South Korean steel giant Posco said Wednesday it has suspended operations of its steel manufacturing plant in the southeastern city of Pohang, Gyeongsang Province, due to flooding caused by Typhoon Hinnamnor that passed by the peninsula Tuesday. It is the first time that operations at the Pohang plant has come to a complete standstill since its establishment in 1973. The suspension comes after storms and heavy rains swept the region, causing power outage at key facilities at the plant, in

Multiple fires were reported at Posco’s steel plant in southeastern city of Pohang, Gyeongsang Province, Tuesday morning, but the company said the picture showing dark smoke surrounding its facilities that went viral online was not due to fire but the release of byproduct gas at the plant caused by a power outage. The outage was due to Typhoon Hinnamnor that was passing by the peninsula earlier in the morning, Posco official said, adding that the company is investigating if the typhoon h

  Hyundai Motor Group Executive Chair Chung Euisun returned from a two week US trip where he sought for measures to deal with the latest US tax credit bill that has scrapped subsidies for foreign-made electric vehicles. But market insiders say there isn't room for businesses to resolve the issue and it is a matter that depends heavily on the government’s strategic approach. According to industry experts quoted in local media on Monday, Chung visited New York, Los Angeles, Boston and G

South Korea’s retail-to-energy conglomerate GS Group said Sunday that it has launched promotional activities to support South Korea’s bid to host the 2030 Busan World Expo. GS Sports, the sports company operating the football team FC Seoul and GS Caltex Seoul Kixx volleyball team, has opened a special fan event Sunday to promote the country’s Busan Expo bid. FC Seoul installed a booth at Seoul World Cup Stadium where visitors can leave supporting comments and look at brochure

  Kiaf Seoul, the country’s largest art fair that kicked off on Friday, has garnered the most-ever attention this year for bringing Seoul’s version of the top 3 global art fair Frieze to Asia for the first time, as well as giving birth to the new art fair Kiaf Plus – a special art show dedicated to digital art and aspiring young artists. South Korean imported car dealer Han Sung Motor is official sponsor of Kiaf Plus, in which 73 galleries from 11 countries with less than

Posco Holdings said Thursday that it has clinched a deal with India’s second-largest renewable energy company Greenko to cooperate in green hydrogen and ammonia production in India, as part of the steelmaker’s push toward eco-friendly energy business. Green hydrogen refers to hydrogen generated by renewable energy or from low-carbon power. It has significantly lower carbon emissions than grey hydrogen, which is produced by steam reforming of natural gas. Green ammonia, a clean fuel

SK ecoplant, the engineering and construction unit under SK Group, said Thursday that it has clinched a $50 million deal to become the largest shareholder of US battery materials recycling firm Ascend Elements. The latest share purchase is part of SK ecoplant’s investments to foray into North American and European markets, according to the company. Established in 2015 in Massachusetts, Ascend Elements is a manufacturer of advanced battery materials using elements reclaimed from discarde

Ian Callum, a British car designer who led design team of Jaguar Land Rover until recently, believes that electric vehicles open up more flexibility for designers. “Many electric cars still have a conventional look currently. But they don’t need to. Again, it is down to the designers to create this difference. Being electric is not a hindrance but an opportunity, as long as the company’s management and directors allow this freedom,” said Callum in an email interview wit

While the pay gap between large conglomerates and small- and medium-sized firms here may have been narrowing during the pandemic years, the disparity appears to have returned to the pre-pandemic level more recently, a report showed Tuesday. According to a report released by the Korea Chamber of Commerce and Industry, the average wage at SMEs with less than 300 employees remained at 60.78 percent that of larger companies with 300 employees or above in 2019. The disparity inched up to 63.29 per

Hyundai Motor Group’s Hyundai, Kia and Genesis received top scores in a major product satisfaction survey, beating out global competitors, according to the US consumer research firm JD Power on Friday.  According to the JD Power’s US Tech Experience Index (TEI), Hyundai Motor Group’s luxury brand Genesis scored 643 points, outpacing Cadillac (584), Mercedes-Benz (539) and Volvo (526), topping the luxury brand list. Genesis has topped the list for two consecutive years.

South Korean steelmaker Posco Holdings said Friday that it has completed construction of a used secondary battery recycling plant in Poland, which will serve as a base for Posco to expand its eco-friendly business to around the world. The Poland Legnica Sourcing Center (PLSC), located in Brzeg Dolny, some 30 kilometers northwest of Warsaw, can annually process 7,000 tons of used batteries and scraps of waste left after battery production. Used batteries shredded to a powdery black mass at the

South Korean carmakers on Thursday said at least 100,000 electric vehicles built here would face disruption in export sales annually under the new US law, which excludes battery-powered vehicles made outside of the US from tax credits. They also urged the South Korean government to revise the current subsidy law and map out temporary measures for local carmakers, such as tax credits.  According to the Korea Automobile Manufacturers Association, of which Hyundai Motor and Kia are members,

South Korea’s resort island of Jeju will launch air routes for Urban Air Mobility (UAM) and drone taxis dedicated to tourists in the island by 2025, as the first municipality in the country to do so. Aimed at offering quick and accessible air mobility in the near future, the routes will connect the island’s popular tourist spots through the coast with quick and accessible air mobility in the near future, an executive who devised the idea told The Korea Herald on Thursday.  Jej

제주특별자치도가 지자체 최초로 관광용 UAM (도심항공교통)을 상용화한다. 정부가 2025년 UAM 상용화 목표를 가시화한 가운데 제주도는 같은해 주요 관광지를 거점으로 해안가를 잇는 UAM 및 드론 택시 하늘길을 구축하겠다는 계획이다. 이렇게 되면 관광객들이 비행기를 타고 제주공항에 내려 바로 UAM을 타고 제주의 주요 관광 명소를 방문하는 것이 가능해 질뿐 만 아니라, 관광지 근처의 드론 택시를 타고 다른 지점으로 환승 이동 할수 있게 된다. 코리아헤럴드가 확보한 문건에 따르면, 확정된 제주도의 관광용 UAM 하늘길 루트는 총 3가지로, 제주국제공항과 제주 서쪽에 위치한 모슬포를 잇고, 모슬포에서 섬 남단 끝자락에 있는 가파도와 마라도를 연결하며 동쪽 성산일출봉 일대 해안가를 따라 이동하는 루트로 구성됐다. 특히 많은 관광객들의 동선이 겹치는 대형 호텔 및 리조트 부근에 버티포트를 세워 거점으로 활용하겠다는 구체적인 방안도 제시되어 있다.  제주 드론용 루트는

Hyundai Motor Group Executive Chair Chung Euisun made an emergency trip to the US on Tuesday to seek ways to deal with the latest US tax credit bill that has scrapped subsidies for foreign-made electric vehicles. Amid looming concerns that the bill may jeopardize the carmaker’s EV strategy, Chung left for Washington, D.C., with Hyundai Motor President Gong Young-woon who is in charge of public relations, media outlets reported Wednesday, quoting unnamed sources. They plan to meet high-ra

South Korean aircraft engine manufacturer Hanwha Aerospace established a $165 million supply deal with British air taxi developer Vertical Aerospace last month, according to a regulatory filing released on Tuesday. Under the deal, which follows a development agreement announced in July, Hanwha Aerospace is set to exclusively supply three types of electromechanical actuators to Vertical for its VX4 air taxi from 2025 to 2035. The four-seater VX4 is currently under development for commercializat

Hyundai Motor received 37,446 EV preorders for its Ioniq 6 on the first day of presales, the highest day one preorder sales figure in the company‘s history. The carmaker said the number is far higher than Ioniq 5’s first-day preorders number of 23,760 units set last year. “Ioniq 6’s innovative interior and exterior design, along with the industry’s top-level traveling distance and driving performance incorporated with latest technology appear to have attracted po

The South Korean government will review launching a complaint to the World Trade Organization over a new US bill regarding tax credits that immediately scrapped subsidies for electric vehicles made outside the US, South Korean Industry Minister Lee Chang-yang said Monday. Last week, US President Joe Biden signed the $430 billion Inflation Reduction Act, which would allow up to $7,500 of tax credits for “Made in US” EVs only, as part of the scheme to lift the portion of eco-friendly

Posco International, a trading firm under Posco Group, said Monday that it has sponsored performances of the South Korean opera “Chunhyang-jeon” in Uzbekistan, as part of the company’s effort to support Busan’s World Expo 2030 bid. According to the company, the Korean opera was staged at Bolshoi Theater in Tashkent, Sunday, to mark 30 years of diplomatic ties between South Korea and Uzbekistan. Posco International sponsored the performance in collaboration with Busan Me

Lotte Group Chairman Shin Dong-bin will visit Vietnam next month on his first overseas trip after a presidential pardon granted last week lifted a legal hurdle that had limited his business activities in recent years.  According to the group, Shin will attend the groundbreaking ceremony for Lotte E&C’s construction of Eco Smart City complex in Thu Thiem, Ho Chi Minh, on Sept. 2. Some $900 million have been invested into the construction of the 60-story building on a 680,000-squa