Overview
- On July 30, Navy Secretary John Phelan and OMB Director Russell Vought toured Hanwha Philly Shipyard just hours before the US and South Korea finalized a reciprocal 15% tariff deal.
- The Make American Shipbuilding Great Again initiative is part of a $350 billion Korean investment package that includes $150 billion dedicated to revitalizing US shipbuilding capacity.
- Since its $100 million acquisition in December, Hanwha has added 600 workers, imported Korean automation technologies and best practices, and accelerated capital expenditure on yard modernization.
- Hanwha has begun talks with the US Navy on shipbuilding projects aimed at alleviating chronic vessel capacity shortfalls.
- The company revived its apprenticeship program with 80 hires in 2024, plans to reach 240 apprentices by 2027 and targets building over ten ships annually by 2035.