For once in your lifetime, most probably, you have heard Seoul somewhere on platforms around. Well, Seoul is where the high-tech civilization and vibrant pop culture could be seen— the vast metropolis of South Korea. South Korea, part of the Asian nation, is not just known for its prominent entertainment and fashion industry but also its prosperous economy. The country was even marked as the 4th largest economy in Asia and is notable for not just glass skin products but also its advanced electronics. South Korea’s economy is widely chaebol or family-owned conglomerates.
Behind the success are the businesses which are mostly known from the other countries too. Here are some of the largest businesses in South Korea that brought them noble advancement.
Founded by Lee Byung Chull, Samsung Electronics started in electronics in 1969 and is one of the Samsung Group’s subsidiaries. Samsung development shows off the relying businesses facts from their history. The first products were just televisions in black-and-white but eventually flourished into the clusters of Digital Media, Semiconductors, Information & Communications, and Home Appliances. In 1970, the company began exporting their electronic and established branches and separate semi-conductors. Eventually, the company has reached global exports with different electronics and appliances. They created Samsung Data Systems to help the business’ system development and invest in Research and Development.
Samsung Electronics has rapidly grown into devices, primarily in the cellular phone, which only started from the prototype of SPH-1300. In the year 2000, Samsung’s Galaxy smartphone series was produced and recognized widely. It never failed to miss the annual list of best-selling smartphones in the world. Soon, with the richness of the latter product, the Galaxy tab was born, which acquired tablet computers. Until now, Samsung Electronics is still booming in the said industry and is still developing for advancement.
Hyundai Motor Company was founded by Chung Ju Yung and was first established in 1967. This is the largest automobile company in South Korea and was known for being the world’s fifth-largest automaker. Their first model was the Cortina which is based on the Ford Cortina of the United States. Shortly, this motivated the company to create its model too. It was then the ‘Pony’ was released. The said model was built by George Turnbull, an automobile executive, and five more British engineers. Kenneth Barnett, John Crostwalte, John Simpson and Edward Chapman, and Peter Slater. This was the benchmark of the succeeding models of sedans, SUVs, trucks, and buses.
Apparently, the company holds in modernity. So, they produced their technology, Hyundai Sonata, which includes cruise control, headlamp washers, and power seats. They did even created their engine, too, and it was released in 1993 through Hyundai Scoupe. This made them capable of producing their vehicle that made up only of Hyundai parts. In 2010, Hyundai had sold 3.6 million cars worldwide and was tightly holding with their concept of ‘Modern Premium.’
SK Holdings Co., Ltd. is a conglomerate company founded in 1997 and earlier known as Sunkyong Group after World War II. By the 1990s, the company became successful in the petroleum-to-fibers vertical integration strategy. The subsidiaries under the umbrella of this company are SK Innovation, SK Telecom, SKC, SK Networks, and SK materials.
SK Innovation is Korea’s leading energy and chemical company and started as the country’s first oil refinery in 1962. SK Telecom boosts the mobile communications industry and is acknowledged as the world’s first LTE-A in 2013 and the world’s first 5G in 2019. SKC is the leading company in film and chemical materials, aiming to expand into overseas markets and keep the future innovated engines. SK Networks or profoundly known as Sunkyong Textiles is a trading merchandise company and is known in both domestic and international networks. SK materials were notable as the pioneer of NF3 (nitrogen trifluoride) in the country. This is Korea’s leading electronic specialty gas market and is globally competitive as well.
Founded on April 1, 1968, POSCO has been the leading crude steel producer in Korea. It is formerly in the name of Pohang Iron and Steel Co., Ltd. – the present Representative Director & CEO is Jeong-Woo Choi. It has sales and production in over fifty-three countries in the world. The company’s output includes Hot Rolled Steel, Steel plate, Wire rod, Cold Rolled Steel, Galvanized steel, Electrical Galvanized Steel, Electrical Steel, Stainless Steel, and Titanium products.
POSCO has been one of the mammoths in the industry of steel products. In fact, POSCO International, one of the POSCO affiliates, has 80 global networks worldwide. It is focused on international trade in steel, automobile components, agricultural products, and investment business. This substantiates the vastness and integrity of the company. The other affiliates that build up the company’s coup are POSCO E&C, POSCO ENERGY, POSCO ICT, POSCO SPS, POSCO M-TECH, POSCO O&M, POSCO CAPITAL, POSCO TERMINAL, POSCO A&C, eNtoB, POSCO HUMANS, PNR, Busan E&E, and SC blue power.