Posco Chairman Choi Jeong-woo has been chosen to lead the executive board of directors for the World Steel Association, the South Korean steelmaker said Thursday. Choi, who is a member of the association’s executive committee, was appointed to lead the entity along with two other board members, during the annual conference held online on Wednesday, Posco said. The World Steel Association is one of the largest industry associations in the world, representing global steel producers, natio

Private and public stakeholders in the development of self-driving cars have established the Korea Autonomous Industry Association on Wednesday in order to better prepare for the coming new mobility era. Some 30 government officials and company executives attended the launching ceremony held in Yeouido, Seoul, including Park Jin-kyu, the vice minister for industry, and Hwang Seong-kyu, the vice minister for transport. Aside from private firms, two state-run organizations -- the Korea Automot

Hyundai Motor is to open a self-driving technology test bed at its R&D Center to speed up development, the automaker said Tuesday. Hyundai Motor, South Korea’s biggest carmaker, said it has been setting up the infrastructure needed for researchers to try out different autonomous driving technologies at its Namyang R&D Center. Located in Hwaseong, Gyeonggi Province, the Namyang center is the main research institute for Hyundai Motor Group’s automotive affiliates, Hyundai an

Lee Jae-myung, the ruling Democratic Party’s standard bearer in next year’s presidential election, is hoping to establish several new taxes, which would support his basic income plan. And as much as his universal benefit policy would weigh on the country’s fiscal management –- a minimum 1 million won ($890) subsidy to every individual each year -- the liberal politician is talking trillions of won in new tax revenues. A key measures that the Gyeonggi Province governo

South Korea’s business leaders on Monday asked political parties to put the economy on the front burner of the presidential election in March, delivering a list of economic agenda that need to be addressed by presidential candidates. The 73 board members of the Korea Chamber of Commerce and Industry, Korea’s largest private economic organization, said the letter outlined three propositions, 10 agenda items, five reform tasks and 70 action plans for political groups to consider in t

South Korean President Moon Jae-in reiterated the country’s commitment to the hydrogen economy, while meeting government and industry officials Thursday. Attending a briefing session on the progress of the country’s hydrogen programs, he also encouraged chiefs of major conglomerates, including Hyundai Motor Group and SK Group, in attendance to continue their effort for building a hydrogen ecosystem. “A hydrogen economy is one of the core areas the government is working on f

Hyundai Motor’s little mini SUV, the Casper, is here, creating a buzz in the A-segment market, where the competition has long been dull. This new Casper is Hyundai’s first A-segment release in 19 years, and already it’s received record preorders. Even the president lined up to buy one. The Casper is slightly more expensive than its rivals the Chevrolet Spark and the Kia Ray, but there’s a reason for that. It comes with advanced driver assistance functions that are of

To respond to the growing pressure to meet net-zero pledges, steelmakers around the world must work together to find ways to decarbonize steelmaking, mostly likely with the use of hydrogen, the chief of South Korea’s top steel manufacturer said Wednesday. Hosting the Hydrogen Iron & Steel Making Forum 2021, the world’s first international forum on hydrogen steelmaking, Posco Chairman Choi Jeong-woo highlighted the need for urgent, concerted action as an industry and an open pla

Japan’s export restrictions on three key industrial materials critical for South Korea’s chip and display industries has had little impact against the target materials, but worsened overall trade between the two countries, a major business representation group here said Tuesday. Releasing an analysis, the Federation of Korean Industries urged Japan and its new Prime Minister Fumio Kishida to lift the export restrictions the country imposed against Korea in July 2019. According t

DUBAI, United Arab Emirates -- The Korea Pavilion at the pandemic-delayed Expo 2020 Dubai finally opened Friday, taking visitors on a journey of the present and future of Korea. The fifth-largest exhibition site at the fair, which was the world’s largest event since the global virus crisis, the Korea exhibit dazzled visitors with 1,597 colorful, rotating cubes mounted outside the building in what is meant to represent the dynamism of its culture and people. Inside, a plethora of advance

Global steelmakers will come together to find ways to decarbonize steelmaking in a forum organized by Posco, the South Korean steel giant said Wednesday. The Hydrogen Iron & Steel Making Forum 2021, set to take place from Oct. 6-8 on both offline and online channels, is expected to provide a platform for industrywide discussion for major players around the world to join the global movement to reduce carbon emissions. “Hydrogen-based steel production technology is yet to be realize

South Korea has long been in love with large luxury cars. Compact cars, despite their practicality and suitability for city traffic, are regarded as only for rookies, or those with thin wallets. But that’s before Casper. Hyundai Motor’s first A-segment release in 19 years, the mini sport utility vehicle has President Moon Jae-in, among others, signed up for preorders. It is creating buzz unseen for many years in the compact car segment for its unique, toy-like design and funct

A new law aimed at improving safety and protection for employees from industrial accidents by punishing those responsible has been endorsed by the Cabinet on Tuesday, despite criticisms from both employer and employee groups. President Moon Jae-in and his Cabinet members approved the enforcement decree for the so-called workplace disaster law, paving the way for its effectuation in January. The law itself passed the National Assembly in January. It seeks to enhance safety management by incre

In this time of escalating rivalry for technology hegemony, it is crucial for countries to stake claims on advanced technologies in core industries in order to survive the patent war, South Korea’s intellectual property agency chief said Monday. As for South Korea, the country should work on improving research and development productivity, and also utilize big data analytics for patent protection, Kim Yong-rae, commissioner of the Korean Intellectual Property Office, said in an interview

Technology is advancing at a dizzying speed, bringing future mobility closer to us. Scenes of driverless vehicles cruising down smart roads and up in the skies no longer sound like science fiction. Against such a backdrop, the idea of design should go beyond just making products look good. It should also be about planning the experience of users, says Kwon Young-jin, who leads Hyundai Motor Group’s Zer01ne Playground, an open innovation platform. “Hyundai Motor Group seeks to rep

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

Hyundai Motor Group has begun test operating a robot to inspect safety at its automotive plant, in collaboration with robotics startup Boston Dynamics, the group said Friday. Hyundai Motor Group, which operates two leading automotive companies Hyundai Motor and Kia, said it has deployed Spot, Boston Dynamics’ quadruped robot, to inspect safety at Kia AutoLand Gwangmyeong, Kia’s automotive plant facility in Gyeonggi Province. It is the first joint project between Hyundai and Bosto

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

Genesis will implement face recognition technology on its GV60, the brand’s first electric sport utility vehicle planned, Hyundai Motor, the firm behind the automobile brand, said Thursday. According to the automaker, the new technology dubbed Face Connect will allow drivers to control a car -- opening the door and starting the car -- using their biometric data instead of a smart key. This would allow the driver to close the car with the smart key inside, or not need to carry keys at a

From the lighting down to the sparkling floor that resembles the asphalt of a racing circuit, AMG Seoul is all about the heart-racing experience it offers high-performance car enthusiasts.  Korea's first AMG Brand Center -- a special dealership store for Mercedes-AMG vehicles -- opened Aug. 5, presenting some of the German automaker’s most distinctive high-performance vehicles. The center, located in Seoul’s Gangnam area, is the brand’s sixth dealership store in the wo