Hyundai HYMS Supercharges Steel Plate Production, Enters New Industries
In a significant leap forward, Hyundai HYMS, a prominent steel manufacturer, has ramped up its daily steel plate production to 400 to 450 metric tons at its Mokpo plant in South Jeolla Province, South Korea. This surge in output is not only a technological milestone for the company but also highlights its growing contribution to the shipbuilding industry. The plant specializes in producing ship blocks—large steel plates that form the core structures of ships—and the company’s innovative manufacturing processes have made it a vital player in the global steel market.
On February 20, 2025, Hyundai HYMS continued its commitment to excellence as workers skillfully welded and painted massive steel blocks, which were later transported to HD Hyundai Samho and HD Korea Shipbuilding & Offshore Engineering for further shipbuilding processes. The steel plates manufactured at this plant are used to craft the curved parts of ships, such as the bow and stern, requiring precise and advanced manufacturing techniques.
A New Record in Steel Plate Production
Hyundai HYMS has set a new annual production goal of 87,000 metric tons of steel blocks, marking a major milestone for the company. Each day, the plant can now produce 400 to 450 metric tons of these crucial components for the shipbuilding industry. This increased production capacity reflects the company’s commitment to meeting the growing demand for steel in the global market, particularly as shipbuilding continues to thrive.
Moreover, Hyundai HYMS has expanded its capabilities to produce independent tanks, used for the storage of liquefied natural gas (LNG) and chemical carriers. These specialized tanks, now produced at the Mokpo facility, require highly advanced manufacturing processes due to their need to withstand cryogenic temperatures and high pressures. The company plans to increase its production capacity for independent tanks from 5,000 metric tons to 16,000 metric tons by 2026.
Expansion into Port Cranes and Other Sectors
In line with its strategy to diversify its operations, Hyundai HYMS has expanded its reach into new industries, particularly port cranes. The company has secured a large site for its Daebul Plant No. 4, covering approximately 28,000 pyeong (around 13 soccer fields) to build port cranes. These massive cranes are essential for loading and unloading ships at container ports. As part of this initiative, Hyundai HYMS is collaborating with HD Hyundai Samho to produce these cranes, with an estimated annual production goal of 7 to 10 cranes.
The global market for port cranes is currently dominated by Chinese manufacturers, particularly ZPMC, which controls around 80% of the market share. However, escalating security concerns between the U.S. and China have created a significant opportunity for domestic manufacturers like Hyundai HYMS to step in and fill the void. The U.S. government is investing $20 billion (approximately 26.5 trillion won) over the next five years to replace Chinese port cranes, presenting a major business opportunity for Hyundai HYMS.
Financial Growth and Future Prospects
As of its latest financial report, Hyundai HYMS has experienced impressive growth. In 2025, the company achieved sales of 223.2 billion won, marking an 18% increase from the previous year. Furthermore, Hyundai HYMS reported an operating profit of 21.5 billion won, up 49%, and a net profit of 16.6 billion won, a surge of 63.7%.
Looking ahead, Hyundai HYMS expects that its new ventures, including the port crane business, will contribute around 10% to 15% of its total revenue in the near future. The company is positioned to become a significant player in this market, capitalizing on opportunities arising from the growing demand for both shipbuilding components and port infrastructure.
Key Takeaways:
• Enhanced Steel Plate Production: Hyundai HYMS now produces 400 to 450 metric tons of steel plates daily, with an annual production target of 87,000 metric tons.
• Expansion into Independent Tanks: Hyundai HYMS is increasing its production capacity for independent tanks from 5,000 metric tons to 16,000 metric tons by 2026, focusing on LNG and LPG storage tanks.
• Entry into Port Cranes Market: Hyundai HYMS has expanded into the port crane business and aims to produce 7 to 10 cranes annually, responding to opportunities in the global port crane market.
• Impressive Financial Growth: In 2025, Hyundai HYMS reported sales of 223.2 billion won, an 18% increase, along with an operating profit rise of 49% and net profit increase of 63.7%.
• Strategic Positioning in Shipbuilding and Infrastructure: Hyundai HYMS’s strategic ventures into both shipbuilding components and port infrastructure will diversify its revenue streams, contributing significantly to the company’s overall growth.
• Global Market Opportunities: The company is poised to capitalize on the growing demand for port cranes, especially due to the U.S.'s investment to replace Chinese cranes, creating new revenue avenues for Hyundai HYMS in the years ahead.
