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May - June 2003 |
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Cover Story |
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"We are currently focusing our
efforts on raising productivity
and expanding engineering
capabilities to enhance our competitiveness
in the quality of
our products and services."The war in Iraq is technically over, but economic prospects at home and abroad remain uncertain. In fact, competition in global markets has become more intense. More than at any time in the past, businesses are required to compete on technological innovation and productivity improvements. Hyundai Heavy Industries has achieved strong results so far, particularly in its core business lines including shipbuilding. New orders for the first quarter of 2003 reached $2.4 billion, 192% higher than the targeted amount. This brings total orders on the books to $10 billion, with a workload sufficient to keep our facilities busy for the next two and a half years. We are currently focusing our efforts on raising productivity and expanding engineering capabilities to enhance our competitiveness in the quality of our products and services. At the same time, we are also channeling resources to enhance our technological edge in the marketplace. As part of this endeavor, we recently established a new technology center (ATC: Advanced Technology Center) in a joint venture with Enova Systems Inc. of the US. This new research center is expected to provide a platform for new business development and the foundation for a global technology network. HHI has posted some significant achievements in the past few months. Shipbuilding built Korea’s first 4,000-ton class stealth destroyer, which was launched in a ceremony attended by President Roh Moohyun and the First Lady. In addition, the design work for a 7,000-ton class AEGIS destroyer is now being carried out, while construction work continues on new-generation submarines. Engine & Machinery produced an artificially-intelligent electronically-controlled engine (Model: Hyundai-Sulzer 7RTflex 60C) developed by Wartsila for the first time in the world. With growing exports of inhouse technologies including that for GIS (Gas Insulated Switchgear), Electro Electric Systems continued to contribute to HHI’s royalty earnings and upgrade product image. Construction Equipment maintained HHI’s top rank in China’s excavator market, racking up sales in excess of 12,000 units as of March 2003. We view 2003 as the year Hyundai Heavy Industry’s new takeoff. With the effort and dedication of our employees, combined with the support of our customers and business partners, we look ahead to a period of continued strong growth. By so doing, we move another step closer to our goal of becoming the leading heavy industry company of the 21st century. |
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Choi Kil-seon Min Keh-sik President & CEO President & CEO |
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 | COPYRIGHT ⓒ2000~2003 HYUNDAI HEAVY INDUSTRIES Co., Ltd. ALL RIGHTS RESERVED. |