Lee Auto Parts

Daewoo to Expand Resources Business as Prices Rise, Lee Says

(Adds commodity index performance in third paragraph.)

June 29 (Bloomberg) -- Daewoo International Corp., the trading company controlled by South Korean steelmaker Posco, plans to double the share of revenue it gets from the resources business as it expands into copper, rice and rare earths.

The mineral and energy resources division may account for 30 percent of sales by 2015 from about 15 percent now, Chief Executive Lee Dong Hee, 61, said yesterday in an interview at the company’s headquarters in Seoul.

Rising prices of raw materials are spurring Daewoo and its South Korean peers to boost investments in commodities ranging from oil and gas to copper, competing with rivals in China and India to secure supplies. The benchmark Standard & Poor’s GSCI Index of 24 commodities has jumped 33 percent in the past year.

“We have to invest in natural resources,” said Lee. “Prices of natural resources have gone up and I don’t think they will come down again.”

Daewoo, which mostly buys and sells steel, metals and auto parts, also operates a gas project in Myanmar and owns a stake in a nickel mine in Madagascar.

The gas project in Myanmar, formerly known as Burma, is set to begin production in May 2013 and will generate $700 million in sales a year, Lee said. “It will contribute to our profit considerably,” he said.

Daewoo will probably report a profit of $200 million on sales of $18 billion this year, Lee said. Its shares have advanced 19 percent in the past year, compared with a 22 percent advance in the local benchmark Kospi index. The stock rose 0.7 percent to 36,950 won at 11:26 a.m. Seoul time, heading for the highest price since June 7.

Copper, Rice

The company and partner Taejoo Synthesis Steel Co. may sign an initial agreement with Societe de Developpement Industriel et Minier du Congo or SODIMICO, to develop a copper mine in the Democratic Republic of Congo, Lee said.

Daewoo International, the biggest rice trader in South Korea, last month set up a venture with a company in Cambodia to produce rice, said Lee, who was earlier the chief financial officer of Posco. It acquired a stake in PT Bio Inti Agrindo to produce palm oil in Indonesia, a company filing showed in April.

MOTHER NATURE FAILS TO STOP 100TH NAPA AUTO PARTS THUNDER ON THE ...

Join us at Hoss's of Hanover, Mechanicburg or Lewistown to raise money for the 410 and 358 Sprint point series as well as the Injured Drivers Fund. All you need to do is print out the pdf at the link provided and show it to your watress when paying for your meal between 10am thru 10pm Thursday July 21st. Up to 25% of your meal will benefit both series and Drivers Fund.

Even with Mother Nature sending threats of bad weather, the staff of the Thunder on the Hill Racing Series challenged all the odds  and successfully presented their 100TH  event on Tuesday night at the Grandview Speedway.   "Tonight marked a milestone event and Bruce Rogers and I were determined to run this show, and the large crowd that turned out  with threatening weather made it all even more meaningful", commented event Co-Promoter Bob Miller.

Tyler Walker earned $5,000 for his win in the third event of the 2011 Pennsylvania  410 Sprint Speed Week  Series.   Duane Howard of Oley, PA sorted out the traffic in the 25 lap 358 Modified feature to score the win.    A doom and gloom weather forecast did not dampen the spirits of the drove of fans that turned on for the historic 100th Thunder Series event.

In 410 sprint time trials, Stevie Smith set fast time in the ZEMCO sprint car.   The three heat race events were won by Brent Marks,  Chad Layton and Greg Hodnett.   The 358 Modifieds ran timed warm-ups to determine the starting positions in their heat race events.  Heat race winners included Sammy Piazza,  Jimmy Horton IV and Ryan Godown as  Craig VonDohren won the consolation.

The 410 Sprint feature brought the crowd to their feet at numerous times during the 35 lap thriller.   Sam Hafostope set the early pace with May Thunder feature winner Brian Leppo hot in the chase.   The Hafostope and Leppo battle came to an end on lap four when they tangled and flipped in turn three trying to avoid a slower car.  Both drivers walked away uninjured but unable to restart the feature event.  Daryn Pittman  took over the lead at that point and immediately had to battle off  Tyler Walker.  The freight-train of talent was on a mission with Lance Dewease, Stevie Smith and Fred Rahmer in the hunt. The caution was displayed on lap thirty-three for Lance Dewease who stopped with a flat tire.   The restart was a "hold on to your seat" thriller as Fred Rahmer passed Pittman for second charging into turn one.  Down the backstretch, Rahmer began to reel in Walker with Rahmer on the bottom and Walker up high and against the boiler-plate.  With the white flag waiving, Rahmer once again dove to the bottom of the track and came within a car length of Walker for the run down the backstretch.  Coming off the fourth turn on the final lap,  Rahmer made one more attempt for the lead but Walker came home the winner.   Rahmer earned a well deserved second place finish with Pittman third, Brian Montieth fourth and Stevie Smith fifth. In the twenty-five lap 358 Modified feature, Rick Laubach immediately took the lead at the drop of the green flag.  Ryan Watt,  Kevin Hirthler and Doug Manmilller where in a battle for second as Duane Howard in his BPG modified was charging to the front.  By lap eight, Howard was fourth and one lap later, it was Laubach, Watt and Howard at the front of the pack. With the halfway sign showing,  Laubach remained the leader with Howard closing in lap by lap.   Kevin Hirthler ran third with Ryan Godown fourth and Watt in fifth.     Howard used the high groove and continued to close in on Laubach and with five laps remaining, the lead was up for grabs.      On lap twenty-three, lapped traffic was a factor and Laubach got pinched down low and Howard took the high lane around the leader and the slower traffic.   Laubach tried to recover the lost position but on the final lap Ryan Godown made the past for second. To celebrate the 100th Thunder on the Hill event, special guests included  Jeff Riling of NAPA Auto Parts, Jim Gallagher of Vertical  Telephone Systems, former car owner and Promoter Ken Brenn Sr.,  Chip Wingate son of George Wingate former promoter at Bridgeport Speedway, Jay James Promoter of Bridgeport Speedway,  Steve and Ed Pados, Gary Palmer Promoter of Accord Speedway, Lenny Sammons of Area Auto Racing News,  Hank Smith of Lee Myles Transmissions,  Bruce Ellis of Williams Grove Speedway, Randy Kane of Area Auto Racing News and Joe Adams of Joe Adams Signs.   Special thanks to all these folks for making this event a great memory in the history of Thunder on the Hill. 358 MODIFIED FEATURE FINISH:  #4 Duane Howard, #R1 Ryan Godown, #7 Rick Laubach, #357 Jeff Strunk, #46 Doug Manmiller, #117 Kevin Hirthler, #14w Ryan Watt, #1p Billy Pauch, #1c Craig VonDohren,   #19 Tom Umbenhauer, #53 Mike Gular, #88d MeMe DeSantis, #T102 Billy Pauch Jr., #17 Ryan Grim, #327 Brad Missimer, #3A Kevin Albert Jr., #43 Jimmy Horton IV,   #2 Addison Meitzler, #0 Richie Pratt, #44h Gary Hager, #33 Ray Swinehart, #81 Terry Meitzler, #42s Jack Swain, #29p Sammy Piazza.  DNS - #89 John Willman, #3 Jeremy Banos, #78 Neil Huber.

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