Hanwha Philly Shipyard, acquired by a South Korean firm last year, has a new objective in its mission to revive U.S. shipbuilding: producing a nuclear-powered submarine for the first time, writes Timothy W. Martin for The Wall Street Journal.
Even before taking on its latest project, Philly Shipyard was already at the heart of President Trump’s efforts to revive American shipbuilding. When Trump expressed support for South Korea to build a nuclear-powered submarine, he once again highlighted the historic Philadelphia shipyard as the site for the work.
Adding a nuclear-powered submarine to the project significantly increases its complexity.
When Hanwha acquired the Philly Shipyard for $100 million, the company was operating at a loss. As part of a $150 billion pledge to revive American shipbuilding, Hanwha will invest $5 billion in the site to rebuild a largely nonexistent workforce and supply ecosystem. The plan aims to produce 20 ships a year while expanding the workforce and adding new cranes, robotics, and training facilities.
If shipbuilding — including nuclear-powered submarines — proceeds successfully, Philly Shipyard could serve as a model for other American shipyards facing challenges.
Read more about Hanwha Philly Shipyard and the new project it will soon undertake in The Wall Street Journal.
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