Economy

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  ​Iljin Materials wins $6.56 billion order to supply core battery material to Samsung SDI SEOUL -- Iljin Materials, the producer of core materials for lithium batteries in South Korea, has clinched a long-term order worth 8.52 trillion won ($6.56 billion) from Samsung SDI to provide Elecfoil, a thin copper foil used as a core material for rechargeable batteries, by the end of 2030. In a regulatory filing on June 24, Iljin said it would supply 60 percent of copper foil required by Samsung SDI annually. Iljin said the supply of Elecfoil may change from 55 to 80 percent d 2022-06-24
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  KEPCO tests commercial operation of power transmission with superconducting coaxial cables SEOUL -- South Korea's state utility embarked on the installation of a community-friendly, cost-effective power platform to bring superconducting transmission lines and substations into commercial operation by using superconducting coaxial cables for the first time in the world. A ground-breaking ceremony chaired by Korea Electric Power Corp. (KEPCO) took place on June 24 in the northern border city of Paju to demonstrate the commercial operation of a platform for urban power s 2022-06-24
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  SK ecoplant works with AWS to develop eco-friendly digital solutions for environmental businesses SEOUL -- By utilizing Amazon Web Services' cloud technology and infrastructure, SK ecoplant, a unit of South Korea's SK Group, will develop eco-friendly digital solutions and data platforms to advance environmental businesses. SK ecoplant said it has signed a strategic collaboration agreement with Amazon Web Services (AWS), which provides cloud computing services, to cooperate in solving sustainability challenges such as reducing waste and improving recycling rates. Digital 2022-06-22
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  Samsung shipyard wins $3.0 billion orders to build 14 LNG carriers SEOUL -- Samsung Heavy Industries, a major shipbuilder in South Korea, has secured two separate orders worth 3.9 trillion won ($3.0 billion) to build 14 liquefied natural gas carriers for clients based in Bermuda and Africa. With new orders, the shipbuilder achieved 72 percent of its annual order target estimated at $8.8 billion. In a regulatory filing on June 22, Samsung Heavy Industries (SHI) said it has clinched an order worth 3.33 trillion won from an unidentified client in 2022-06-22
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  POSCO expands ties with Australia's Hancock for battery material development SEOUL -- South Korea's steel group POSCO will expand a strategic alliance with its Australian partner, Hancock, and cooperate in the mine development and processing of materials for electric vehicle batteries, at a time when the global raw material market remains unstable due to price hikes. POSCO has invested more than four trillion won ($3.09) in Australia to acquire raw materials through business ties with Hancock and other local companies such as First Quantum Minerals and 2022-06-22
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  L'Oreal works with Hotel Shilla to release luxury beauty brand SEOUL -- L'Oreal, a major cosmetics and personal care company in France, will launch a luxury beauty brand through cooperation with Hotel Shilla, a luxury hotel brand run by the sister of Samsung Group's de facto leader Jay Y. Lee, and a South Korean private equity firm. L'Oreal hopes to showcase Asian wisdom in a modern way by combining natural ingredients and functional efficacy. L'Oreal, Hotel Shilla and Anchor Equity Partners will own an almost equal share of the 2022-06-22
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  LS Cable supplies optical cables to Vietnam's largest telecommunications company 'Viettel' SEOUL -- Through its subsidiary based in Ho Chi Minh City, South Korea's major cable manufacturer LG Cable & System has supplied optical cables to Viettel, a Vietnamese state telecom company involved in the construction of high-speed communication networks in Southeast Asia and Africa. A COVID-19 pandemic has slowed the establishment of high-speed telecom networks in Vietnam, but demands for communication cables are increasing again due to a surge in the construction of in 2022-06-21
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  Hanwha Cimarron's tank selected for Shell's hydrogen charging station network in California SEOUL -- Hanwha Cimarron, a gas storage solutions provider based in the United States, will provide its carbon fiber reinforced polymer tank called "Neptune" to Shell, a global energy and petrochemical group, for the establishment of a hydrogen charging station network in California. California, which is the center of the U.S. hydrogen industry, plans to increase the number of hydrogen charging stations to 1,000 by 2030. Hanwha Cimarron is building a high-pressure tank pla 2022-06-21
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  ​LG CNS launches AI logistics robot subscription service for efficient warehouse operations SEOUL -- LG CNS, the information technology wing of South Korea's LG Group, will release a cloud-based logistics robot subscription service that enables customers to subscribe and use as much as they need without having to spend an enormous amount of money at once. Conventionally, private companies spent some $10 million at once to purchase logistics robots. LG CNS said its new service called "Robot as a Service (RaaS)" allows customers to pay in installments at annua 2022-06-21
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  SPC's new plant in Malaysia to be used as forward base targeting halal markets SEOUL -- SPC, a major confectionery and bakery group in South Korea, will establish a plant in Malaysia that would be used as a forward base targeting halal markets across Southeast Asia and the Middle East. The group established a joint venture with its Malaysian partner, Berjaya Food, to open a store in an outlet in Kuala Lumpur in late 2022. SPC Group said its bakery brand Paris Baguette would build a halal-certified baking factory in Nusajaya Tech Park, a new industrial hub i 2022-06-20
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  Lotte Chemical and South Africa's Sasol consider producing electrolyte solvents for lithium-ion batteries SEOUL -- Lotte Chemical, a major chemical company in South Korea, will work with a chemical unit of Sasol, an energy and chemical company based in South Africa, to assess the feasibility of building and operating a joint plant to produce electrolyte solvents, which are key components of lithium-ion batteries for electric vehicles. The two companies have agreed to conduct a pre-feasibility study and assess the suitability of Sasol’s locations near Lake Charles in the United S 2022-06-20
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  SK Geo Centric delivers first shipment of renewable benzene to Covestro SEOUL -- SK Geo Centric, a chemical company affiliated with South Korea's SK Group, has delivered the first shipment of renewable benzene that was produced with renewable naphtha from Neste, a leading biodiesel producer based in Finland. Neste's bio-based raw materials are produced from vegetable oils. Naphtha is produced from petroleum distillates, natural gas condensates and the distillation of coal and peat. Renewable naphtha is created using vegetable oils. SK Geo Cen 2022-06-20
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  Hyundai continues partnership with Michelin to develop tires for EVs SEOUL -- South Korea's Hyundai auto group extended its alliance with French tiremaker Michelin to develop premium tires for electric vehicles and eco-friendly tires. They will also establish a tire monitoring system that is necessary for upgrading autonomous driving. In three-year cooperation with Michelin, Hyundai Motor said it would improve the durability, mileage and fuel efficiency of electric vehicle tires that should withstand high loads. Joint research will be carried o 2022-06-20
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  LG Chem to build hydrogen production plant using methane off-gas SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will build a new plant capable of producing some 50,000 tons of hydrogen annually. Methane will be converted to hydrogen through a chemical reaction using high-temperature steam, and hydrogen will be depolymerized for use as fuel again. At its production base in Daesan, about 100 kilometers (62 miles) southwest of Seoul, LG Chem will produce hydrogen from methane off-gases generated by a naphtha cracking center (NCC) 2022-06-20
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  Oil carrier installed with LNG fuel tank made of high manganese steel at Daewoo shipyard SEOUL -- In a ceremony that heralded the accomplishment of complete technology independence, a liquefied natural gas fuel tank made of high manganese steel was installed on a giant oil carrier at the shipyard of Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea. High manganese steel is an alternative material for cryogenic services. The ceremony on June 16 was the result of a joint study by Daewoo Shipbuilding & Marine Engineering (DSME) and the re 2022-06-16
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  CJ Cheil Jedang works with university researchers to commercialize enzymes for biological plastic recycling SEOUL -- In an effort to upgrade biological recycling technologies that can replace mechanical recycling, CJ Cheil Jedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, will work with a national university research team to develop and commercialize high-efficiency enzymes that biologically decompose plastics. CJ CheilJedang said it has signed a joint research contract with Kyungpook National University to commercialize enzymes that biologically 2022-06-16
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  KOGAS and French partner Total forge strategic long-term partnership in LNG trading SEOUL -- South Korea's state gas company forged a strategic long-term partnership with TotalEnergies, an energy and petroleum company in France, to strengthen natural gas trading and energy security in the face of a volatile situation in the global energy market. Korea Gas Corporation (KOGAS) said it has signed a business agreement on liquefied natural gas (LNG) trading with Total at a ceremony in Singapore. The two companies have maintained close cooperation with long-term L 2022-06-16
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  SK Geo Centric ties up with Canadian and French companies to produce chemically recycled plastic SEOUL -- In response to tightened regulations on waste plastics in Europe, SK Geo Centric, a chemical company affiliated with South Korea's SK Group, will set up a joint venture plant in France to produce about 70,000 tons of chemically recycled plastics annually in cooperation with Canadian and French companies. The accumulation of plastic waste has become a serious global problem. Chemical recycling breaks down and returns plastic to its pure, raw material form. It is an attr 2022-06-16
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  Taihan Cable and Saudi partner agree to invest $80 million in joint venture plant in Riyadh SEOUL -- Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, agreed with its Saudi partner to invest $80 million in a joint venture plant at an industrial park in Riyadh that will produce high voltage power cables targeting clients in the Middleast, Europe and Africa. Under a deal signed in Seoul, Taihan will own 51 percent of the joint venture named "Saudi Taihan Cable & Solution," and the remainder controlled by Mohammed Al-Ojai 2022-06-16
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  SK pharmteco earmarks $35 million to boost production capacity in Ireland SEOUL -- SK pharmteco, a U.S.-based portfolio company of South Korea's SK Group, will invest $35 million to expand the production capacity of its manufacturing plant in Ireland. The investment underlines a group-wide campaign to create a global pharmaceutical company that can produce synthetic drugs and bio-medicine for cell and gene therapy. Unlike Samsung Biologics, a major contract development and manufacturing organization (CDMO) that established a domestic production bas 2022-06-16