SK hynix Inc. said Wednesday it swung to a deficit in the fourth quarter due to the global chip market's slowdown amid weak demand and oversupply. The world's second-largest memory chip maker logged an operating loss of 1.7 trillion won ($1.37 billion) for the three months ending in December, compared with a profit of 4.21 trillion won a year ago. It was the South Korean chipmaker's first quarterly operating loss since the third quarter of 2012. Its net loss came to 3.52 trillion

A Galaxy Experience Space at Powell Street, San Francisco is seen Tuesday, one day before Samsung Electronics unveils its latest flagship Galaxy S smartphone lineup in the US city. The tech giant plans to operate a total of 29 interactive experience spaces in key cities on Wednesday to allow visitors to try out its new smartphones and other mobile devices.

Daewoo Engineering & Construction has posted an annual operating profit of 760 billion won ($617 million), an all-time high in the company’s history. Daewoo E&C’s operating profit in 2022 was up 2.9 percent from the previous year’s 738.3 billion won, according to a regulatory filing released Tuesday. Annual sales last year reached 10.4 trillion won, up 20 percent from 8.6 trillion won in 2021. The construction company also reported that its 2022 net profit reached 508 b

Posco Group Chairman Choi Jeong-woo met with Western Australia Premier Mark McGowan on Monday to discuss their cooperation on hydrogen and secondary battery materials businesses, the company said Tuesday. Posco “needs an intimate collaboration with Australia on hydrogen and secondary battery materials sectors,” Choi said during his meeting with McGowan at Posco Center in Gangnam-gu, Seoul. During the meeting, Choi and McGowan shared their development status and business strategies re

Volkswagen Korea will issue a recall of more than 67,000 vehicles and has suspended all new car sales due to faulty warning triangles, a car accessory to warn drivers after emergency stops, a move experts here called an unprecedented precautionary measure after the firm's painful “Dieselgate” back in 2015. The Korean unit of the German carmaker said Tuesday a total of 67,459 vehicles across seven different models will be affected by the recall. The recall schedule has not been

The US State of Georgia said Tuesday SK Battery America, a production subsidiary of South Korean battery giant SK On, has exceeded its hiring goal two years earlier than the initial schedule to fill jobs at its manufacturing facilities for electric vehicle batteries in the city of Commerce, Jackson County. The state government said the company had achieved its goal of 2,600 employees as of the end of 2022, with plans to expand the workforce to some 3,000 this year. Since launching its EV batte

Hyundai Mobis, a car parts maker under Hyundai Motor Group, announced Tuesday that it received a record-breaking $4.7 billion of orders from global automakers last year. This is the company’s greatest feat since it first entered the international automotive parts market in the early 2000s. The company surpassed its initial goal of $3.8 billion by 25 percent and achieved a near-double increase compared to 2021 earnings, which were valued at $2.5 billion. Overseas orders do not include those

Posco International, a subsidiary of steel giant Posco, on Tuesday held a ground-breaking ceremony for its second liquefied natural gas terminal in Gwangyang, South Jeolla Province. The company said the construction will accelerate its vision to become an eco-friendly company by strengthening its energy value chain. The company plans to invest 930 billion won ($757 million) to build two 200,000-kiloliter LNG storage tanks on the site by 2025 to power Posco’s steel mills and other power gen

World's No. 1 memory chipmaker posts 69% plunge in operationg profits in Q4

South Korea's industrial output fell 1.6 percent on-month in December, data showed Tuesday, as the manufacturing sector remained sluggish amid weak exports. Industrial production decreased at the widest margin in 32 months, shifting from a 0.4 percent rebound posted in November, according to the data from Statistics Korea. The output in the mining, manufacturing, gas and electricity industries fell 2.9 percent on-month in December, due to the sluggish performance of the automobile and elect

South Korean battery giant LG Energy Solution’s stocks stood strong on Monday, despite the end of a year-long lock-up period. The company’s shares rose by 0.79 percent to 510,000 won ($415.5) from the last trading day, according to the bourse operator Korea Exchange. The stocks tumbled by 3.16 percent to 490,000 won at one point in the morning but ticked upwards approximately one hour before the closing bell. Foreigners and institutions each bought 29.1 billion won and 15.9 billion w

Kolmar Korea, a cosmetics original design manufacturer, is considering building its second manufacturing facility in the US, a company official said Monday. Olyphant, Pennsylvania, is being discussed as the location for the new manufacturing facility, an official from Kolmar Korea said, but plans about the size or timeline have not been decided. In 2016, Kolmar Korea entered the US market by acquiring Pennsylvania-based cosmetics ODM maker Process Technologies & Packaging. The company has be

In a bid to expedite its foray into the global market and ramp up its sales, South Korean tobacco company KT&G on Monday clinched its first-ever long-term contract with Philip Morris International to supply the global tobacco giant with its products. Under the 15-year sales and purchase agreement, KT&G said it will be supplying PMI with its heat-not-burn cigarette brand "lil" products, along with future e-cigarette products that will be developed in the future. Meanwhile, under

Samsung SDI said Monday it posted record-high earnings in both sales revenue and operating profit last year, largely driven by the surge in sales of value-added battery products. Revenue skyrocketed 48.5 percent to 20.1 trillion won ($16 billion) last year, while its operating profit jumped 9 percent to 1.8 trillion won. It is the first time sales have reached the 20 trillion won mark. Operating profit soared to new heights as well, surpassing the 1 trillion won mark for the second consecutive

LG Innotek said Monday it will ramp up development of its flip chip ball grid array packages, or high-density package substrates to secure a top position in the market. "FC-BGA is a sector LG Innotek can excel in, as the company has been leading the global substrate material market with its unrivaled technology and productivity," said LG Innotek's president and CEO, Jeong Cheol-dong. "We will create differentiated customer value so the company can lead the global FC-BGA marke