South Korea's Hanwha builds arms empire as Ukraine, Iran wars spur spending

U.S. Navy cadets with the Maine Maritime Academy tour the National Security Multi-Mission Vessel (NSMV) State of Maine at the Hanwha Philly Shipyard in Philadelphia, on Aug. 26, 2025. The yard acquired by the South Korean conglomerate in 2024 epitomizes its drive to build ships for the U.S. Navy and expand its global maritime defense presence. © Reuters

Philly shipyard key to ties with US Navy; Firm ramps up global hardware sales

PHILADELPHIA, Pa. -- Nearly three-quarters of a century after it was founded by 30-year-old gunpowder engineer Kim Chong-hee, the business that began life as Korea Explosives Co. is leading a charge in South Korea's booming defense industry.