HD Hyundai has prepared a future growth strategy and an execution roadmap to respond to the rapidly changing global business environment.
HD Hyundai said it held a group management strategy meeting for two days starting on the 3rd at HD Hyundai Heavy Industries in Ulsan, attended by Chairman Chung Ki-sun and 32 executives and presidents from affiliates including HD Hyundai Heavy Industries, HD Korea Shipbuilding & Offshore Engineering, and HD Hyundai Oilbank.
At the meeting, participants reviewed internal and external conditions, including a slowdown in the shipbuilding order cycle, the strengthening of protectionism centered on the United States, Europe, and China, and intensifying competition with Chinese corporations in core business areas, and discussed response strategies.
HD Hyundai reexamined strategies across all group business divisions, including shipbuilding, construction machinery, energy, and new businesses, and presented a mid- to long-term vision that aims to reach 100 trillion won in group sales within five years by focusing on accelerating eco-friendly, digital, and AI transitions; strengthening global competitiveness in core businesses; and fostering new growth areas.
At the meeting, Chairman Chung Ki-sun said, "This is a very important time for our group's change and leap forward," and added, "Face head-on the stark reality confronting our core businesses, and from the top, demonstrate HD Hyundai's characteristic drive to prepare for the group's future."
In the shipbuilding division, the company plans to streamline its business structure through the merger of HD Hyundai Heavy Industries and HD Hyundai Mipo, and in the construction machinery division, through the merger of HD Hyundai Construction Equipment and HD Hyundai Infracore, thereby expanding market responsiveness and synergies.
For the refining and petrochemical businesses, which have been sluggish, the company will push to improve profitability by enhancing cost competitiveness and increasing the share of high value-added products. For the power equipment business, it discussed expanding production capacity to meet growing global demand and strengthening its position in the medium- and low-voltage circuit breaker market.
The group's new growth areas, including Robotics, autonomous navigation, electric propulsion, fuel cells, and small modular reactors (SMR), will be fostered as mid- to long-term growth pillars by pursuing research and development in parallel with commercialization readiness.
HD Hyundai plans to use this roadmap as a mid- to long-term execution plan at the group level. A HD Hyundai official explained, "The strategies discussed this time go beyond simple goals and represent a commitment to action to boost the growth capabilities of all business divisions starting next year."