Hanwha Group’s Philadelphia Shipyard is positioning itself to build nuclear-powered submarines for the U.S. Navy, signaling a potential expansion of the country’s submarine industrial base.
“The U.S. government’s commitment to nuclear-powered submarine capability, both domestically and for its allies, is very strong,” said Alex Wong, Hanwha’s global chief strategy officer, during the company’s media day at the shipyard on Monday. “We stand ready to fulfill the ability to build those submarines here in Philly when the governments are ready.”
The South Korean conglomerate is banking on President Donald Trump’s push to revitalize the U.S. shipbuilding industry. As part of a trade deal last month, Seoul pledged $150 billion in investments in the U.S. shipbuilding sector, in exchange for lower tariffs on Korean automobiles, reduced from 25% to 15%.
Trump highlighted Hanwha’s role in U.S. naval expansion during a press conference on Monday, noting that the company will participate in building frigates for the Navy. He praised the company’s planned $5 billion expansion at the Philly Shipyard, which Hanwha acquired in 2024 for $100 million.
Executives at Hanwha said they are actively hiring personnel with expertise in Virginia-class submarines, reflecting growing interest from Washington in bolstering U.S. submarine capabilities. Additionally, the company is in discussions with potential partners to acquire land or an additional dock to support the expansion, according to Jongwoo Cho, head of shipyard operations.
The move positions Hanwha as a key player in the U.S. naval shipbuilding sector, aligning with broader efforts to strengthen domestic defense manufacturing and expand nuclear submarine production.
