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Korea Herald
03-08-2025
- Business
- Korea Herald
Major S. Korean shipbuilders launch joint task force for massive US investment project
Major South Korean shipbuilders have launched a joint task force to support the government's cooperation with the United States under a recently agreed-upon large-scale investment project in the US shipbuilding sector, officials said Sunday. The top three shipbuilders -- HD Hyundai Heavy Industries Co., Hanwha Ocean Co. and Samsung Heavy Industries Co. -- along with the Korea Shipbuilding & Offshore Engineering Association, have formed the TF and held an inaugural meeting recently, according to company officials. Their focus will be on supporting the "Make American Shipbuilding Great Again" initiative, under which the Seoul government has proposed investing $150 billion in the US shipbuilding industry. It was part of a broader $350 billion investment package in the US in exchange for Washington's lowering of reciprocal tariffs on South Korean imports to 15 percent from the initial 25 percent. "There will be various ways to implement the Korea-US shipbuilding cooperation, and the TF aims to support and facilitate those efforts," an official said. "The industry is working together with the government for the MASGA project through this task force." The envisioned investment represents the largest single-industry fund in the package and is structured primarily to support Korean shipbuilders' investments in the US through public finance. The MASGA project includes plans to build new shipyards in the US, train shipbuilding personnel and rebuild related supply chains, as well as build American ships and cooperate on maintenance, repair and overhaul projects, according to the Seoul government. But details are still being finalized. The entity plans to intensify discussions on the project starting in mid-August, following the industry's summer vacation period. "The TF could serve as a channel for collecting the industry's demands and delivering them to the government," the official added. (Yonhap)
Korea Herald
16-05-2025
- Business
- Korea Herald
S. Korean, US trade chiefs to hold talks over tariff-related package deal
South Korea's trade chief Ahn Duk-geun was set to hold talks with US Trade Representative Jamieson Greer on Friday on the sidelines of a trade ministers' meeting of the Asia-Pacific Economic Cooperation member economies, officials said. The meeting to be held on South Korea's southern island of Jeju comes about three weeks after their last gathering in Washington for high-level trade consultations, where the two sides agreed to pursue a "package" deal on US tariffs and economic cooperation issues by July 8. Greer is participating in the APEC Ministers Responsible for Trade meeting on Jeju, slated to wrap up its two-day run later in the day. In the upcoming meeting, Ahn is expected to discuss follow-up measures to the Washington agreement, hoping to develop a more detailed framework for further trade negotiations with US President Donald Trump's administration. Last month, Seoul and Washington agreed to focus their talks on four categories -- tariff and non-tariff measures, economic security, investment cooperation and currency policies. South Korea has been seeking to get a reduction or exemption from US tariffs, including 25 percent reciprocal duties, which have been suspended for 90 days. On Thursday, Greer also sat down with South Korean Trade Minister Cheong In-kyo to discuss pending trade issues between the two sides and the progress of Washington's trade negotiations with other countries, according to Cheong's office. Earlier in the day, Greer met with executives of HD Hyundai Heavy Industries Co. in Jeju to discuss bilateral cooperation in shipbuilding. Shipbuilding cooperation is one of the key agenda items of the Seoul-Washington trade negotiations amid the Trump administration's push to rebuild America's shipbuilding sector. South Korea is a global leader in the shipbuilding industry. Last month, US Secretary of the Navy John Phelan visited South Korea to tour HD Hyundai Heavy Industries' Ulsan headquarters and Hanwha Ocean's Geoje shipyard. In an exclusive written interview with Yonhap News Agency following his trip, Phelan said the US Navy welcomes further collaboration with South Korean shipyards as part of a broader effort to revitalize America's maritime industrial base. (Yonhap)
Korea Herald
30-04-2025
- Business
- Korea Herald
US Navy secretary visits HD Hyundai Heavy, Hanwha Ocean to explore shipbuilding cooperation
US Secretary of the Navy John Phelan visited South Korea's leading shipbuilders, HD Hyundai Heavy Industries Co. and Hanwha Ocean Co., Wednesday, as Washington seeks to strengthen bilateral cooperation in the sector under President Donald Trump. Phelan, on a two-nation Asia trip also involving Japan, visited HD Hyundai Heavy's headquarters in Ulsan, some 300 kilometers southeast of Seoul, and toured a yard where next-generation Aegis destroyers are being built. He then held talks with HD Hyundai Vice Chairman Chung Ki-sun and other executives to discuss possible cooperation on shipbuilding and maintenance, repair and overhaul (MRO). Later in the day, Phelan visited Hanwha Ocean's shipyard in Geoje, also in the southern region of the country, where he met with Hanwha Group Vice Chairman Kim Dong-kwan to explore cooperation in naval defense. In Seoul, Phelan met with acting President Han Duck-soo and discussed ways to step up cooperation in the shipbuilding sector. He promised efforts to actively seek shipbuilding cooperation with Korean companies in the future, according to Han's office. Phelan's visit comes as Trump has stressed the need for the revival of the US shipbuilding industry and the importance of partnering with allies, including South Korea, a global leader in naval vessel construction. Before arriving in South Korea, Phelan visited Japan, where he toured local shipyards and met with Japanese Defense Minister Gen Nakatani to explore bilateral cooperation in naval ship maintenance. During his Senate confirmation hearing earlier this year, Phelan highlighted Hanwha Ocean's acquisition of Philly Shipyard in the US last year, calling it a very important opportunity to attract South Korean capital and technology into America. (Yonhap)
Korea Herald
30-04-2025
- Business
- Korea Herald
US Navy secretary to visit HD Hyundai Heavy, Hanwha Ocean to explore shipbuilding cooperation
US Secretary of the Navy John Phelan was set to visit South Korea's leading shipbuilders, HD Hyundai Heavy Industries Co. and Hanwha Ocean Co., Wednesday, according to industry sources, as Washington seeks to strengthen bilateral cooperation in the sector under President Donald Trump. Phelan, on a two-nation Asia trip also involving Japan, plans to visit HD Hyundai Heavy's headquarters in Ulsan, some 300 kilometers southeast of Seoul, and Hanwha Ocean's shipyard in Geoje, also in the southern region of the country, the sources said. He was expected to meet with the companies' top executives, including HD Hyundai Vice Chairman Chung Ki-sun and Hanwha Group Vice Chairman Kim Dong-kwan, to discuss potential collaboration in areas of naval shipbuilding, and maintenance, repair and overhaul. Phelan's visit comes as Trump has stressed the need for the revival of the US shipbuilding industry and the importance of partnering with allies, including South Korea, a global leader in naval vessel construction. Before arriving in South Korea, Phelan visited Japan, where he toured local shipyards and met with Japanese Defense Minister Gen Nakatani to explore bilateral cooperation in naval ship maintenance. During his Senate confirmation hearing earlier this year, Phelan highlighted Hanwha Ocean's acquisition of Philly Shipyard in the US last year, calling it a very important opportunity to attract South Korean capital and technology into America. (Yonhap)
Korea Herald
12-03-2025
- Automotive
- Korea Herald
HD Hyundai Heavy, TerraPower forge partnership to work on supply chain, commercialization of Natrium plants
HD Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Wednesday it has signed a strategic cooperation agreement with TerraPower LLC, a nuclear power startup founded by Bill Gates, to expand the manufacturing supply chain for power plants featuring sodium-cooled reactors. Under the partnership, the two companies will integrate HD Hyundai Heavy's manufacturing expertise with TerraPower's small modular reactor technology to enhance the supply chain capabilities of Natrium power plants and accelerate commercialization. Natrium plants refer to TerraPower's advanced power plants that utilize sodium-cooled fast reactor technology. Compared to conventional reactors, Natrium plants offer greater safety, a higher level of technological maturity and about 40 percent less nuclear waste. An agreement signing ceremony, held in the United States, was attended by Chung Ki-sun, senior vice chairman of HD Hyundai Co., the holding company of HD Hyundai Heavy, and Gates. "With our extensive experience in high-precision manufacturing and large-scale industrial production, we are uniquely positioned to apply our proven expertise to support TerraPower's vision for commercial deployment," Won Kang-shik, senior executive vice president of HD Hyundai Heavy, said. Chris Levesque, TerraPower president and chief executive officer, praised HD Hyundai Heavy's world-renowned manufacturing capabilities, and said he looks forward to the cooperation "to establish the commercial-scale production capacity that will be essential for successful deployment of multiple Natrium units globally." (Yonhap)
