Hyundai Heavy to Build New Block Plant
By Kim Yoo-chul
Staff Reporter
South Korea’s Hyundai Heavy Industries, the world’s No.1 largest shipbuilder by assets, said Sunday it has started the construction of a new block plant worth 300 billion won in the western port city of Gunsan.
Hyundai aims to complete the construction of the plant by the end of May 2008.
``We will mass produce pre-fabricated ship blocks from May 2008 to meet growing demand overseas,’’ said the company.
Last month, the company said it would invest $325 million to build the plant at there, joining hands with the regional government.
The company, based in the southern port of Ulsan, has won new orders for 115 vessels worth $12.1 billion so far this year to exceed its annual target already.