HD Hyundai, Kiewit to form JV to build shipyard in U.S.

HD Hyundai Co has entered into an agreement with Kiewit Corp to construct a state-of-the-art US shipyard, beginning operations in 2029 and expected to generate approximately 3,000 local employment opportunities. The joint venture aims to bolster US shipbuilding capabilities and contribute to the industry's resurgence, according to Hyundai.

The partners intend to investigate possibilities in both commercial vessels and military support ships. South Korea has committed to investing $150 billion in the US shipbuilding sector, as part of a broader $350 billion investment package the nation agreed to provide in exchange for U.S. tariff reductions in the previous year. The construction of the shipyard is set to commence in 2027, and the two companies will establish a joint venture.

This venture will focus on exploring opportunities for building US navy support vessels, commercial ship projects, and supplying ship blocks and modules to US shipyards. HD Hyundai claims that the new facility will revitalize the US shipbuilding industry and strengthen Korea-US collaboration in this sector.