HD Hyundai Launches Korea-U.S. Shipbuilding Investment Program... MASGA Project Kicks Off in Earnest

Joint Investment with Severus Capital to Modernize U.S. Shipyards
First Outcome Following Korea-U.S. Summit
Strengthening Shipbuilding Cooperation

HD Hyundai has launched a multi-billion dollar joint investment program aimed at revitalizing the U.S. shipbuilding industry. This marks the first major achievement toward realizing the U.S. 'MASGA (Make American Shipbuilding Great Again)' project.

On August 25 (local time), HD Hyundai signed a Memorandum of Understanding (MOU) to establish a Korea-U.S. shipbuilding industry joint investment program at the Willard Intercontinental Hotel in Washington DC. The event was attended by Jung Kiseon, Senior Vice Chairman of HD Hyundai, Frank Bruno, CEO of Severus Capital, and Kim Bokgyu, Senior Vice President of Korea Development Bank, among others.

Kim Jungkwan, Minister of Trade, Industry and Energy (from left), Kim Bokgyu, Senior Vice President of Korea Development Bank, Frank Bruno, CEO of Severus Capital, Jung Kiseon, Senior Vice Chairman of HD Hyundai, and Howard Lutnick, U.S. Secretary of Commerce, signed a Memorandum of Understanding (MOU) to establish the Korea-U.S. joint shipbuilding industry investment program on the 25th (local time) at the Willard Intercontinental Hotel in Washington DC, USA.

This investment program focuses on three main areas: acquiring and modernizing aging shipyards in the United States, investing in equipment suppliers to strengthen the supply chain, and developing next-generation advanced shipbuilding technologies based on autonomous navigation and artificial intelligence. HD Hyundai will participate as an anchor investor and technology advisor, verifying the technical feasibility and competitiveness of investment targets, and supporting investment decisions based on its expertise in the shipbuilding and marine sectors.

Severus Capital will be responsible for managing the investments, while Korea Development Bank will support the structuring of Korean investor participation and fundraising. As a result, this MOU goes beyond a simple capital investment, establishing a new model of cooperation that combines the industrial expertise and financial capabilities of both countries.

Jung Kiseon, Senior Vice Chairman, stated, "This project will provide real momentum for the MASGA initiative to rebuild the U.S. shipbuilding industry, while also creating new opportunities for the Korean shipbuilding sector. Building on our accumulated shipbuilding technology and digital capabilities, both countries will work together to open a new chapter in the global shipbuilding industry."

Frank Bruno, CEO of Severus Capital, said, "Through this unprecedented partnership that combines investment, operational, and technological capabilities, we will create new opportunities for U.S. shipbuilding. I deeply appreciate the bipartisan efforts of President Trump and the U.S. Congress, as well as Korea's bold support."

Kim Bokgyu, Senior Vice President of Korea Development Bank, also emphasized, "This program is a testament to the trust in Korea-U.S. shipbuilding cooperation, and I will actively support its successful establishment on behalf of the Korean financial sector."

Meanwhile, HD Hyundai is expanding its presence in the shipbuilding and marine sectors through strengthened cooperation with the United States. In April, the company signed a defense cooperation MOU with Huntington Ingalls Industries (HII); in June, it formed a merchant ship partnership with Edison Chouest Offshore (ESO); and earlier this month, it secured a contract for the regular maintenance of the U.S. Navy's 7th Fleet supply ship, the USNS Alan Shepard.

This content was produced with the assistance of AI translation services.