Key facts
- Hanwha Group's investment in Philadelphia shipyard has increased employment to 2,200 workers.
- Hanwha plans to invest $5 billion in Philadelphia.
- The U.S. accounts for less than 1% of global shipbuilding.
U.S. Senator Dave McCormick highlighted on Friday the growing role of South Korean conglomerate Hanwha Group in revitalizing the American shipbuilding industry. He stated that Hanwha's investment in a Philadelphia shipyard has already created jobs and transferred advanced manufacturing technologies to the United States. McCormick noted that the shipyard now employs 2,200 people, an increase from about 1,000 when Hanwha acquired it. He observed collaboration between Korean and American workers, introducing advanced shipbuilding techniques and automation. The senator mentioned Hanwha's planned $5 billion investment in Philadelphia as part of South Korea's broader $350 billion commitment to the U.S., which he believes will substantially expand the American shipyard's production capacity. McCormick stressed that rebuilding U.S. shipbuilding capacity is critical for strengthening its defense industrial base and competing with China, noting that the U.S. currently accounts for less than 1% of global shipbuilding.