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Korea Inc. rushes to cut debts as interest rates surge

Korea Economic Daily LogoKorea Economic Daily1 mo ago

Korea Inc. rushes to cut debts as interest rates surge - Korea Economic Daily

Quick Summary:

Borrowing costs of the country’s top 30 listed non-financial companies such as Samsung Electronics Co., LG Energy Solution Ltd., SK Hynix Inc., Hyundai Motor Co.and LG Chem Ltd.are expected to top 1 trillion won ($764.5 million) soon, given a surge in market interest rates during the second quarter, industry sources said.They spent 719.1 billion won in borrowing costs in the first quarter.

Major companies with relatively small debts such as Hanwha Group, POSCO Holdings Inc., Korean Air Lines Co.and Korea Zinc Co.are preparing for further rises in interest rates through revising financial and business strategies.

Hanwha Group is integrating its defense affiliates to bolster the competitiveness in the sector and improve credit ratings and financial structures.Hanwha Aerospace Co.decided to acquire the defense business split off from Hanwha Corp.and merge a wholly-owned subsidiary Hanwha Defense Co.Lotte Confectionery Co.merged Lotte Food Co.last month for similar purposes, while POSCO International seeks a merge with POSCO Energy Co.


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Article Details

Author / Journalist: cheon.jongwoo@gmail.com (Jongwoo Cheon)

Category: Economy

Topics: Rates Companies Interest Debts Billion Costs Business Financial Korea Korean Hanwha

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-08-10, 14:00:58

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Reading Time: 5 minutes read

Article Length: 807 words

Coverage Area: Korea, Republic of

Availability: Desktop Web, Mobile Web

News ID: 125927

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About Korea Economic Daily

Korea Economic Daily Logo

Main Topics: Economy

Official Website: kedglobal.com

Update Frequency: 8 posts per day

Year Established: 1964

Headquarters: Korea, Republic of

News Last Updated: 4h ago

Coverage Areas: Korea, Republic of

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #91

Publisher Details

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