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Reporter : Park Jae-hyuk
Wed, February 1, 2023 | 22:21
SK hynix reaffirms 50% cut in investments after $1.4 billion loss in Q4 2022
SK hynix suffered its first quarterly operating loss in 10 years, reiterating that the size of its annual investment will be halved this year compared to last year. During Wednesday's conference call on its fourth-quarter earnings, the chipmaker attributed its performance to falling global memory chip demand and declining product prices leading to its quarterly operating loss...
LG Chem's operating profit down 40% due to sluggish petrochemical biz
LG Chem said Tuesday that its 2022 revenue surged 21.8 percent year-on-year to a record 51.9 trillion won ($42 billion) while operating profit plunged 40.4 percent to 3 trillion won.
Battery materials makers seek to continue solid growth in 2023
Korea's leading battery material producers are ramping up efforts to overcome their disappointing earnings during the fourth quarter of last year, so that they can continue their solid growth this year, capitalizing on the growth of the global electric vehicle (EV) market, according to industry officials, Tuesday.
POSCO Group boosts ties with Western Australia
POSCO Group Chairman Choi Jeong-woo, fourth from right, talks with Western Australia Premier Mark McGowan, fourth from left, at POSCO Center in Seoul, Monday. After seeing POSCO Group's exhibition on its hydrogen value chain, they discussed ways for the Korean conglomerate and the Australian state to strengthen their partnership in renewable energy and rechargeable battery ma...
Samsung SDI hints at another joint venture with US carmaker
Samsung SDI indicated its intention to set up another joint venture with a U.S. carmaker to expand its presence in the rapidly growing North American electric vehicle (EV) market. In response to a question about its joint venture plan in the U.S. market following one it founded in collaboration with Stellantis, the Korean EV battery maker said it is in talks with its multiple...
Kolon honorary chairman tasked with finding next FKI chief
Kolon Group Honorary Chairman Lee Woong-yeul was appointed to lead a committee to recommend candidates for the next Federation of Korean Industries (FKI) chairman, according to the business lobby group, Monday. The FKI said Lee was given plenary authority to supervise the recommendation process.
More Korean manufacturers enjoy Georgia's hospitality
The U.S. state of Georgia has emerged as one of the most preferable destinations for Korean manufacturers, as the southeastern state has not only offered handsome tax incentives but also paid respect to Korean culture. Earlier this month, several seminars were held in the state's Bryan County for its locals to welcome the family members of hundreds of Koreans who will be empl...
LGES to capitalize on US IRA, Tesla partnership to continue record earnings
LG Energy Solution (LGES) hopes to benefit from the U.S. Inflation Reduction Act (IRA) and sales of cylindrical batteries to Tesla, as the rechargeable battery maker aims to achieve stellar earnings again this year by increasing investments, particularly in North America. Announcing a 43 percent year-on-year increase in annual sales to a record 25.6 trillion won ($21 billion)...
SK E&S retains gov't support for Barossa gas project in Australia
The Korea Trade Insurance Corp. (K-Sure) decided recently to continue guaranteeing 400 billion won ($325 million) worth of financial support for a drilling project at Barossa offshore gas field in Australia, reducing uncertainties surrounding SK E&S that has participated in the project with Australia's Santos and Japan's JERA. The state-run financial institution's latest deci...
Hyundai Motor unveils plan to focus on EVs after posting record earnings
Hyundai Motor on Thursday unveiled its plan to focus more on selling electric vehicles (EVs) in the global market this year, after posting record annual sales and operating profit in 2022. The carmaker also emphasized that it has braced for the U.S. Inflation Reduction Act (IRA), in order to dismiss concerns that the new law may have a negative impact on its business there.
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