White House says South Korean shipbuilding giants are going to pour billions into reviving America's shipbuilding industry

Top South Korean shipbuilders are pouring billions into helping fix America's atrophied shipbuilding industry.NurPhoto/NurPhoto via Getty ImagesThe White House announced multibillion-dollar investments from South Korean companies in US shipbuilding.The plans include addressing workforce challenges, modernizing yards, and new construction and maintenance.The US is increasingly turning to South Korea and Japan to revitalize America's shipbuilding industry.South Korean shipbuilding giants will be investing billions of dollars in America's shipbuilding industry, the White House announced Wednesday after President Donald Trump's meetings in South Korea this week.The new deals include programs for ship construction and maintenance, modernizing shipyards, and addressing workforce issues, all serious problems that have afflicted America's shipbuilding industry for decades.South Korean President Lee Jae Myung's chief of staff for policy, Kim Yong-beom, said that South Korea will invest $150 billion in American shipbuilding, per local media. And the White House shared details of some investments by major South Korean companies coming down the line.Top South Korean shipbuilder HD Hyundai and American investment firm Cerberus Capital Management are partnering on a $5 billion investment plan aimed at "modernizing American shipyards, strengthening supply chains, and applying new technologies like autonomous navigation, digitalization, and automation," the White House said in a fact sheet.Hanwha Ocean, another prominent South Korean shipbuilder, will invest another $5 billion in its Philly Shipyard workforce in Pennsylvania "and increase its current production capacity by more than ten-fold," the White House said. The company acquired the shipyard last year.US Navy officials have praised South Korea’s shipyards for their digital precision and real-time oversight of construction and supply chains — tools that could help modernize America’s struggling shipbuilding sector. Investments in the US workforce could also pay off, as low pay, labor shortages, and inadequate recruitment and retention continue to hinder American shipyards.Newport News Shipbuilding workers and Navy sailors walk past the USS George Washington as it rests pier side.Jonathon Gruenke/The Virginian-Pilot/Tribune News Service via Getty ImagesThe new US deal with South Korea also includes new construction, shipyard automation, and maintenance, repair, and overhaul programs by South Korean shipbuilder Samsung Heavy Industries and US company Vigor Marine Group.South Korean shipbuilders have previously completed repairs on US Navy ships. Hanwha finished maintenance on the USNS Wally Schirra, a Military Sealift Command Lewis and Clark-class dry cargo ship, earlier this year, and HD Hyundai won a repair contract for the USNS Alan Shepard, a ship of the same class, a few months ago."Leveraging the expertise of these highly capable shipyards enables timely maintenance and repairs for our vessels to operate at peak performance," Navy Secretary John Phelan said during an April visit to South Korean shipyards.The shipbuilding deals are a product of larger tariff and trade negotiations between Seoul and Washington, which for months have included the prospect of South Korea helping with US shipbuilding through investments dubbed "Make American Shipbuilding Great Again."Relying on US allies and partners in the Pacific, like South Korea and Japan, for shipbuilding is of interest to Congress and the Trump administration, as well as US shipbuilders. Earlier this month, Trump touted "hundreds of billions of dollars in new investments and people coming from all around the world, and they're gonna build ships in America."South Korea and Japan are, respectively, the second and third largest shipbuilders in the world, behind China, which dominates commercial shipbuilding and uses its dual-use yards, workforce, and equipment to churn out military vessels at a rapid pace.China has approached the expanding shipbuilding partnership between South Korea and the US with increasing unease. Earlier this month, it sanctioned five of Hanwha's US subsidiaries, including Hanwha Philly.Read the original article on Business Insider

Comments

Business News

Stocks mixed ahead of Federal Reserve’s interest rate decision

Evening Standard

Comments

Similar News

When This Reporter Comes Calling, the White House Insults Go Flying

Why Trump’s White House is using video game memes to recruit for ICE

When This Reporter Comes Calling, the White House Insults Go Flying

White House Fires Entire Fine Arts Board In Charge Of Reviewing Construction Projects—Including Ballroom, Report Says

Will White Sox Look To Repeat Their Successful Erick Fedde Signing?

WiseTech Stock Rout Erases Over $1 Billion From Tycoon Richard White’s Net Worth

GameStop Stock Surges 7% After White House Boosts Its X Post With Trump Meme

Aldi's new £7 'cosy home' SpecialBuy 'looks just like' £45 White Company version

Why is Trump demolishing the White House's East Wing? Because he wants to | Arwa Mahdawi

Comcast delivers fat gift for White House ballroom — as it faces US roadblocks in possible merger bid: sources

Yes, Jeremy Allen White is actually singing in 'Deliver Me from Nowhere' &mdash; and Bruce Springsteen approves

White House says trade talks won’t resume if Canada ‘can’t be serious’

The White House said there probably won't be an inflation report next month

Photos show the White House East Wing before and after demolition began to make way for Trump's ballroom

Asian shares rise after White House confirms plans for Trump to meet with Chinese leader Xi

White House approves increased oil and gas drilling in Alaska’s national wildlife refuge

Trump will meet with Xi in South Korea, says White House

White House East Wing Demolition Nearly Complete For Trump’s Ballroom (Photos)

See the list of donors funding Trump's new White House ballroom, including Apple, Meta, and Amazon

Oil price jumps after US sanctions Russia’s Rosneft and Lukoil; White House considers software curbs on China – business live

Business News

Stocks mixed ahead of Federal Reserve’s interest rate decision

Waitrose issues emergency recall of popular product containing unlawful levels of cancer-causing substance

Stocks mixed ahead of Federal Reserve’s interest rate decision

Reform UK’s Lee Anderson says he ‘gamed’ benefits system in former job

Reform UK’s Lee Anderson says he ‘gamed’ benefits system in former job

Why are banks criticising the car finance redress scheme and what happens next?

Compensation scheme opens for victims of Post Office Capture IT scandal

Starmer declines to rule out manifesto-busting tax rises in Budget

Compensation scheme opens for victims of Post Office Capture IT scandal

Children in long-term workless households highest for nearly a decade

Why are banks criticising the car finance redress scheme and what happens next?

The Big Changes To ACA Premiums At The Heart Of The Government Shutdown

Amazon And Target Job Cuts Reveal How AI Is Reshaping The Retail Workforce

Giannis Antetokounmpo Dismisses Trade Rumors: ‘We Beat The Knicks....[That] Doesn’t Really Matter’

How Businesses Can Prepare For Human-AI Work In The Intelligence Age

5 Takeaways From Milwaukee Bucks' Double-Digit Comeback Against Knicks

Trump’s Pakistan Pivot And The Future Of U.S.–India Partnership

Amazon fires staffers via early-morning text messages during round of 14K job cuts: report

Nvidia becomes first $5T company powered by AI frenzy: Here’s how much CEO Jensen Huang is worth

Bari Weiss blindsides CBS News president after tapping ex-WSJ editor as top deputy: report

Steven Bartlett seeks to build ‘Disney of the creator economy’ after multi-million investment

GSK boosted by cancer and HIV drugs as Emma Walmsley bows out

Reform UK’s Lee Anderson says he ‘gamed’ benefits system in former job

Children in long-term workless households highest for nearly a decade

Santander scraps results and calls for Government action on motor finance

Ofgem should use firms’ windfall profits to fund energy debt relief, say MPs

Ministers urged to speed up support for UK car industry amid rising energy costs

UK retail giant upgrades profits forecast amid cost-of-living concerns

GSK boosted by cancer and HIV drugs as Emma Walmsley bows out

Ofgem should use firms’ windfall profits to fund energy debt relief, say MPs

Reform UK’s Lee Anderson says he ‘gamed’ benefits system in former job

Nvidia Becomes First Company Worth $5 Trillion

Satya Nadella’s Plan To Take On TikTok With Xbox Makes No Sense

Yves On Her Solo Career, Leaving LOONA And New Music

Hit By Costs And Medicaid Cuts, Centene Reports $6.6 Billion Loss

The Weeknd’s Two Early-Career Albums Finally Reach The Charts After A Decade

Why Netflix’s ‘A House Of Dynamite’ Ending Is Extremely Frustrating

Vinícius Júnior Omits Key Real Madrid Figure In Apology Over Clásico Substitution

How Dereck Lively II’s Mindset and Mission Are Powering His Third NBA Season

Week 9 Fantasy Football Stock Report: Risers And Fallers

Judas Priest Charts A Surprise Win With A Decades-Old Album

WWE Saturday Night’s Main Event 41: Best And Worst Booking Options

Under-The-Radar Summer Signing Making A Big Difference For Arsenal

David Gilmour Scores The Second No. 1 Of His Career Outside Of Pink Floyd

The Fall Of El Fasher And Another Wave Of Atrocity Crimes In Darfur

Reform UK’s Lee Anderson says he ‘gamed’ the benefits system

Pound tumbles as markets take fright over Rachel Reeves' Budget woes with UK productivity downgrade

Which Starbucks branches are closing down? Full list revealed including five in London

Pound suffers further falls as UK’s fiscal troubles set to deepen

Mortgage approvals hit nine-month high as borrowing costs ease further

Children in long-term workless households highest for nearly a decade

Bridging and development finance still holding up, despite market uncertainty

Building resilience into the future of international assignments

Smarter meeting spaces built on simplicity, trust, and intelligence

Food service is fuelling a greener future

Developing personal resilience in employees

AI isn’t a magic bullet

Yes, Jeremy Allen White is actually singing in 'Deliver Me from Nowhere' — and Bruce Springsteen approves