[New Year's Message] Hyundai Heavy's Lee Sang-gyun and Noh Jin-yul "Infinite Competition with China... Full Effort on Technological Innovation"

No Jin-yul (left) and Lee Sang-gyun, CEOs of HD Hyundai Heavy Industries. Photo by HD Hyundai Heavy Industries

Lee Sang-kyun and Noh Jin-yul, co-CEOs of HD Hyundai Heavy Industries, stated on the 3rd, "The shipbuilding market is expected to be generally favorable this year, but we must strive for technological innovation to secure an advantage in the intense competition with China."

In their New Year's address, the two CEOs assessed, "Last year, the shipbuilding market maintained a good trend, with ship orders reaching the highest level since the mid-2000s. However, it is concerning that South Korea's market share is declining due to China's aggressive low-price supply."

They continued, "In this situation, the company has set a goal to achieve approximately $12.57 billion in orders and about 15.79 trillion KRW in sales this year," emphasizing, "Quick preparation is necessary amid rapidly changing conditions and fierce competition."

To achieve these goals, the two CEOs proposed establishing a stable production system, focusing on productivity improvement and cost reduction, accommodating foreign workers for their settlement, preparing for the renewable energy market, and fostering an autonomous safety culture.