▶ Key Korean and U.S. officials gathered at HD Hyundai Heavy Industries in Ulsan to review facilities and discuss cooperation plans ▶ Toured shipbuilding facilities and inspected the next-generation Aegis destroyer ROKS Dasan Jeong Yak-yong ▶ “The MASGA project is a new symbol of the Korea-U.S. alliance — we will spare no effort in our role and support” Ahead of the Korea-U.S. summit scheduled for the end of this month, HD Hyundai is taking proactive steps to ensure the success of the “Make American Shipbuilding Great Again” (MASGA) project, a key initiative to strengthen bilateral cooperation in shipbuilding. HD Hyundai announced on Wednesday, August 13, that Vice Chairman Cho Seok, President & CEO Lee Sang-kyun, Minister of Foreign Affairs Cho Hyun, acting U.S. Ambassador to Korea Joseph Yun, and National Assembly Foreign Affairs and Unification Committee Chairman Kim Seok-ki visited the company’s Ulsan headquarters of HD Hyundai Heavy Industries to discuss measures for enhancing Korea-U.S. shipbuilding cooperation. During the briefing, President Lee highlighted HD Hyundai Heavy Industries’ world-class shipbuilding capabilities and cutting-edge technologies, while outlining the company’s vision for the future global shipbuilding industry. Notably, several members of the National Assembly’s Foreign Affairs and Unification Committee also joined the visit, reviewing potential institutional support measures to ensure the success of the MASGA project. The visit continued with a tour of the shipyard. The delegation first observed the construction of commercial vessels before moving to the naval & special shipyard, where they received a briefing on the ROKS Dasan Jeong Yak-yong, the next-generation Aegis destroyer, berthed alongside the quay. Minister of Foreign Affairs Cho remarked, “Seeing the shipyard firsthand has strengthened my confidence in the MASGA project’s success. We will closely follow its progress to ensure that it moves forward smoothly.” HD Hyundai Heavy Industries President Lee stated, “With the MASGA project emerging as a new symbol of the Korea-U.S. alliance, HD Hyundai is committed to playing our part and providing support for its success. We look forward to advancing the interests of both nations and the future of the shipbuilding industry.” HD Hyundai has been actively pursuing various collaborations with the United States in support of the MASGA project. In June this year, the company hosted the Korea-U.S. Shipbuilding Leaders Forum, spearheading the formation of a shipbuilding and maritime alliance between the two countries. In July last year, it also launched a joint initiative with Seoul National University and the University of Michigan to cultivate future shipbuilding talent, supporting U.S. shipbuilding revitalization and bolstering security. The company has also maintained cooperative programs with U.S. shipbuilders, including Edison Chouest Offshore in the commercial vessel sector and Huntington Ingalls Industries in the naval ship sector. Most notably, earlier this month HD Hyundai secured the regular overhaul contract for the USNS Alan Shepard, a 41,000-ton dry cargo and ammunition ship of the U.S. Navy’s 7th Fleet — marking the first tangible Korea-U.S. shipbuilding collaboration since the launch of the MASGA project.  

▶ Scheduled overhaul of the 41,000-ton dry cargo and ammunition ship Alan Shepard of the U.S. 7th Fleet ▶ MRO to be conducted at berth near HD Hyundai Mipo in Ulsan; delivery scheduled for November 2025 ▶ “Marking the first MRO contract since South Korea’s MASGA proposal, we are dedicated to ensuring its successful completion.” HD Hyundai Heavy Industries has secured a contract for the maintenance, repair, and overhaul (MRO) of a U.S. Navy auxiliary ship — marking the first since the Korean government’s “Make American Shipbuilding Great Again (MASGA)” proposal. HD Hyundai Heavy Industries announced on Wednesday, August 6, that it recently won the scheduled overhaul project for the USNS Alan Shepard, a 41,000-ton dry cargo and ammunition ship assigned to the U.S. Navy’s 7th Fleet. The USNS Alan Shepard, measuring 210 meters in length, 32 meters in beam, and 9.4 meters in depth, entered service in 2007 and was named after Alan Shepard, a Rear Admiral and the first American astronaut to travel into space. Starting in September, HD Hyundai Heavy Industries will carry out the overhaul at a berth near HD Hyundai Mipo in Ulsan. The work scope includes propeller cleaning, maintenance of various tanks, and inspection of onboard equipment. Upon completion, the vessel is scheduled to be delivered to the U.S. Navy in November 2025. Joo Won-ho, Head of HD Hyundai Heavy Industries’ Naval & Special Ship Business Unit, said, “This MRO contract is highly significant as it marks the first contract following the Government’s proposal of the Korea-U.S. shipbuilding cooperation initiative, MASGA. As Korea’s leading shipbuilder, we will spare no effort in successfully completing the MRO for the U.S. Navy’s auxiliary ship.” This year, HD Hyundai has advanced multiple initiatives to further reinforce Korea-U.S. cooperation in shipbuilding. In April, the company signed a strategic partnership agreement with Huntington Ingalls Industries (HII), the largest defense shipbuilder in the United States, for technological cooperation and joint construction in the naval ship sector. In June, the company launched a strategic collaboration with U.S. shipbuilding group Edison Chouest Offshore (ECO) in the commercial ship sector. Later that month, HD Hyundai hosted the Korea-U.S. Shipbuilding Leaders Forum, bringing together over forty U.S. shipbuilding and marine engineering specialists from institutions such as the University of Michigan and MIT.

▶ Sales reached 967.7 billion won, marking a 13% increase year on year, with an operating profit of 40 billion won. ▶ Sales growth driven by increased demand in emerging markets and China; advanced markets also showing signs of recovery ▶ “We will expand sales through region-specific customized portfolios.” HD Hyundai Construction Equipment announced on Thursday, July 24, that it recorded sales of 967.7 billion won and an operating profit of 40 billion won for the second quarter of 2025. Sales increased by 13.4% year-on-year, driven by growth in emerging markets due to demand for resource and infrastructure development, as well as the recovery of the Chinese market. However, operating profit decreased by 31.6% due to one-time costs of 21.3 billion won related to the restructuring of operations in China announced in April. By region, there were notable growth trends in emerging markets, recovery in China, and robust demand in India. Advanced markets also showed signs of recovery, particularly in several European countries, including the UK and Italy, indicating a potential global market rebound. In emerging markets such as Africa, the Middle East, and Indonesia, sales increased by 32% year-on-year, driven by growing demand for mining and infrastructure development. China recorded a remarkable 77% increase in sales year-on-year, thanks to domestic demand stimulus policies and increased exports resulting from higher overseas orders.  India maintained steady demand due to ongoing infrastructure investment, with sales remaining on par with last year. In Brazil, sales experienced a decline due to external factors such as interest rate hikes; however, sales are expected to rebound in the second half of the year with the launch of new HX excavators and the expansion of purchase support programs.  In advanced markets, sales increased by 23% in North America and by 5% in Europe compared to the previous quarter, indicating signs of recovery alongside stabilizing demand trends. HD Hyundai Construction Equipment aims to boost sales in advanced markets during the second half of the year. The company plans to strengthen its sales channels and improve its product mix by expanding sales of articulated dump trucks (ADTs) and launching new models of skid steer loaders and compact track loaders. An official from HD Hyundai Construction Equipment stated, “As the construction machinery market is expected to recover after reaching its lowest point this year, we will expand sales through region-specific customized portfolios. We will also continue to strengthen our position in emerging markets and secure profitability by leveraging our global production bases.”