Korea Zinc shares tumble 30% after announcing new share sale plan

SEOUL, October 30 (AJP) - Shares in Korea Zinc fell nearly 30 percent Wednesday after the world's largest zinc smelter announced plans to issue new shares worth 2.5 trillion won ($1.81 billion). The announcement came as the company, backed by U.S. investment firm Bain Capital, strives to fend off a takeover bid from its largest shareholder, Young Poong, and MBK Partners. The company's board approved the issuance of 3.73 million new common shares at 670,000 won per share,

October 30, 2024

Samsung SDI reports 72% profit drop in Q3

SEOUL, October 30 (AJP) - Samsung SDI Co., one of South Korea's major electric vehicle (EV) battery manufacturers, revealed on Wednesday a 72.1 percent drop in third-quarter operating profit to 129.9 billion won (US$93.8 million). Revenue fell by 29.8 percent to 3.94 trillion won in the July-September quarter. Although battery supply to its North American partner facilities increased, its flagship battery division saw operating profit plunge 85 percent from a year earlier to

October 30, 2024

Shinsegae to split into two separate groups; heiress named department store chair

SEOUL, Oct. 30 (AJP) — South Korea's Shinsegae Group announced Wednesday it will split into two separate groups, each centered on Shinsegae Department Store and the E-mart discount store. The retail conglomerate promoted Chung Yoo-kyung, president of the department store, to chairwoman to head the new Shinsegae-led group. Her brother Chung Yong-jin, chairman of Shinsegae Group, will oversee operations centered on E-mart, the group said. The split completes a succes

October 30, 2024

POSCO, JSW Group to build steel mill in eastern India

SEOUL, October 29 (AJP) - South Korea's POSCO Group said Tuesday it will partner with India's largest steelmaker JSW Group to build an integrated steel mill in eastern India. The companies signed a memorandum of understanding Oct. 21 in Mumbai to construct a facility with an annual capacity of 5 million tons in Odisha state and pursue cooperation in battery materials and renewable energy projects. The agreement, signed by POSCO Chairman Choi Jeong-woo and JSW Chairman Saj

October 29, 2024

Network equipment failure causes nationwide online transit payment disruption

SEOUL, October 28 (AJP) - LG CNS, South Korea's major IT service provider, confirmed Monday a network equipment failure at its data center in Bupyeong, west of Seoul, triggered a nationwide outage of the T-money transit payment system over the weekend. The disruption, which lasted about 90 minutes on Sunday afternoon, left passengers unable to purchase bus tickets at terminals and pay on the T-money mobile app across the country. "We identified the system error at 1:06 p

October 28, 2024

Young Poong calls for extraordinary shareholders' meeting amid Korea Zinc control battle

SEOUL, October 28 (AJP) - Young Poong, the largest shareholder of Korea Zinc, and MBK Partners requested on Monday to hold an extraordinary shareholders' meeting amid a battle for management control over the world's largest zinc smelter. The two companies said they sent a document to the Korea Zinc board calling for the meeting to discuss the appointment of 12 outside directors and two non-executive directors, as well as the introduction of a new management system. Earlie

October 28, 2024

Korea Zinc, Bain acquire 11.26% of company shares amid battle over control

SEOUL, October 28 (AJP) - Korea Zinc and U.S. investment firm Bain Capital have acquired a combined 11.26 percent of company shares through a tender offer in a battle over control of the world's largest smelter. In a regulatory filing Monday, Korea Zinc announced that it had secured 9.85 percent through a buyback program that closed on Wednesday, while Bain Capital acquired 1.41 percent. Korea Zinc Chairman Choi Yun-beom and Bain Capital aimed to acquire up to 17.5 percent an

October 28, 2024

LG Electronics heat pump to win innovation award at US expo

SEOUL, October 25 (AJP) - LG Electronics announced Friday its residential heat pump system was selected as the winner of an innovation award to be presented at the 2025 AHR Expo, North America's largest heating, ventilation and air conditioning convention. The heat pump system, which maintains 100 percent heating performance in temperatures as low as minus 25 degrees Celsius, was recognized by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE)

October 25, 2024

Hyundai Mobis posts 31.6% jump in Q3 operating profit

SEOUL, October 25 (AJP) - South Korean auto parts maker Hyundai Mobis Co. reported on Friday that its operating profit increased by 31.6 percent year-on-year to 908.6 billion won ($669.5 million) in the third quarter, driven by high-margin core component sales and cost reduction measures. Revenue fell by 1.6 percent to 14 trillion won, with the module and core parts manufacturing division experiencing a 4.5 percent decline to 10.94 trillion won, impacted by the slowdown in EV demand

October 25, 2024