SK Innovation Co., Ltd. (096770.KS)
- Reuters
UPDATE 4-SK Innovation profit tops forecast, battery unit sees EV demand recovery
SK Innovation said on Monday its SK On battery-making unit is still on target to break even in the second half of this year after a forecast-beating first-quarter operating profit, sending its shares up nearly 6.5%. The company, which also owns South Korea's top refiner SK Energy, said it expects solid refining margins to continue in the second quarter, backed by firm demand. "While we saw drops in EV battery shipment in the first quarter... we expect to see an improved market environment backed by launches of new EVs in North America," SK On Chief Financial Officer Kim Kyunghun said in a post-earnings conference call.
- Reuters
SK Innovation profit tops forecast, battery unit sees EV demand recovery
SK Innovation said on Monday its SK On battery-making unit is still on target to break even in the second half of this year after a forecast-beating first-quarter operating profit, sending its shares up nearly 6.5%. The company, which also owns South Korea's top refiner SK Energy, said it expects solid refining margins to continue in the second quarter, backed by firm demand. "While we saw drops in EV battery shipment in the first quarter... we expect to see an improved market environment backed by launches of new EVs in North America," SK On Chief Financial Officer Kim Kyunghun said in a post-earnings conference call.
- Reuters
UPDATE 2-US says SK Battery faces $77,200 in fines over employee health hazards
The U.S. Labor Department said on Monday that SK Battery America faces $77,200 in fines for five serious safety violations after workers in Georgia suffered potentially permanent respiratory damage in an October 2023 lithium battery fire. In January, the department's Occupational Safety and Health Administration (OSHA) said SK Battery exposed employees at a U.S. battery plant to unsafe levels of nickel and other metals, and faces $75,000 in fines over six serious violations. SK, which supplies Volkswagen and Ford Motor, employs 3,100 workers at its Commerce, Georgia plant.
