South Korean steelmaker Posco Group Chairman Choi Jung-woo has been elected to lead the world’s largest steelmakers’ association, the company said Wednesday. At the association’s general meeting held Tuesday in Brussels, Choi became its 44th chairman, and India’s Jindal Steel Works Chairman Sajjan Jindal and US’ Nucor CEO Leon Topalian will support Choi as vice chairmen. Choi's one-year term began Tuesday. He had served as vice chairman for a full year . Choi h

Recently, the country’s service sector has increasingly adopted robots -- from simple coffee making to using robotic systems for dental implant surgery, even opticians use robots for 3D scanning and making personalized glasses frames. In the near future, these machines will be applied to various sectors beyond the manufacturing and service industries, according to Rainbow Robotics CEO Lee Jung-ho, who spoke at The Korea Herald Biz Forum held at Four Seasons Hotel, Wednesday. Showcasing t

South Korean auto parts and mobility solutions provider Hyundai Mobis said Tuesday that it has begun mass-producing chassis modules for Mercedes-Benz electric vehicles, adding another global automaker to its client list. Mobis begun manufacturing its chassis module, a core automotive part that controls a vehicle’s stability while driving, from the third quarter at a newly established plant dedicated for Mercedes cars in Alabama in the US. A total of four electrified SUVs by the German ca

South Korean automaker Hyundai Motor and its sister company Kia are expected to see continued record-high sales and profits in the third quarter, despite a market downturn and the impact of the industry’s low season. According to market data on Sunday, Hyundai Motor is expected to announce around 36 trillion won ($25 billion) in sales in the July-September period, about a 25 percent increase on-year. Its quarterly operating profit would surpass 3 trillion won for the first time, jumping 10

  South Korean food conglomerate SPC Group said Sunday that it has opened its first Paris Baguette store in the UK, with an aim to run 20 bakery cafe franchises there by 2025 to expand the brand's presence in Europe. The UK is SPC’s ninth overseas market and the second European country it has entered. “The UK is an important market for us to expand business in Europe and launch more franchises there, ultimately making it one of four pillars for our brand growth globally after th

  Like many global firms, South Korean robot maker Rainbow Robotics was established in 2011 at a research laboratory. Starting out as a robot platform company founded by a group of researchers from the Humanoid Robot Research Center at the Korea Advanced Institute of Science and Technology, the company now boasts a versatile lineup of collaborative robots, which are built to work hand-in-hand with employees at work. Such robots focus more on repetitive tasks, such as inspecting and picking

For decades, Hyundai Motor and Kia, two brands under South Korean automotive empire Hyundai Motor Group, had long been perceived as manufacturers of low-end, entry-level vehicles. The global awareness of the Korean car brands, however, has changed in recent years with many projecting them today as mobility innovators and a reliable sources of quality. At the center of such significant change is Chung Euisun, third-generation chaebol scion and the son of former chairman Chung Mong-koo, who begin

Posco Holdings, the holding firm of steelmaking conglomerate Posco Group, on Tuesday announced a 1.5 trillion won ($1 billion) investment plan to speed up its lithium production both in Argentina and South Korea. The company said it had planned to make the investment next year but decided to advance the timeline in order to meet the growing demand for lithium, a key material for electric vehicle batteries. With the new investment, the company plans to break ground for a lithium carbonate plant i

Energy-to-construction conglomerate GS Group said Thursday it has signed an agreement with South Korea's top steel maker Posco to establish a joint venture for battery recycling business to create synergy in the rapidly expanding industry. Named Posco-GS Eco Materials, the joint venture will be 51 percent owned by Posco Holdings and 49 percent owned by GS Energy. It will be established within this year. Posco and GS said they saw new business opportunity amid shifting industry ecosystem and

  Half a year has passed since Hyundai Motor Group suspended operations of its Russian plant over global logistics issues, without a clear vision for a breakthrough while global competitors have already exited the market. But market experts say Hyundai simply leaving Russia is not an answer, due to massive investment and significant market share. According to a report recently released by Hyundai Motor Group, Hyundai Motor Manufacturing Russia shipped zero cars in August, as opposed to the

South Korea’s defense exports are expected to reach $20 billion this year, bringing it a step closer to becoming the world’s fourth-largest defense exporter, according to an industry report Wednesday. But at the same time, calls are growing to strengthen defense cybersecurity amid surging hacking attacks in recent years. The country's defense exports have already reached $10 billion this year, surpassing last year’s annual exports of $7 billion, according to the Korea Institut

Hyundai Motor Group’s electric vehicle sales in the United States dropped significantly last month after a new US act that excludes tax benefits on vehicles produced outside of the US took effect, data showed on Tuesday. Hyundai Motor America sold a total of 1,306 Ioniq 5 units in September, far less than the 2,853 units of the EV model sold in June, 1,978 in July and 1,517 in August. Its sister company Kia’s sales of its flagship model EV6 also dropped to 1,440 units last month fr

US electric vehicle maker Tesla plans to develop its own vehicle diagnosis system for the first time and apply it to all Tesla models sold in South Korea from October next year, instead of going through mandatory safety checks conducted by the local authority, drawing concerns among the public as Tesla could hide fatal technical glitches on purpose. According to Korea Transportation Safety Authority data obtained by Rep. Park Sang-hyuk from Democratic Party of Korea on Monday, Tesla plans to a

South Korean auto parts and mobility solution maker Hyundai Mobis said Monday that it has developed a 5G-based communication module for cars, a core part for autonomous driving and connected car systems that enables real-time, large-volume data processing. According to Mobis, the new module combines communication and memory functions, as well as a radio frequency circuit and GPS, based on ultra-high speed, ultra-low latency and hyper connectivity technology. The company will apply this 5G comm

  Hyundai Motor Group will supply 1,700 hydrogen fuel-cell cars to Jeju Island by 2030 as part of joint efforts to build a green hydrogen ecosystem in the country's resort island. A large green hydrogen production facility is planned to be built in Jeju by 2026. This would enable operations of hydrogen-powered vehicles on the island, according to the company, adding that it is working with Trade Ministry, Jeju Special Self-Governing Province, and Korea Southern Power Co. Currently, Jeju has