Latest news with #POSCOHoldings
Business Recorder
02-06-2025
- Business
- Business Recorder
South Korean shares flat ahead of election; chipmakers counter losses in steelmakers
SEOUL: Round-up of South Korean financial markets: South Korean shares ended little changed on Monday, as gains in chipmakers offset losses in steelmakers, while investor focus was on the country's snap presidential election a day later. The benchmark KOSPI closed up 1.30 points, or 0.05%, at 2,698.97. Chipmaker Samsung Electronics rose 1.07% and peer SK Hynix gained 1.47%, after data showed exports of semiconductors jumped in May on robust demand for advanced memory chips. Still, South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump's sweeping tariffs. Steelmaker POSCO Holdings shed 2.40% and Hyundai Steel dropped 2.66%, as Trump doubled tariffs on steel and aluminium imports to 50%. South Koreans will go to the polls in a snap election on Tuesday, voting for a president to replace Yoon Suk Yeol, who was ousted from office in April after his brief martial law attempt sent shockwaves through the country. 'There will be hopes for new policies after the election, but it is unlikely there will be huge moves without improvements in corporate earnings,' said Huh Jae-hwan, an analyst at Eugene Investment Securities. Among other index heavyweights, battery maker LG Energy Solution slid 0.52%, while Hyundai Motor and sister automaker Kia Corp were down 0.70% and 1.12%, respectively. Foreigners were net buyers of shares worth 123.9 billion won ($90.30 million). The won was quoted at 1,373.1 per dollar on the onshore settlement platform, 0.73% higher than its previous close at 1,383.1. The most liquid three-year Korean treasury bond yield fell by 1.9 basis points to 2.339%, while the benchmark 10-year yield fell by 0.1 basis point to 2.790%.
Time of India
13-05-2025
- Automotive
- Time of India
South Korea battery materials maker POSCO Future M to raise $775 mn via share issue
South Korean chemical and battery material maker, POSCO Future M , said on Tuesday it would issue new shares to raise around 1.1 trillion won ($775 million) to fund its expansion at home and abroad, including its joint venture factory with General Motors in Canada. Under the plan, the company said it will push ahead with investments in future growth despite "political risks" in Korea and the United States, saying U.S. tariffs and potential cuts in federal electric vehicle subsidies under the Trump administration threatened to slow down EV demand. POSCO Future M will spend 353 billion won on helping finance its cathode manufacturing factory with General Motors in Canada, which has been pushed back to 2026 amid cooling EV demand. Its parent POSCO Holdings said in a statement that it would acquire all of the new shares assigned to the company in proportion to its stake of 59.7per cent in POSCO Future M worth 525.6 billion won ($369.72 million). Separately, the company also said it would acquire new shares worth 328 billion won from its joint venture with Australia's Pilbara Minerals, which makes lithium hydroxide battery materials.
CNA
28-04-2025
- Business
- CNA
South Korean firms to increase Indonesia investments by $1.7 billion, minister says
JAKARTA :South Korean companies will increase their investment in Indonesia by $1.7 billion, Indonesian economic minister Airlangga Hartarto said on Monday after attending a meeting between a South Korean business association and President Prabowo Subianto. The planned increase is equal to more than 10 per cent of the $15.4 billion that Airlangga said South Korean firms had already invested in Southeast Asia's largest economy, said Airlangga. Prabowo's office said he met with more than a dozen South Korean companies that have invested in Indonesia, including holding company Lotte Corporation, steel firm POSCO Holdings, glass producer KCC Glass Corporation, and Hyundai Motor Group. POSCO and KCC Glass were among the firms that planned new investments, Airlangga said, without providing further said Lotte Chemical Corp's $3.9 billion large-scale petrochemical plant in Indonesia was expected to start operating by September or October this year. Indonesia is also in talks with South Korea's Poongsan Corporation to buy ammunition, he added.
Reuters
28-04-2025
- Business
- Reuters
South Korean firms to increase Indonesia investments by $1.7 bln, minister says
JAKARTA, April 28 (Reuters) - South Korean companies will increase their investment in Indonesia by $1.7 billion, Indonesian economic minister Airlangga Hartarto said on Monday after attending a meeting between a South Korean business association and President Prabowo Subianto. The planned increase is equal to more than 10% of the $15.4 billion that Airlangga said South Korean firms had already invested in Southeast Asia's largest economy, said Airlangga. Prabowo's office said he met with more than a dozen South Korean companies that have invested in Indonesia, including holding company Lotte Corporation, steel firm POSCO Holdings ( opens new tab, glass producer KCC Glass Corporation ( opens new tab, and Hyundai Motor Group. POSCO and KCC Glass were among the firms that planned new investments, Airlangga said, without providing further details. Airlangga said Lotte Chemical Corp's ( opens new tab $3.9 billion large-scale petrochemical plant in Indonesia was expected to start operating by September or October this year. Indonesia is also in talks with South Korea's Poongsan Corporation ( opens new tab to buy ammunition, he added.
Korea Herald
28-03-2025
- Automotive
- Korea Herald
Seoul shares end down nearly 2% amid tariff woes
Seoul shares ended nearly 2 percent lower Friday on foreign selling amid concerns of a widening trade war by the US government. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 49.17 points, or 1.89 percent, to close at 2,557.98. Trade volume was moderate at 507.56 million shares worth 7.07 trillion won ($4.8 billion), with losers far outnumbering winners 728 to 168. Foreigners sold a net 640.59 billion won worth of stocks, offsetting institutions' and individuals' purchases of 2.9 billion won and 541.45 billion won in stocks, respectively. The KOSPI opened lower, tracking losses on Wall Street. Overnight, the Dow Jones Industrial Average fell 0.37 percent, while the tech-heavy Nasdaq composite declined 0.53 percent. Planned US tariffs on all imported vehicles fueled uncertainties in the stock market, weighing on investor sentiment, analysts said. US President Donald Trump is set to impose 25 percent tariffs on all car imports April 2, a move that will affect the global automotive market. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics fell 2.59 percent to 60,200 won, top carmaker Hyundai Motor went down 3.53 percent to 205,000 won, and leading steelmaker POSCO Holdings shed 2.83 percent to 292,000 won. National flag carrier Korean Air dropped 1.13 percent to 21,950 won, and Lotte Chemical plunged 5.57 percent to 67,800 won. Among gainers, leading cosmetics firm Amorepacific rose 1.46 percent to 104,500 won, while leading shipbuilder HD Hyundai Heavy Industries climbed 1.27 percent to 280,000 won. The local currency was trading at 1,467.10 won against the greenback at 3:30 p.m., down 1.8 won from the previous session. (Yonhap)
