SEOUL: HD Hyundai Co 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 US$150 billion in the US shipbuilding sector, as part of US$350 billion of investment funds the Asian country agreed to put into US projects in return for winning US tariff cuts in last year.
Construction of the shipyard will begin in 2027 and the two companies will also set up a joint venture.
The joint venture will explore building US navy support vessels, commercial ship opportunities, and supplying ship blocks and modules to US shipyards.
HD Hyundai said the new shipyard is expected to revive the US shipbuilding industry and expand Korea-US shipbuilding cooperation.
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