Hanwha Philly Shipyard will lease about 47 additional acres at the Philadelphia Navy Yard as it proceeds with its previously announced $5 billion infrastructure program.
The U.S. has ordered a plan for a fifth public Navy Yard while allowing qualifying foreign shipbuilders to build up to two initial vessels abroad before production shifts to U.S. yards.
Hanwha Group has offered up to $1.2 billion to acquire Austal USA and its operating assets as it seeks to expand its shipbuilding and defense business in the United States.
Hanwha Philly Shipyard will build three MRIVs for the U.S. Golden Dome program. Industry sources estimate the undisclosed three-vessel contract at $1.5 billion, with deliveries beginning in June 2030.
Hanwha Group says cooperation with Canadian partners and investment in shipbuilding, steel, AI and aerospace could generate around 200,000 jobs by 2040 as it competes with TKMS for a $12 billion submarine deal.
Hanwha Group has been authorised to lift its stake in Austal to 19.9%, overtaking Tata Rang Ventures’ 19.28% holding and becoming the Australian defence shipbuilder’s largest shareholder.
