Hanwha's Philly Shipyard, known for building tankers and container ships, is now stepping into the production of nuclear submarines for the U.S. Navy.

SEOUL, Dec 25 (Reuters) – Alex Wong, the global chief strategy officer at Hanwha Group, announced that the Philly Shipyard is capable of constructing a nuclear-powered submarine for the U.S. Navy, as stated in a recent company release.

Wong emphasized, “The U.S. government's commitment to nuclear-powered submarine capacity, both its own and that of its allies, is very robust.” He made these remarks during a media event at the shipyard in Philadelphia on Monday, adding, “We are prepared to build these submarines in Philly when the governments are ready.”

South Korean shipbuilders are making significant investments in response to President Donald Trump's plans to revive the declining U.S. shipbuilding industry. In a recent trade deal, Seoul agreed to invest $150 billion in the U.S. shipbuilding sector in exchange for lowering tariffs on Korean car imports from 25% to 15%.

During a press conference on Monday, Trump mentioned that Hanwha would be involved in constructing frigates for the U.S. Navy, calling it “a good company.” He referenced Hanwha's planned $5 billion expansion at the Philly Shipyard, which the company acquired for $100 million in 2024.

Executives from Hanwha indicated they are actively recruiting skilled professionals experienced in Virginia-class submarines, as they see strong interest from Washington in enhancing the U.S. submarine industrial base.

Jongwoo Cho, head of shipyard operations at Hanwha Philly Shipyard, also mentioned that the company is exploring options to acquire land or additional docks for expansion, though he did not provide further details.