Korean Stock Exchange News

American Superconductor Corporation, a global power technologies company, and South Korea-based Hyundai Heavy Industries Co., Ltd. (Korean Stock Exchange: HHI) announced that they have expanded their strategic alliance to include the joint development of a five megawatt (MW) full conversion wind turbine primarily for use in the burgeoning offshore wind industry. Under the terms of the alliance, the five MW wind turbine design will be jointly developed by HHI and AMSC's wholly-owned AMSC Windtec(TM) subsidiary. Once HHI begins volume production of the wind turbines, which is expected to commence by the end of 2011, HHI will purchase power electronic components for the five MW wind turbines from AMSC.

STX Shipbuilding Co. had its plans for an initial public offerings (IPO) approved by the Korean Stock Exchange, according to wire reports. STX Shipbuilding has assets of 679.8 billion won ($574.1 million) and 1,460 employees. It seeks to raise up to 68 billion won ($57.26 million) by offering five million shares, the exchange said.