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Search resuls for: "POSCO"


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☆ South Korea, Saudi to boost ties on energy, defence; $30 bln in deals signed
  + stars: | 2022-11-17 | by ( Joyce Lee Soo-Hyang Choi | Joyce Lee | Soo-Hyang Choi | ) www.reuters.com   time to read: +4 min
SEOUL, Nov 17 (Reuters) - South Korean and Saudi Arabian leaders pledged stronger ties on Thursday in the fields of energy, defence industry and building projects, as the oil-rich kingdom signed investment agreements worth $30 billion with South Korean companies. "In particular, he said he would like to drastically strengthen cooperation with South Korea in the areas of defence industry, infrastructure and construction," Yoon's office said. Saudi-based Asharq TV quoted the kingdom's investment minister as saying deals signed on Thursday were worth $30 billion. "The (South Korean) government will actively support the successful implementation of cooperative projects which apply Korea's state-of-the-art architecture ... in NEOM," said South Korea's trade minister, Lee Chang-yang. Shares in Lotte Fine Chemical (004000.KS), which signed an agreement for chemical industry cooperation with the Saudi Ministry of Investment, rose 2.1%.
☆ S.Korea's POSCO Holdings sees steel demand remaining weak; Q3 profit tumbles
  + stars: | 2022-10-24 | by ( Joyce Lee | Heekyong Yang | ) www.reuters.com   time to read: +2 min
SEOUL (Reuters) -South Korea’s POSCO Holdings on Monday forecast weak steel demand would persist into the first half of next year after a price slump and a production halt at its second-biggest plant led to a 71% fall in third-quarter operating profit. FILE PHOTO: The logo of POSCO is seen at the company's headquarters in Seoul, South Korea, July 20, 2016. The fall in earnings comes as global steel demand is weakening amid surging inflation, interest rates and a property market slump in China, the world’s biggest steel market. Global steel demand is expected to grow by about 1% next year, while demand in South Korea is expected to remain flat, POSCO said. The company’s head of marketing strategy, Eom Gichen, said steel demand was expected to remain to weak in the first half of next year because of economic factors like austerity measures.
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