Korean Air will build an engine maintenance cluster in the Unbuk district of Yeongjong Island, Incheon, to expand its aircraft engine maintenance capacity and expand its aviation maintenance, repair and overhaul (MRO) business.Korean Air announced on March 14 that it held a groundbreaking ceremony f
Big South Korean companies are exiting China one after another. Business uncertainties are being fueled by fiercer competition and declining profitability in the Chinese market coupled with the U.S. government’s checks on China and policy changes by Chinese government authorities.Lotte Chemical sold
The value of overseas construction orders to Korean contractors exceeded US$30 billion for the fourth year in a row in 2023. Korean builders’ target for 2024 is US$40 billion. They have been looking for opportunities in overseas markets as the Korean real estate market has been slumping for a long t
LG Chem, Korea’s largest petrochemical company, will shut down its styrene monomer (SM) plant at the end of March. SM is widely used in the manufacture of various petrochemical products. The company is also reportedly considering abandoning production of ethylene oxide (EO) and ethylene glycol (EG),
POSCO International has embarked on expanding its electric vehicle component business by signing a contract worth 1.16 trillion won (US$882.46 million) for the supply of rare earth permanent magnets for electric vehicles.The company announced on March 12 that its U.S. subsidiary has recently secured
Despite a slowdown in electric vehicle (EV) demand, Panasonic, a Japanese battery company, is considering further investment in its De Soto, Kansas, factory in the United States to increase production capacity for the 4680 cylindrical battery, which has five times the energy capacity of existing bat
Samsung Group’s electronics affiliates are joining forces to expedite the commercialization of glass substrates, a material used in semiconductor packaging, by establishing a united front for joint research and development (R&D). This strategy aims to achieve commercialization faster than semiconduc
Samsung Electronics and SK hynix have reportedly stopped selling their old semiconductor equipment to China. The move comes in response to the United States urging them to align with its controls on semiconductor exports to China.The Financial Times (FT) cited several industry insiders on March 12 s
Doosan Enerbility is participating in Saudi Arabia's largest combined cycle power plant project.The company announced on March 11 that it has signed a contract with SEPCO-3 to supply equipment for the Taiba 1 Integrated Cycle Power Plant and Qasim 1 Combined Cycle Power Plant in Saudi Arabia. With t
SK ecoplant has partnered with the global resort company Therme Group to advance the development of a European-style spa and resort in Songdo.On March 8, SK ecoplant announced the signing of a memorandum of understanding (MOU) with Therme Group for the resort development and construction, as well as
Ecopro announced plans to invest approximately 1.2 trillion won in domestic ventures this year, focusing on its Pohang Campus. The company is allocating 690 billion won for the expansion of its precursor factory, 320 billion won each for the expansion of cathode material and lithium hydroxide factor
SK bioscience, a global innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced today that the company broke ground on a major expansion of its vaccine manufacturing plant, L HOUSE, located in Andong, Gyeongsangbuk-do, South. The groundbreaking c
Samsung Biologics announced on March 6 that it has entered into a contract manufacturing organization (CMO) production agreement valued at 381.9 billion won (US$287.0 million) with UCB, which is headquartered in Belgium. This agreement is an increase to the contract signed in 2017 with the company,
Lotte Chemical is reportedly considering the sale of its Malaysian subsidiary Lotte Chemical Titan (LC Titan).According to industry sources on Mar. 6, Lotte Chemical is searching for potential buyers for LC Titan, including Korean and foreign petrochemical companies and large private equity funds (P
Hyundai E&C, along with U.S.-based Holtec International, signed a business agreement for jointly participating in the U.K. Atomic Energy Authority (UKAEA)’s SMR technology competition with U.K.-based Balfour Beatty and Mott MacDonald at the Korean Embassy in London of the United Kingdom on March 5.T
HD Hyundai Shipbuilding & Offshore Engineering (HSOE) announced on March 6 that it has founded the Nuclear Energy Maritime Organization (NEMO) with leading global nuclear energy organizations.NEMO, which has its secretariat in London of the United Kingdom, will work with the International Maritime O
STX Corporation, a global trade and development company, is expanding its presence in the Middle East by successfully completing its second transaction to Iraq through its business-to-business (B2B) platform “TrollyGo.” With a significant monthly increase in users in the Middle East region, there ar
Kumho Tire inked a technology export agreement with Saudi Arabia’s Black Arrow Tire Company (Blatco) on Feb. 28.Through this agreement, Kumho Tire will provide Blatco with technology for production of passenger car tires sold in the Middle East, including Saudi Arabia, for 20 years.Blatco, a manufac
The Korean government has set a higher plant order intake target for this year than 2023 and will provide intensive support to help Korean plant builders attain the goal. This is because the global plant market is expected to grow and Korean companies’ order-taking competitiveness has been strengthe
Following last year’s memory semiconductor downturn, Samsung Electronics and SK hynix are aggressively increasing their focus on DRAM through the expansion of advanced processing. This move is anticipated due to the expected rise in orders for High Bandwidth Memory (HBM) and Double Data Rate 5 (DDR5