HD Hyundai to Build US Shipyard with Kiewit, Create 3,000 Jobs
HD Hyundai Co 267250.KS said on Friday it has signed a deal with Kiewit Corp to start building an advanced US shipyard next year, with operations expected to begin in 2029 and create about…
A general view shows HD Hyundai Heavy Industries Ulsan Shipyard in Ulsan, South Korea, December 29, 2023. HD Hyundai Heavy Industries/Handout via REUTERS/File Photo
SEOUL, Oct 23 (Reuters) – HD Hyundai Co 267250.KS said on Friday it has signed a deal with Kiewit Corp to start building an advanced US shipyard next year, with operations expected to begin in 2029 and create about 3,000 domestic jobs.
The new shipyard is expected to boost US shipbuilding capacity and help revive the industry, Hyundai said. The partners will explore opportunities in both commercial ships and military support vessels, it said in a statement.
South Korea pledged to invest $150 billion in the US shipbuilding sector, as part of $350 billion of investment funds the Asian country agreed to put into US projects in return for winning U.S. tariff cuts in last year.
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