Search results for NCC
Industry
Corporate restructuring scheme opens path for mid-sized, SMEs into advanced industries
More mid-sized and small companies are entering advanced industries using South Korea’s corporate restructuring scheme. The Industry Ministry panel approved 31 firms in three rounds from December to July, with plans to invest 439.5 billion won over five years and hire 927 people. Many shift existing process technologies into new markets such as semiconductor glass substrates, AR modules and EV components. The ministry is offering investment-attraction consulting, while petrochemicals pursue capacity cuts through separate restructuring projects.
Industry
Yeocheon NCC raises naphtha cracker utilisation to 65 percent
Yeocheon NCC has raised the operating rate of its naphtha cracking plant to 65 percent from 60 percent, the company said on Sunday. It cited improved conditions for stabilising supply and demand, after the government introduced a subsidy policy to support naphtha purchases and a financial support system was also put in place. The company’s utilisation fell to 55 percent last month amid higher feedstock prices and supply uncertainty linked to a prolonged Middle East situation.
Industry
HD Hyundai, Lotte Daesan integration approved, government to provide 2.1 trillion won support
South Korea has approved the petrochemical industry’s first business restructuring project and will move to provide support worth 2.1 trillion won, the Ministry of Trade, Industry and Energy said. The plan integrates Lotte Chemical’s Daesan operations with HD Hyundai Chemical, with shareholders to inject 1.2 trillion won into a new entity. It includes shutting down 1.1 million tonnes of NCC capacity and some overlapping downstream facilities over a 3-year restructuring period.
