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HD Heavy chair and CEOs discuss urgent challenges posing shipbuilding industry

Kwon Oh-gap, the chairman of South Korea’s biggest shipbuilding group HD Hyundai, formerly known as Hyundai Heavy Industries Group, on Wednesday held an emergency CEO-level meeting to address to “entirely new type” of crisis from multiple headwinds from China’s lockdown to spike in raw materials and higher borrowing cost.

The CEO-level meeting was arranged in just four months after the annual meeting to set new year’s business target in December.

“We need to prepare for the worst-case scenario because the coming crisis is unlike anything we have ever experienced,” said Kwon. The management of the conglomerate family was ordered to devise business strategies that will help Hyundai turn this crisis into an opportunity, he added.

Urgent issues included soaring raw material prices that also would affect steel prices going into vessels. Heavy industries would be affected by the Chinese lockdown in Shanghai and nearby areas.

Energy related business could be influenced by volatile oil prices from the Russia-Ukraine crisis.

HD Hyundai also announced that it will share safety management measures and policies for each worksite that will be going into effect immediately.
Source: Pulse

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