“New orders received during the first
quarter of 2004 recorded around $6
billion,
much higher than the targeted
amount.”
Despite some positive signs of recovery, the global
economy continues to face a degree of lingering
uncertainty on a number of key fronts. Businesses
worldwide are having to contend with steep hikes in raw
materials prices, high oil prices, sharp exchange rate fluctuations
and a host of other factors. Now more than at any time
in the past, companies are required to compete on technological
innovation and strategic management initiatives.
Hyundai Heavy Industries has achieved strong results so
far, particularly in its core business lines including shipbuilding.
New orders received during the first quarter of 2004
recorded around $6 billion, much higher than the targeted
amount. This brings total shipbuilding orders on the books to
$12 billion, a workload sufficient to keep our yard busy for
the next three years.
HHI has posted some notable achievements in the past
few months. Offshore & Engineering recently won a $600-million
order from India’s state-run ONGC for the submarine
pipeline project. Performed on a turnkey base, this large-scale
project involves installing a 506km-long subsea pipeline linking
Mumbai High Field and Uran Onshore Terminal.
Engine & Machinery commenced streamlining of the Twostroke
Diesel Engine Assembly Shop. Once this facility comes
on line in December this year, the division will have the production
capacity to turn out 210 large-sized engines of 8 million
bhp annually.
Electro Electric Systems has received a package order from
BOE-Hydis for four sets of 2,000-kW diesel generators. At
10,000 volts each, the generators run at about double the voltage
of ordinary ones, and also require a high level of technological
prowess to manufacture and install.
In the meantime, Construction Equipment was awarded a
contract from the Hellenic Olympic Committee to supply
forklift trucks for 2004 Athens Olympics, while the division’s
participation at the BAUMA 2004 exhibition in Munich,
Germany, resulted in orders for construction equipment
worth 32 million Euros.
HHI is preparing itself for a new takeoff. We are currently
focusing our efforts on enhancing the quality of our mainstream
products and services to the top level in the world,
while ensuring our core technologies remain globally competitive.
We will continue to pursue diversified and sustainable
growth through a process of selection and concentration on
our business spectrum.
With the devotion of our employees, combined with the
support of our customers and business associates, we look
ahead to a period of continued growth.
Together, we have what it takes-the confidence and the
capability-to make HHI the world’s premier heavy industries
company. We cordially ask at this time for your renewed
support and patronage as we move ever closer to our corporate
goal.
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