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Hyundai Engineering & Construction

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Not to be confused with Hyundai Engineering (HEC).
Hyundai Engineering & Construction Co., Ltd.
Native name
현대건설 주식회사
Company typePublic
KRX: 000720
IndustryConstruction
Founded1947; 77 years ago (1947)
FounderChung Ju-yung
HeadquartersJongno District,
Seoul
,
South Korea
Area served
Worldwide
Key people
Yoon Young-joon (President & CEO)
Lee Won-Woo (EVP)
Kim Kwang-Pyung (SVP & CFO)
295,656,000 (2007) Edit this on Wikidata
ParentHyundai Motor Group
Websitehttps://www.hdec.kr
Hyundai Engineering & Construction
Hangul
Hanja
Revised RomanizationHyeondae Geonseol
McCune–ReischauerHyŏndae Kŏnsŏl

Hyundai Engineering and Construction Co., Ltd. (HDEC; Korean: 현대건설 주식회사) is a major construction company in South Korea. The company was founded by Chung Ju-yung in 1947 as the Hyundai Civil Works Company and was a major component of the Hyundai Group. Hyundai Construction and Hyundai Engineering merged in 1999.[1]

Hyundai Construction played a major role in the importation of Korean laborers to the Middle East to work on construction projects in the 1970s and 1980s. In the decade following 1975, Hyundai signed their first contract in the region for construction of a shipyard for the Iranian Navy near Bandar-e Abbas. 800,000 Koreans went to work in Saudi Arabia and another 25,000 went to Iran; Hyundai was their largest employer.[2][3]

Under creditors' management with Korea Exchange Bank as the largest creditor, Hyundai Group was split into several entities from 2001 to 2006.[4] As of March 2007, HDEC is the main shareholder of Hyundai Merchant Marine, which is the de facto holding company of Hyundai Group. Hyundai Group and Hyundai Motor Group (another spin-off from Hyundai Group) are both vying to purchase HDEC.[4]

In 2011, Hyundai Motor Group became the new owner of Hyundai Engineering & Construction. This was determined by Korean banks' decision after the company won a bidding war against the Korean Merchant Marine.

Corporate governance

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As of 31 March 2024

Shareholder Stake (%) Flag
Hyundai Motor Company 20.95%
Hyundai Mobis 8.73%
Kia Corporation 5.24%
National Pension Service 8.46%

Business

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Domestic business

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  • 1953: After the Korean War, Hyundai Construction grew by taking on post-war reconstruction projects and U.S. military base construction. The company also began investing in its own construction material production system, such as slate and cement.
  • 1958: Completed the restoration of the Hangang Bridge (then called the Hangang Indogyo).
  • 1959: Completed national highways between Seoul-Suwon and Seoul-Uijeongbu.
  • 1960: Completed Incheon Port’s first pier, establishing itself as the No. 1 domestic contractor.
  • 1961: Built the Chuncheon Dam.
  • 1962: Constructed Yeongwol’s second thermal power plant and Yanghwa Bridge (then known as the Second Hangang Bridge).
  • 1967: Built the Soyanggang Dam.
  • 1968: Constructed the Gyeongin Expressway, Korea’s first expressway.
  • 1970: Built the Gyeongbu Expressway and Honam Expressway (Daejeon–Jeonju), coining the term “Nationwide One-Day Living Zone.” This solidified Hyundai as Korea’s top construction company.
  • 1973: Constructed the Ulsan Shipyard, the first project under the government’s heavy and chemical industry development plan.
  • 1978: Built the Pohang Integrated Steelworks (up to the third phase).
  • 1999: Completed the Seogang Bridge.
  • 2000s: Won bids for projects such as the Machang Bridge and Ulsan New Port. Played a major role in Korea’s apartment reconstruction, redevelopment, and remodeling boom.
  • 2012: Began construction of the Boryeong Undersea Tunnel.
  • 2015: Won the bid for the Ulsan Bridge, the world’s third-largest suspension bridge with a short main span.
  • 2016: Secured the contract for the Banpo Jugong Complex 1, the largest reconstruction project in Gangnam.
  • 2019: Won the contract for outer facilities at Yeosu Shinbuk Port.
  • 2020s: Continuously broke records in urban redevelopment project bids:
  • 2020: Secured ₩4.7383 trillion in orders.
  • 2021: Secured ₩5.5499 trillion in orders.
  • 2022: Secured ₩8.352 trillion in orders.
  • 2020: Secured contracts for the Hannam 3 District redevelopment and the Hyundai Seongwoo Complex 8 maintenance project in Yongin, Suji.
  • 2021: Won the remodeling contract for Shinjeong Village 9 Complex in Yongin, Suji, and redevelopment rights for the Haga District in Jeonju.
  • 2022: Secured contracts for the redevelopment of U-dong 3 District in Haeundae, Busan, and the Seunghak Tunnel in Busan.

Hyundai Construction has played a pivotal role in shaping South Korea’s infrastructure and urban development through its extensive portfolio of projects.

Key landmark construction sites

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  • Pattani-Narathiwat Highway, Thailand
  • Bangabandhu Bridge, Bangladesh
  • Kyeong-bu (Seoul-Busan) expressway
  • North Han river, Soyanggang Dam, multipurpose Dam
  • Seoul Gangnam apartment introduction in Korea during 1970
  • Hyundai Ulsan shipyard
  • Hyundai Motor Ulsan complex
  • Ulsan Industrial complex
  • Posco Giant Pohang and Gwangyang (South-west of Korean peninsula) com
  • Jabel Ali Industrial harbour construction
  • Suntec City tower project, Singapore
  • Ulsan Grand Bridge
  • Geogeum Grand Bridge
  • Masan Changwon Grand Bridge
  • Sheikh Jaber Al-Ahmad Al-Sabah Causeway, Kuwait
  • Lusial Expressway, Qatar
  • Construction of Al Bustan Street South Project -Sabah Al ahmad Corridor, Qatar

Notable people

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The former president of South Korea, Lee Myung-bak, was a former CEO of Hyundai Engineering and Construction.

See also

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References

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  1. ^ "Hyundai E & C, Engineering merger". Brl.pe.kr. May 15, 1999. Retrieved 11 November 2017.
  2. ^ Seok, Hyunho (1991). "Korean migrant workers to the Middle East". In Gunatilleke, Godfrey (ed.). Migration to the Arab World: Experience of Returning Migrants. United Nations University Press. pp. 56–103. ISBN 9280807455.
  3. ^ Steers, Richard M. (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. United Kingdom: Routledge. pp. 109–117. ISBN 978-0-415-92050-6.
  4. ^ a b [1] [dead link‍]
[edit]
  • Official website
  • Hyundai Engineering & Construction (in English) FB Page
  • Business data for Hyundai Engineering & Construction:
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