Korean steelmakers and petrochemical businesses on Thursday expressed dissatisfaction with the government’s new industry structure improvement plan, claiming that it is unrealistic. The Ministry of Trade, Industry and Energy on Wednesday briefly mentioned its ideas on the ways to improve the business structure of the steel and petrochemical industry upon the analysis reports from two foreign consulting firms. The reports were made upon the industries’ request earlier this year. The concrete plan

The European Union Delegation to Korea on Wednesday stressed the importance of sustainable mobility as part of its efforts to raise awareness on climate change. At a roundtable discussion held during the EU Climate Diplomacy Week, six delegates and experts, including Gerhard Sabathil, the head of the EU Delegation to Korea, shared about green transport policies and the strategies of Europe and Korea, as well as how sustainable transport can contribute to a cut in emissions. “Transport represents

A Korean court has begun considering the sale of near-bankrupt Hanjin Shipping while the government has flatly denied rumors that logistics firm Maersk might attempt to take over two Korean shippers, officials said Wednesday. The Seoul Central District Court said it will review plans with Hanjin officials to sell the ailing company, hinting at the possibility of a merger and acquisition.There have been growing speculations that the court has already decided to sell the company before its value f

Korean oil refiners are likely to hit a record high of 7 trillion won ($6.38 billion) in operating profit, thanks to the rebounding refining margin, industry sources said. The greatest performance in recent years was in 2011 when operating profit of the four companies reached 6.8 trillion won. In the first half of this year, the companies have already reached 70 percent of such record. The rebounding refining margin has contributed to the sales rise, industry sources said. The refining margin ha

Korea’s second-largest oil refiner GS Caltex is speeding up its efforts to boost its global competitiveness with state-of-the-art facilities and aggressive investment in oil refining, petrochemical and lubricant sector. Starting with a daily refining capacity of 60,000 barrels in 1969, the company has expanded its capacity to 785,000 barrels, with a daily production of 279,000 barrels so far.  A GS Caltex employee works for the export shipping. (GS Caltex)It has also raised the aromatics annual

Concerns were growing again Monday over liquidity woes of Daewoo Shipbuilding and Marine Engineering, as the Angolan state-run company is likely to delay the takeover of its drill ships once again. The shipbuilder was planning to deliver the two drill ships to Angola’s state-run oil company Sonangol by this month to receive the remaining contract fee of $1 billion. The initial takeover, which had been scheduled for summer, was postponed to September upon agreement. Sonangol, however, has again d

Hyundai Heavy Industries handed over a liquefied natural gas carrier equipped with a gas treatment system designed by the company to Norwegian firm Knutsen, the company said Monday. Hyundai’s gas treatment system allows the vessel to completely reliquefy evaporated gas and collect it in a storage tank. The independent operation of the two core parts -- a high pressure compressor for evaporated gas and LNG fuel supply equipment -- also ensures the operation of the system in emergency circumstance

Posco Energy has provided financial support for underprivileged children with incurable diseases as part of its regular moves to support those in need, the company said Thursday. The company said it offered 20 million won ($18,100) to Korea Childhood Leukemia Foundation. The fund was raised from monthly donations from employees of 1 percent of their wages.  Posco Energy officials pose for a photo with Korea Childhood Leukemia Foundation officials at the foundation office in Jongno, Seoul, Wednes

Hanjin Shipping still faces a bumpy road ahead, despite Korean Air's decision to provide financial support for the near-bankrupt company. The airliner, the largest shareholder of Hanjin Group, decided late Wednesday to provide 60 billion won ($58.9 million) to the ailing shipper in loans secured by accounts receivable. Hanjin Shipping’s accounts receivable are estimated to be around $200 million, as of the time when the company filed for the court receivership. The final decision came two weeks

The government will jointly develop high capacity secondary cells for electric vehicles with the private sector to boost the local electric car industry, officials said Wednesday.The Ministry of Trade Industry and Energy said it launched a large-scale project with the private sector to develop the high capacity batteries for electric vehicles that allow up to 400 kilometers of travel on a single charge.The participants consist of 230 researchers from 27 private institutions, including conglomera

The cost of electricity for residential use surged last month amid growing public calls for a change to the power bill system, data showed Tuesday. According to Korea Electric Power Corp. and Rep. Yoo Dong-soo of The opposition Minjoo Party of Korea, the total power rate for residential use for last month reached 947 billion won ($845 million). If the power rate of small shops --120 billion won -- is included, the electricity bill exceeds 1 trillion won, hitting a record high. Last month’s power

Korean Air, the largest shareholder of Hanjin Group, appears to be seeking alternative plans to save near-bankrupt Hanjin Shipping in the face of the board’s rejection of injecting $60 billion won ($53.7 million) in the ailing shipper.　During several rounds of emergency meetings held during the Chuseok holiday, Korean Air’s executive board failed to reach an agreement to find $60 billion won for the cash-strapped firm.“Since there are multiple stakeholders, holding the terminal collateral is nea

Local banks decided to issue a refund guarantee for Hyundai Heavy Industries, allowing the company to go ahead with ship-building projects, sources said Sunday. According to the financial sources, seven banks, including the firm’s main creditor KEB Hana Bank, made the decision to issue the refund guarantee for the company by early next month. A refund guarantee is a form of security for purchasers who normally pay for a substantial part of the vessels in advance of delivery. A ship-building cont

The most Korean superrich in terms of stock value were found to live in Yongsan-gu in central Seoul, data showed Sunday. According to corporate information provider Chaebul.com, 19 percent, or 48 of 243, of rich individuals owning over 100 billion won ($88 million) in stocks live in Hannam-dong and Itaewon -- both of which are in Yongsan-gu, Seoul. Among them, 14 were found to possess over 1 trillion won in stocks. Samsung Group Chairman Lee Kun-hee's house in Yongsan, Seoul. (Yonhap)The Itaewon

Partly due to the Hanjin Shipping crisis, South Korea’s exports decreased this month, data showed Monday. According to the Korea Customs Service, the amount of exports fell by 3.6 percent to $13.5 billion from Sept.1-10 on-year. The monthly export amount rebounded in August with a 2.6 percent rise, after 19 months of decline. By types of exported items, telecommunication-related equipment, vehicles, and home electronics plummeted by 21.3 percent, 30.8 percent and 25.7 percent, respectively.By re