SEOUL—Hanwha’s Philly Shipyard has the capability of building a nuclear-powered submarine for the U.S. Navy, said Alex Wong, global chief strategy officer at Hanwha Group, according to a statement from the South Korean company on Thursday.
“The U.S. government’s commitment to nuclear-powered submarine capability, its own and of the allies is very strong,” Wong said during the Hanwha’s media day at the shipyard in Philadelphia on Monday. “We stand ready to fulfil the ability to build those submarines here in Philly when the governments are ready.”
South Korea’s shipbuilders are betting big on President Donald Trump’s ambition to revive the struggling U.S. shipbuilding industry. Seoul pledged to invest $150 billion in the U.S. shipbuilding sector in a trade deal signed last month to lower the U.S. tariffs on imports of Korean automobiles to 15 percent from 25 percent.
Trump told a press conference on Monday that Hanwha would participate in building frigates for the U.S. Navy. He called Hanwha “a good company,” referring to its planned $5 billion expansion in the Philly Shipyard, which it bought in 2024 for $100 million.
The company is hiring talent with expertise in a Virginia-class submarine, executives said, as they see strong interest from Washington in expanding the U.S. submarine industrial base for such designs.
Hanwha is also in talks with potential partners to buy land or an additional dock for the expansion, said Jongwoo Cho, head of shipyard operations at the Hanwha Philly Shipyard, without elaborating.
By Reuters
