 percent, respectively.According to the ministry, th
South Korean tire manufacturers are facing a triple whammy of rising raw material prices, rising logistics costs and high anti-dumping duties in the United States.On June 23, the United States International Trade Commission drew a conclusion that passenger car and light truck tires imported from Sou
The authors are analysts of Shinhan Investment Corp. They can be reached at hyunwook.kim@shinhan.com and yoongu@shinhan.com, respectively. – Ed. 2Q21F sales KRW310.5bn (+38.4% YoY), OP KRW28bn (-2.6% YoY)Zinus is now expected to report sales of KRW310.5bn (+38.4% YoY) and operating profit of KRW28bn
The authors are analysts of Shinhan Investment Corp. They can be reached at hyunwook.kim@shinhan.com and yoongu@shinhan.com, respectively. – Ed. Initiate coverage with BUY for a target price of KRW130,000We initiate coverage of Zinus with BUY for a target price of KRW130,000. Since the company's
The author is an analyst of NH Investment & Securities. She can be reached at jy.lee@nhqv.com. -- Ed. Sector earnings should continue to improve in 2H21 in response to both low base effect and deferred demand. With our key investment points including the continued strength of sports/outdoor category