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[Sponsored Report] Long-time player on the global scene ups its game

Hyundai Engineering and Construction

Mar 19,2010
A shot of the thermal power plant Hyundai E&C built in Ras Laffan, Qatar.
Hyundai Engineering and Construction is the oldest local player in the overseas plant market, having inked its first deal abroad way back in 1965.

Its international business has rocketed in recent years, growing from $2.5 billion in 2006 to $3.6 billion in 2007 and $4.7 billion in 2008, when it also recorded the highest number of overseas orders in its long history.

Orders dipped a bit last year, totalling $4.5 billion, as the entire world was hammered by an economic meltdown. But its performance was still solid in the face of such challenges.

Up to date, it has received $67 billion in accumulated overseas orders, representing about 20 percent of the total amount landed by all local construction companies.

The company has recorded a lot of “firsts” in the overseas market, including the first local firm in the industry to reach $60 billion in exports.

It also boasts the largest order ever received and the distinction of having completed construction of a new plant in the shortest period.

Since Kim Joong-kyum became Hyundai E&C’s chief executive officer, the firm has put additional emphasis on the overseas market. Kim sees it as a vehicle for continuous growth and is now focusing in particular on alternative energy, water management and nuclear projects as part of a larger effort to capitalize on the push for environmentally friendly growth. The company sees a bright future in the nuclear arena now that Korea has become an exporter of such technology. Demand for nuclear power plants is expected to burgeon in coming years.

Moreover, Hyundai E&C is aggressively pursuing potential projects in the fresh water side of its business and is also planning to seek ways to secure technology for wind power, tidal plants, solar light and bioenergy, which are all part of the renewable energy industry.

Additionally, to enter new markets and diversify, the company is looking to expand its focus and grow its business in the Middle East, Africa and Latin America.
By Lee Ji-hyun [concordia@joongang.co.kr]




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