HD Hyundai expands global presence through profit growth and US shipyard venture

HD Korea Shipbuilding and Offshore Engineering (KSOE) reported a third-quarter consolidated operating profit of KRW 1.45 trillion (US$1.1 billion) for 2026, representing a 37.3 per cent increase compared to the same period last year. While revenue rose 9.3 per cent year-on-year to KRW 8.29 trillion, the company noted a sequential decline due to fewer working days, currency appreciation, and one-off wage settlement costs at HD Hyundai Heavy Industries.

In a strategic move to enter the North American market, HD Hyundai has partnered with Kiewit, a major US construction and engineering firm, to establish a joint venture named HD Kiewit Shipbuilding. The venture plans to construct a new, advanced smart shipyard in the United States from the ground up, with construction slated to begin in 2027 and full operations starting in 2029.

The new facility will utilize HD Hyundai’s digital production technologies, including digital twins, automated production systems, and robotic welding, to address skilled labor shortages. The project aims to target US Navy logistics support vessels and commercial ships, while potentially supplying modules to other domestic shipyards. The shipyard is expected to create approximately 3,000 local jobs.