Sangkyun Lee, CEO of HD Hyundai Heavy Industries: "We Have No Choice but to Wait for KDDX... No Plans to Expand Domestic Shipyards"

"No Issues with Profit Distribution for Singapore Corporation"
"No Consideration of Installing a New Dock"

Sangkyun Lee, CEO of HD Hyundai Heavy Industries and Chairman of the Korea Shipbuilding & Offshore Plant Association, stated that regarding the Korean next-generation destroyer (KDDX) project, "We have no choice but to wait."

On the evening of the 18th, at the dinner ceremony for the 22nd Shipbuilding and Marine Day held at L Tower in Seocho-gu, Seoul, Lee met with reporters and made these remarks. Regarding the KDDX project, he said, "It is a sensitive issue, so from our position, we have no choice but to wait."

When asked whether the Peruvian submarine project is expected to become visible by the end of the year, he replied, "It will inevitably take a long time," and added, "We are continuing to have good discussions." Regarding the investment required to convert the HD Hyundai Mipo dock for military vessel use, he said, "Since we can use the existing dock almost as it is, there will not be a significant investment."

Regarding the controversy over the establishment of a Singapore investment corporation raised during the merger process of HD Hyundai Heavy Industries and HD Hyundai Mipo, in response to reporters' questions about concerns from the labor union about profit distribution, he said, "We reviewed it in advance. We will make sure it does not become a problem." Previously, the labor union of Hyundai Heavy Industries had expressed concerns that profits could flow overseas due to the plan to establish a Singapore investment corporation.

Sangkyun Lee, CEO of HD Hyundai Heavy Industries and Chairman of the Korea Shipbuilding & Offshore Plant Association, is speaking at the '22nd Shipbuilding and Marine Day' event held on the 18th at L Tower in Seocho-gu, Seoul. Photo by O Ji-eun

Regarding the potential use of Gunsan Shipyard in connection with the MASGA (Make American Shipbuilding Great Again) project or the installation of a new dock near Ulsan, he said, "That is not true," and drew a clear line, saying, "There is no need to look into it while we are pursuing the Mipo merger."

On the issue of workforce supply, he said, "We plan to utilize domestic personnel as much as possible and supplement with overseas personnel only when there is a shortage," adding, "Recently, we have been receiving a steady stream of applicants, so there will not be a large-scale introduction of foreign workers."