Facing heated competition in the worldwide smartphone market, Samsung...

Facing heated competition in the worldwide smartphone market, Samsung said Monday it’s building a new 8.5 million-square-foot semiconductor fab in Pyeongtaek, South Korea. Construction will begin in first half 2015, at a projected cost of roughly $14.6 billion, Samsung said, with operations to begin during second half 2017. The plant will help meet “growing demand for advanced semiconductor products,” it said.