HD Hyundai will establish a joint venture with Kiewit, a U.S. construction and engineering company, to build a new shipyard in the United States. Driven by the Korea-U.S. shipbuilding cooperation project “MASGA,” this move signals the start in earnest of U.S. investment by the domestic shipbuilding industry.

HD Hyundai announced that on the 22nd (local time) it signed a contract with Kiewit to establish a shipbuilding joint venture. The joint venture will be named “HD Kiewit Shipbuilding,” and the two companies plan to build an advanced shipyard in the United States by combining HD Hyundai’s shipbuilding technology and shipyard operation experience with Kiewit’s construction capabilities.

The companies are already searching for a site for the new shipyard in the southern and western regions of the United States, with the goal of finalizing the location within this year, starting construction of the new shipyard in 2027, and beginning operations in 2029. Although the scale of the investment has not yet been determined, HD Hyundai is pursuing a plan to secure more than a 50% equity stake in the joint venture.

HD Kiewit Shipbuilding is also expected to explore business opportunities in the U.S. Navy vessel construction market. Earlier, the Donald Trump administration published a National Security Presidential Memorandum in August, conditionally allowing overseas construction of up to two vessels for each of three types of U.S. Navy ships. However, shipbuilders seeking to participate in overseas construction projects are required to build a new shipyard in the United States or secure ownership or a majority stake in an existing shipyard, as well as to employ U.S. workers, transfer technology, and establish a local supply chain.

Previously, Hanwha Group acquired Philly Shipyard in Philadelphia at the end of 2024 for about USD 100 million and announced an additional USD 5 billion investment last year. In contrast, HD Hyundai has opted to construct a new shipyard. Choi Han-nae, Head of Corporate Planning at HD Korea Shipbuilding & Offshore Engineering, said, “By pooling capabilities, the company will contribute to rebuilding the U.S. shipbuilding industry and expanding Korea-U.S. shipbuilding cooperation, while continuously identifying new business opportunities.”

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