Three people were killed in an explosion that occurred at a plant operated by South Korea‘s top steelmaker, POSCO, on Tuesday, fire officials said. 　 　The incident took place at around 4 p.m. with a roaring sound at its plant in Gwangyang, 420 kilometers southwest of Seoul, involving a blaze that was put out in about 20 minutes, according to the officials. 　 　Authorities said the explosion appears to have started near a furnace while workers were handling high-pressure gas, adding t

LS Group has kicked off a new era of management by promoting third-generation successors as CEOs. In the annual reshuffle conducted during a board meeting Tuesday, LS Group promoted Yesco Holdings Vice President Koo Bon-hyuk to president and CEO. LS Mtron Vice President and Chief Operating Officer Koo Bon-kyu was promoted to CEO. “LS Group retained CEOs of major affiliates including LS Cable & System, LS Electric and LS-Nikko Copper for the stability of the organization but appoi

GE said Tuesday it has clinched a deal to supply advanced gas equipment to the Naepo District Heating Plant, a regional heating supply system for the Naepo new town in South Chungcheong Province. GE said that per this deal, it will be equipping the plant with 7HA.02 gas turbine technology, which will provide approximately 500 megawatts to the national grid -- the equivalent output needed to power some 125,000 South Korean homes. It will also provide steam for district heating for more than 100

Vaccines differ in efficacy, distribution methods, affordability

Representatives from the Korean and US governments and industries joined to provide their insights on key factors that Korean companies should consider when investing in the US, at the Doing Business in Korea Seminar 2020, its second iteration, held in Seoul on Tuesday. The seminar was jointly hosted by the American Chamber of Commerce in Korea and the Korea International Trade Association. It also covered the impact of the US presidential election on investment opportunities abroad. In his

Hyundai, Hanwha, LIG Nex1, KAI offer glimpse into unmanned combat technologies at Korea’s biggest land weapons expo

LS Cable & System said Tuesday that it has inked a five-year contract with Danish energy firm Orsted to supply high voltage export cables for offshore wind farms. Though the exact size of the deal is unknown, it is estimated at hundreds of millions of dollars, according to industry sources. LS Cable & System has participated in multiple offshore wind projects with Orsted. Previously, it supplied cables to the world’s largest offshore wind farm, Hornsea One and Two, in England.

Danish energy firm Orsted on Tuesday held a forum to explain how its 1.6-gigawatt offshore wind farm project to be built in the waters off Incheon can contribute to South Korea’s infant offshore wind power industry and the country’s ambitious green targets. At the Orsted 2020 Offshore Wind Industry Promotion Forum held at Conrad Seoul, in Yeouido, western Seoul, Orsted Asia-Pacific President Matthias Bausenwein said that the Incheon offshore wind project will offer massive opport

Posco, South Korea’s leading steelmaker, has been recognized for its environmental activities in a recent journal published by the Boston College Center for Corporate Citizenship, the company said Tuesday. “Posco’s efforts to clean and recover our planet’s oceans, as well as cooperate with steel industry on blue carbon, places it at the forefront in the battle against climate change,” the journal said. The journal illustrated Posco’s Clean Ocean Volunteer

A consortium of two SK Group affiliates will invest 2.1 trillion won ($1.9 billion) in data centers and a startup cluster in South Korea's southwest industrial complex by 2025, the transport ministry said Tuesday. The consortium of SK E&S Co. and SK broadband Co. will invest 2 trillion won to build eight data centers in the Saemangeum industrial complex by 2025, the Ministry of Land, Infrastructure and Transport said in a statement. It said the companies aim to double the number of data ce

Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has developed an artificial intelligence (AI) welding quality monitoring robot for the first time in the shipbuilding industry. The robot inspects the welded parts of ships and offshore plants with a 3-D modeling program and carries out automated welding quality tests using AI technologies, according to Daewoo Shipbuilding. Shipbuilders usually inspect the quality of the welded parts of ships and offshore plants by taking pictu

Korea Shipbuilding & Offshore Engineering Co. said Tuesday it has obtained an approval for the design of a fuel cell-based power system for ships from DNV GL, a Norwegian-German ship quality assurance company. The power system based on the solid oxide fuel cells (SOFCs), energy conversion devices that generate electricity will substitute some part of 3 megawatt power-generating engines to be mounted on A-max oil tankers, Korea Shipbuilding said. The A-Max tankers refer to 85,000 to 125,0

LG Electronics said Tuesday that it will back a project by the International Vaccine Institute to provide free cholera vaccinations for some 40,000 people in Ethiopia for three years starting in 2021. LG Electronics and IVI will also establish a disease monitoring system in the region. “Although COVID-19 has taken attention away from cholera, it still remains a disease that takes away many lives across the globe,” said Jerome Kim, director general of IVI. “Together with LG

Hyundai Heavy Industries Holdings Co. (HHIH) and ready-mixed concrete maker Eugene Group on Tuesday submitted their final bids for a 36 percent stake in Doosan Infracore Co., the largest local construction equipment maker here. In a regulatory filing, the shipbuilder said that it has joined the final bid, with Eugene Group reportedly joining the final bid. But GS Engineering & Construction Corp. and three local private equity funds -- Glenwood PE, MBK Partners and Eastbridge Partners drop

Samsung Electronics Co. remained the world's leading TV vendor in the third quarter of the year, a report showed Tuesday, as it accounted for one-third of the market amid the pandemic. The South Korea tech giant had a all-time high of 33.1 percent market share in the global TV market in the July-September period in terms of revenue, according to data from industry researcher Omdia. Samsung sold $9.3 billion worth of TVs in the third quarter, up 22 percent from a year earlier, the data showed