my timesThe Korea Times
ksw

Kang Seung-woo

Korea Times Business Reporter

Kang Seung-woo is the Business Desk editor at The Korea Times. Prior to this position, he covered politics, national affairs, finance and sports.

Go to Email

Read more

Companies

POSCO breaks ground on new FINEX steel plant

By Kang Seung-woo POHANG — Korean steel giant POSCO Tuesday broke ground on a new 1.3 trillion won (about $1.2 billion) plant in the southeastern city of Pohang. The facility will be the company’s third plant to employ its own FINEX technology, touted as more environmentally friendly and cost effective than conventional steelmaking methods. The newest plant, which will be completed by July 2013, will have an annual production capacity of 2 million tons, which would elevate POSCO’s FINEX output capacity to 4.1 million tons or 25 percent of its total crude steel capacity that year. “FINEX technology is an innovation that opens the next generation for iron-making, enabling steelmakers to use low-grade coal fines that account for about 80 percent of the world’s iron ore deposits. The eco-friendly process will also dramatically reduce pollution from the production process,” POSCO Chairman Chung Joon-yang said at the dedication ceremony attended by company executives and government officials including Prime Minister Kim Hwang-sik. “The third FINEX plant will cement

Jun 28, 2011By Kang Seung-woo
Companies

POSCOs innovative modus operandi on full display

By Kang Seung-woo Since assuming office in March 2009, POSCO Chairman Chung Joon-yang has pushed to create an employee-friendly environment to fully harness their ability in the rapidly changing business landscape. As part of his efforts, the steel company has introduced a new work schedule and opened a rest area, while seeking to offer mobile and smart offices. POSCO has officially put in place a four-team, two-shift schedule for 16 teams and factories since Jan. 1 this year to the approval of the majority of its employees. The scheme began its six-month test run from July to December 2010 at several sites including the sister factory at Pohang Steelworks and the steelmaking factory 1 at Gwangyang Steelworks. More than 75.2 percent of employees from those places voted for the transition to the new modus operandi. The four-team two-shift schedule is operated with two of the four teams working 12 hour shifts each day, with the remainder resting, leading to 191 days off in comparison with 103 days under the previous four-team three-shift one. POSCO expects this new

Jun 28, 2011By Kang Seung-woo
Companies

CJ to vie with POSCO for Korea Express

By Kang Seung-woo CJ Group, along with POSCO, submitted a final bid to buy a 37.6 percent stake in Korea Express Monday despite speculation that it may quit on the deal. However, Lotte Group, which also offered a letter of intent to take over the nation’s largest logistics firm in March, pulled out of the bidding at the last minute. Creditors led by the Korea Development Bank (KDB) intend to name the preferred bidder within three days, which puts the sale on track for completion in late August or early September. Until Monday morning, CJ, a food and entertainment conglomerate, had not decided on whether to participate after its

Jun 27, 2011By Kang Seung-woo
Companies

GS Caltex shifting main focus to green energy

By Kang Seung-woo GS Caltex, the nation’s second largest oil refiner, had a storybook year in 2010 after rolling up gaudy numbers in its balance sheet thanks to soaring crude prices. And it has stretched its stellar performance to this year with its best quarterly record in the first three months of 2011. However, the company, the flagship unit of GS Group, is making efforts to accelerate the development of new growth engines in fuel cells, plasma-based waste recycling and thin-film batteries under the direct control of its Chairman Hur Dong-soo to stay in line with Seoul’s drive for low-carbon and green growth policy. GS Caltex tallied 33.40 trillion won ($30.96 billion) in sales last year, up 71.1 percent from a year ago, while its operating profit and net income reached 1.46 trillion won and 716.1 billion won, respectively. In the first quarter of this year, its sales posted a record 11.5 trillion won, with 827 billion won in operating profit and 618.3 billion won in net earnings. GS Caltex, founded in 1967 as the first private oil company in Korea, began its fuel c

Jun 27, 2011By Kang Seung-woo
Companies

Credit defaults to arm household debt bomb

By Kang Seung-woo Another wake-up call illustrating the nation’s worsening household debt is ringing as a record number of personal insolvencies puts the Korean economy under strain. Observers forecast that the figure can worsen when the government goes all out against growing household indebtedness later this month, which is likely to brutally squeeze debtors. According to the Credit Counseling and Recovery Service (CCRS), a non-profit corporation tasked to support debtors in financial difficulty, the number of applicants for its individual debt-restructuring program surpassed 1 million as of June 15. The debt adjustment programs are structured to help people refinance outstanding debt that they cannot pay back on time, and to offer emergency living support funds. The individual bankruptcy rescue package was launched in October 2002 and the number of applicants reached around some 350,000 in 2004 due to a credit card crisis which led to more than 3 million people becoming defaulters. Since then, the figure has been steadily on the increase. However, during the

Jun 24, 2011By Kang Seung-woo
Companies

Banks lending to be restricted

By Kang Seung-woo Korea will come up with tighter lending regulations on banks to try and rein in household debt, the head of the nation’s financial watchdog said Thursday. “The financial watchdog will seek to stem excessive growth of household debt and make efforts to amend its structure to soften the impacts of rate hikes,” Financial Supervisory Service (FSS) Governor Kwon Hyouk-se said in a forum held at the National Assembly. His remarks came after the country’s household debt hit a record 801.4 trillion won as of the end of the first quarter, with debt per household reaching 46.11 million won, up 7.7 million won from three years ago. In addition, households' capacity to repay debt worsened during the same period as debt increases outpaced the growth of gross national disposable income in the past 10 years, with the amount owed averaging an annual 10 percent increase, compared with the latter’s 5 percent. As part of supervising the soundness of financial institutions, Kwon said the FSS will closely monitor lending practices and tighten control on the loan-to-deposi

Jun 23, 2011By Kang Seung-woo
Companies

POSCO gains Russian footing

By Kang Seung-woo POSCO has signed a memorandum of agreement (MOA) with Mechel OAO, a leading Russian mining and metals firm, to develop energy resources and build industrial infrastructure, the steelmaker said Wednesday. According to the MOA, the two sides will work together to set up stainless steel plants, while erecting support facilities at the Elga coalfield in Siberia with an estimated deposit of 2.2 billion tons. POSCO expects the cooperation in natural resource development including coal will contribute to the world’s third-largest steel producer multiplying its suppliers of raw materials. Currently, POSCO heavily depends on Canada and Australia. “The deal merges POSCO’s know-how in the steelmaking and construction sectors with Mechel’s expertise in resource development. Such an arrangement can benefit all sides,” said POSCO Chairman Chung Joon-yang. The Elga coalfield located in the Sakha Republic of eastern Russia is renowned for its high-quality coal, but inclement weather conditions in the winter season have made it difficult to develop. POSCO said t

Jun 23, 2011By Kang Seung-woo
Companies

Preferred bidder for Korea Express to be selected

By Kang Seung-woo Creditors of Korea Express are likely to pick the preferred bidder next week to acquire the nation’s largest logistics firm in their efforts to wrap up the delayed deal as early as August. According to the industry on Wednesday, creditors led by Korea Development Bank (KDB) concluded that they will end the bidding Monday and notified the three preliminary bidders ― POSCO, CJ Group and Lotte Group. They intend to name the preferred bidder within three days, which puts the sale on track for completion in late August or early September. The KDB is seeking to sell the 37.6 percent stake in the courier goliath held by financially troubled Kumho Asiana Group’s two main subsidiaries ― Daewoo Engineering and Construction (E&C) and Asiana Airlines ― to finish restructuring the group. Daewoo owns 18.62 percent of the logistics firm, while Asiana holds an 18.98 percent interest. Originally, KDB planned to finish the bidding by May 13 after allowing the three prospective buyers one-month of due diligence on Korea Express on its way to pick a preferred bidder by

Jun 22, 2011By Kang Seung-woo
Companies

Researchers receive annual Kyobo awards

By Kang Seung-woo Georgia State University professor Robert Klein and a three-member team, led by Mary Kelly, a professor of Wilfrid Laurier University, received the Shin Research Award for Excellence at the annual International Insurance Society (IIS) meeting in Toronto, Kyobo Life Insurance said Tuesday. The annual award, which is endowed by Kyobo Life, is one of the biggest prizes for insurance researchers around the world. The award was created in 1997 to honor the contribution of Shin Yong-ho, the founder of Kyobo Life Insurance, to the global insurance industry. It is the only one presented under the name of a Korean. Klein was honored for his paper “Principles for Insurance Regulation: An Evaluation of Current Practices and Potential Reforms,” while the Canadian team was awarded for “Structure, Principles and Effectiveness of Insurance Regulation in the 21st Century: Insights from Canada.” The IIS is the largest organization of its kind in the insurance industry and it is a non-profit organization of almost 1000 insurance executives globally. Korea is sc

Jun 21, 2011By Kang Seung-woo
Companies

Chung faces the music

Hyundai Capital CEO to be penalized for data debacle By Kang Seung-woo Hyundai Capital and its chief executive Chung Tae-young are likely to face disciplinary action from the Financial Supervisory Service (FSS) for the firm’s ineptitude in protecting its data from hackers. With the capital firm likely to receive an institutional disciplinary warning for exposing the personal information of some 1.75 million people, the FSS is deciding on punitive measures against Chung which could range from a disciplinary warning to suspension from duty. The nation’s financial watchdog, which recently wrapped up its special inspection of Hyundai Capital, is expected to hold a disciplinary committee meeting in July and finalize the penalties by August. Speculation on the punishment came after the company’s website was attacked between March 6 and April 7 and the personal information of around 1.75 million customers was breached by hackers who planted a malicious program there. Hyundai Capital, an affiliate of automotive giant Hyundai Motor and the largest lender in the country’s sec

Jun 21, 2011By Kang Seung-woo
previous page
249250251252253
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.