Posco said Friday it has established a 1 million-ton production facility for giga steel, an ultrahigh-strength steel product used for cars. Amid the expanding global market for eco-friendly cars and rising demand for lightweight vehicles, Posco said it has invested about 500 billion won ($425 million) since 2017 to build and expand the production facility for the high-strength steel inside the Gwangyang steel mill in Gwangyang, South Jeolla Province. “Since its first production of steel

SKC, the chemical affiliate of SK Group, will cooperate with Kuwait’s state-operated petrochemical giant Petrochemical Industries Company to expand its environment-friendly plastic business in Kuwait, the company said on Friday. PIC is the world’s fifth petrochemical firm by production volume. SKC and PIC established the joint venture SK picglobal in March 2020. SKC said the company inked a memorandum of understanding with PIC and SK picglobal in Los Angeles on Thursday there to

More than 110 trade secrets from South Korean businesses and institutions have been leaked to overseas rivals over the past five years, data showed Friday, with the semiconductor and display industries being the primary targets. The number of trade secrets stolen from South Korean firms from January 2016 to August this year came to 112, according to the data released by Rep. Kim Kyung-man of the ruling Democratic Party, compiled by the Ministry of Trade, Industry and Energy. By sector, those lin

South Korean automaker Hyundai Motor Group said Friday it has launched a pilot project to deploy a robot to inspect safety at its factory, the first collaboration with US-based startup Boston Dynamics. The automotive group said the factory safety service robot based on Boston Dynamic's four-legged robot Spot went into pilot operation at its subsidiary Kia Corp.'s plant in Gwangmyeong, southwest of Seoul. It is the first project launched between the two companies after the automotive group in Jun

Only six South Korean companies made it on the list of the world’s top 500 global leading firms, compiled by the Federation of Korea Industries, the business lobby group said in a report Thursday. The list is made by its affiliate research body based on operating profits and sales revenue data from S&P Capital IQ, an international market research and information provider. A total of six companies -- Samsung Electronics, SK hynix, Hyundai Motor, LG Electronics, Posco and Kepco &ndas

Xiaomi Corp. said Thursday its new tablet PC will go on sale in South Korea next week as the Chinese tech giant eyes to expand its presence here. Xiaomi Pad 5, which was first unveiled in China last month, will be available on South Korean online retailers from next Thursday with a price tag of 449,000 won ($380). This is the first time since 2014 Xiaomi is releasing a new tablet product in South Korea. The company said it decided to sell the new tablet in the country to meet growing demand

The cloud affiliate of South Korea's leading internet portal operator, Naver Corp., said Thursday it aims for the No. 3 position in the Asian Pacific region by 2023. "We aim to reach the No. 2 position in the country, and No. 3 in Japanese and Southeast Asian markets by 2023," Jang Beom-sik, an official of Naver Cloud, said during an online conference. "We aim to secure the new growth engine by investing 80 percent of our annual sales into technology and human resources." N

LG Electronics Inc. said Thursday the first phase of home appliance manufacturing facility upgrades at its main production base in South Korea has been completed as the company aims to improve productivity with a better automation system. The tech giant said its reconstructed production building at LG Smart Park in Changwon, 400 kilometers south of Seoul, started its initial stage operations.  LG earlier announced it will invest a total of 800 billion won ($683 million) to upgrade its C

Samsung Electronics Co. said Thursday its technology conference will take place online for the first time next month amid the pandemic. The South Korean tech giant said it decided to hold the Samsung Developer Conference (SDC) on Oct. 26. The event was canceled last year due to COVID-19 concerns. The SDC, which started in 2013, is an annual event that brings thousands of developers, content creators and designers to discuss future technologies and services. Samsung has been also unveiling its

D aewoo Shipbuilding & Marine Engineering Co. (DSME) said Thursday it has developed a technology to store carbon dioxide captured in ship engine emissions. The technology developed in cooperation with a local ship part supplier, HI AIR Korea Co., will help ships in operation reduce their carbon dioxide emissions to brace for environment regulations by the International Maritime Organization (IMO), DSME said. The IMO aims to cut carbon dioxide emissions from international shipping by more

SK Innovation Co. said Thursday it has received shareholders' approval to split off its battery unit to focus on new growth drivers. With the approval, the refinery-to-battery subsidiary under South Korea's No. 3 conglomerate, SK Group, will be split into two entities that are respectively in charge of its battery and petrochemical businesses. The new entities will be officially launched Oct. 1. SK Innovation will serve as a holding firm in charge of developing its eco-friendly business port

E-Mart24 Inc., the convenience store arm of South Korean retail giant Shinsegae, said Thursday it will open its fourth store in Malaysia late this month as part of its overseas push. The new outlet, slated to open at the end of this month, will be located in a residential-commercial district in the Malaysian capital of Kuala Lumpur. E-Mart24 opened its third outlet in the Malaysian state of Selangor on Thursday after launching its first store in an office district in Kuala Lumpur in June this

Samsung Electronics Co. said Thursday it has signed a partnership with the Louvre, the renowned art museum in Paris, to expand its art subscription service on TV amid the pandemic-driven stay-at-home trend. Under the deal, those who own Samsung's Frame TV can now see some 40 famous art pieces at the Louvre, including Leonardo Da Vinci's "Mona Lisa," through its Art Store art subscription platform. The Art Store, currently available only on the Frame TV, offers more than 1,500 art p

Volvo Cars Korea, Toyota Motor Korea Co. and three other companies will voluntarily recall some 300 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The companies, which include Audi Volkswagen Korea and Ford Sales & Service Korea, are recalling a combined 302 units in eight kinds of models, the Ministry of Land, Infrastructure and Tr

Hyundai Motor Group said Wednesday it has joined hands with two local partners in Texas to test whether spent-up electric vehicle batteries could be reused as energy storage systems. ESS is a giant battery the size of a container that stores leftover electricity by renewables such as solar and wind power. By September next year, Hyundai Motor, CPS Energy and OCI Solar Power will establish an ESS facility that can store a half-megawatt power, which is enough to power some 100 homes for a day.