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5 Jan 2024 12min 29sec

The year 2023 was a special year for Hyundai E&C as it elevated the status of K-Construction. In addition to the record-breaking orders that sparked the “New Middle East Boom”, the company also showcased its technological prowess to make people's lives safer and more convenient. We have summarized this year's remarkable achievements under top 5 themes.



2023 HYUNDAI E&C REVIEW ISSUE Hyundai E&C Top Mega Projects MARCH Shaheen Project Groundbreaking of Korea’s largest petrochemical facility Saudi Aramco’s largest investment in Korea Production of high-value petrochemical products JUNE Saudi Amiral Project Mega petrochemical complex worth 6.5 trillion won One Team Koreas largest single order of the year Showcasing K-Construction’s outstanding construction and technological prowess  JULY  Namyangju Wangsuk National Route 47 Largest civil engineering tender project in history Expansion of third new town’s transportation network Undergrounding national route with extended length of 6.41m SEPTEMBER GTX-C Line Innovating Korean transportation infrastructure Connecting Yangju to Suwon, approximately 84.46km About 30-min commute from Ansan to Gangnam  OCTOBER Saudi Jafurah Project Mega gas plant expansion project order Following Phase I, secured contract for Phase 2 expansion Construction of gas processing plant, sulfur recovery units NOVEMBER Shin-Hanul NPP Units 3 and 4 Signaling revival of domestic NPP projects First comprehensive review bid system applied to domestic nuclear construction Recognized for top-tier technological competitiveness ENR Global No. 11 Engineering News-Record  Selected by global construction magazine <ENR> 2023 international section 14 Consecutive Years  Included in DJSI (Dow Jones Sustainability Index) World (2010-2023) 106% Year-on-Year Increase in Cumulative Overseas Orders  12.6 trillion won in cumulative overseas orders (as of Q3 2023)

#K-Construction #Second Middle East Boom #Amiral Project #Shin-Hanul Units 3 & 4 #Transportation Infrastructure Innovation

If we were to pick a hot news that has been the center of attention for Hyundai E&C this year, it would be the “jackpot” of record orders clinched in the global construction market. The most significant one is the KRW 6.5 trillion “Amiral Petrochemical Complex Packages 1 & 4”. Last June, Hyundai E&C was awarded a project by Aramco, the world's largest energy company and Saudi Arabia's national oil corporation, to build a mega petrochemical complex. This is the largest single project ever won by a Korean company in Saudi Arabia, and it is even more significant as it is a turnkey project that covers the entire process of engineering, procurement, and construction. In addition, Hyundai E&C has put the Shaheen project, which it won last year, on track (groundbreaking begun), and in October, it won a project worth KRW 3.1 trillion to expand the second phase of the Jafura gas processing facility in Saudi Arabia, bringing the cumulative total of Shaheen, Amirah, and Jafura projects won so far to nearly KRW 20 trillion. This performance is also evidenced by a 106% increase in cumulative overseas orders year-on-year (as of the 3rd quarter). 

Not only overseas, but also in Korea, the company continued to win large projects. Hyundai E&C Consortium recently won the contract for the construction of the main facilities for Shin-Hanul Units 3 and 4, worth KRW 3.1 trillion, signaling the revival of the domestic nuclear power plant business. The tender was characterized by the application of the “Comprehensive Evaluation Bid System” for the first time in nuclear power construction, and Hyundai E&C was recognized for its top-notch construction quality and technological capabilities, beating out strong competitors in all categories, including construction performance, construction plan, and price. The company also revolutionized the country's transportation infrastructure. Hyundai E&C is leading the way in revolutionizing the transportation network in the Seoul metropolitan area by winning the GTX Line C project, as well as the project for undergrounding Wangsuk Namyangju National Route 47 with a budget over KRW 1 trillion.


2023 HYUNDAI E&C REVIEW  NEW ENERGY 2023 ENERGY TRANSITION BUSINESS PERFORMANCE 01 Nuclear Power • All-round player in all areas of nuclear power, including large nuclear power plants, SMRs, and spent fuel storage facilities • Leading restoration of NPP ecosystem by winning orders for main facilities of Shin-Hanul Units 3 and 4 • Entered Ukrainian NPP market • Awarded contract for Tritium Removal Facility (CTRF) for a NPP in Romania 02 Renewable Energy • Strengthening core expertise as an energy developer • Expanded MOUs for mutual cooperation on local and global clean hydrogen production  • Secured capability for designing Koreas first hydrogen production plant based on water electrolysis • Fully launched “Hyundai Frontier”, Korea’s only installation vessel exclusive for mega offshore wind power • Implemented numerous renewable energy projects in PV and biogas 03 Power Brokerage Trading Business • 100% trusted net-zero solution partner • Planning to build an integrated IT platform for energy trading • Signing an agreement with Incheon Namdong Industrial Complex to conduct energy self-sufficiency project and expected to introduce PPA (On-Site PPA) trading method for the first time in an industrial complex • Leading energy transition and carbon neutrality

#Climate Change #Energy Transition #Power Brokerage #Hydrogen #Nuclear All-Rounder

Climate change remains a pressing issue in today's world, marked by increasingly unpredictable global weather conditions. In response, Hyundai E&C is making strides to achieve its global “net-zero” initiative. The company's efforts encompass a broad range of initiatives, from honing its 50-year expertise in nuclear power plant technology to harnessing renewable energies such as solar and wind.

Recall the Hyundai Frontier, launched near the coast of Tongyeong, Gyeongnam Province, in June. This 14,000-ton vessel, unique in Korea for its dedication to offshore wind power, has positioned Hyundai E&C at the forefront of this sector. Braving the challenging currents and waves around Jeju Island, the Hyundai Frontier played a pivotal role in constructing the Hallym Offshore Wind Farm. This project, unparalleled in scale within Korea, is set to generate 235 GWh of power annually.

Hyundai E&C is actively engaging in innovative technologies to address climate change, notably through its foray into the power brokerage and trading business. This March, the company made a significant leap as a renewable energy power trading company. It is laying the groundwork for an integrated IT platform for energy trading, forged through strategic alliances with energy IT firms. A key initiative in this domain is the “energy self-sufficiency infrastructure construction and operation project” at the Incheon Namdong Industrial Complex, marking its challenge in the field of power brokerage. Furthermore, Hyundai E&C is steadfast in its investment in the creation of original technologies and the bolstering of its in-house design expertise. This stems from the belief that “hydrogen”, as a crucial energy source in the carbon-neutral era, is set to dominate the future energy market. The company has achieved a milestone by completing the FEED (Front-End Engineering Design) for Korea's inaugural hydrogen production base utilizing seawater. Additionally, Hyundai E&C is progressing with pre-FEED phase of the Donghae Gas Field, capable of capturing, transporting, and storing up to 1.2 million tons of carbon dioxide annually.

Finally, in the nuclear power domain, a cornerstone of Hyundai E&C's energy business, we are broadening our expertise across the full spectrum of the nuclear power value chain including small modular reactors (SMRs), decommissioning of NPPs, and constructing facilities for spent nuclear fuel storage, leveraging our 50 years of accumulated experience and prowess in nuclear technology. Notably, since 2021, Hyundai E&C has been involved in designing the U.S.'s first commercial SMR, a pioneering feat for a Korean construction company, achieved in collaboration with Holtec International, a leading nuclear specialized firm in the U.S. This initiative underscores our commitment to being an “all-round player” in the nuclear power sector, not just in Korea but also in the U.S., Eastern Europe, and other global markets.


2023 HYUNDAI E&C REVIEW SMART TECHNOLOGY Hyundai E&Cs Smart Technologies of the Year TBM Safe and Smart Tunnel Excavation Technology CAISSON CONSTRUCTION Technology for Reclaiming Sea with Engineering Design that Cares for Marine Environment  AI-BASED WELLNESS HOUSING OF FUTURE  Developing an All Life-care House H-SILENCE SOLUTION PACKAGE Zero Interfloor Noise Technology H TRANSFORMING WALL & FURNITURE II One Space Multi-Use Concept BIM Planning/Design/Construction/Maintenance based on 3D Information Model DIGITAL TWIN TECHNOLOGY Disaster Prediction and Field Management using AI Technology  K-UAM Unveiling Korea’s First Vertiport Concept Design

#Zero Interfloor Noise #H Silent Solution Package #Future Healthy Homes #TBM #Smart Construction Technology #Modular/Caisson Construction Methods

An apartment that utilizes AI to analyze residents’ genetic data and manage their health? Such “All Life-care House”, is expected to become a reality soon. In May, Hyundai E&C signed an MOU with Thermo Fisher Scientific and Macrogen, two leaders in biotechnology and digital healthcare from the United States, to craft a ground-breaking model of future healthy living. This model will proactively manage various aspects of residents' lifestyles, including their diet, exercise routines, and sleep patterns. Additionally, we're introducing services that leverage state-of-the-art technology to enhance resident convenience. Among these is the “H Silent Solution Package”, which integrates four interfloor noise reduction technologies including ▲H Silent Home and ▲H Silent Frame. This package is acknowledged for advancing towards the goal of “zero interfloor noise”. Moreover, Hyundai E&C's apartments adopt the One Space Multi-Use concept. The H Transforming Wall & Furniture II, a bespoke product for residences that can transform spaces into home gyms, offices, and dining rooms applying wall-mounted furniture to movable storage units, will be soon available to customers in the first half of next year.

Hyundai E&C is implementing various smart technologies not only in residential spaces but also in sky, land, and sea environments. Utilizing Tunnel Boring Machines (TBMs), these colossal steel excavators, tunnel construction becomes safer and smarter. Building Information Modeling (BIM) is applied to flawlessly execute complex processes. We are also proactively conducting basic research on the construction of undersea and marine cities, previously only seen in films, as well as designing Vertiports for take-off and landing of Urban Air Mobility (UAM) air taxis. Hyundai E&C is committed to employing diverse digital site management platforms for effective supervision of every aspect of construction sites, that are not visible to the human eye. Additionally, construction robotics are utilized to enhance productivity, which helps to achieve both goals of “safety” and “high-quality construction”.


2023 HYUNDAI E&C REVIEW TOGETHER Hyundai E&Cs Path to Shared Growth with Partners Excellent Shared Growth Evaluation Index  • Obtained highest rating for 5 consecutive years • Winning trust from partners by organizing partner-exclusive events Hyundai E&C Technology Expo 2023 • First Korean builder to share technology with partners • Total of 220 companies applied for participation Reopening of the Safety Culture Experience Center • Specialized training facility with latest equipment • Strengthening safety education focused on experience and practice 2023 Startup Open Innovation • Discovering great innovative startups • Creating win-win partnerships with promising startups 2023 Hyundai E&C Technology Competition • Contest for innovative technologies that will lead K-Construction  • Koreas leading technology competition in its 16th year

#TECH EXPO 2023 #Tech competition #Startup Open Innovation #Safety Culture Experience Center Opening

In 2023, Hyundai E&C led the way in fostering a culture of shared growth, collaborating closely with our partners and emerging hidden champions. Consequently, in the “Shared Growth Index Evaluation” conducted by the Korea Commission for Corporate Partnership, Hyundai E&C achieved high scores across all categories, including fair trade, support for shared growth, and partner confidence. This led to the company being recognized as the Best Honorary Company for the fifth consecutive year.

In February, Hyundai E&C initiated a series of shared growth activities, beginning with the “H-Leaders General Meeting and Management Seminar” to reinforce trust with partners. Notably, the Hyundai E&C Tech Expo 2023, held in October, marked the first event in the domestic construction industry to showcase innovative technologies and current trends. This significant expo allowed attendees to explore the latest products and technologies in in various sectors, including plants, building materials, electrical systems, facilities, plumbing, rebar, concrete, PC, civil engineering, and safety. It also provided a platform for networking between industry peers and company employees. Furthermore, Hyundai E&C's commitment to fostering a shared growth ecosystem is evident in initiatives like the “Hyundai E&C Tech Competition”, which aims to spotlight hidden champions and research institutions with innovative technologies, and the "2023 Startup Open Innovation Competition", which focuses on collaboration with promising startups.

This year, Hyundai E&C continued in its efforts to prioritize safety and foster active participation from its partners. By implementing the “Reward System for Partners with Excellent Safety Management”, the company has heightened safety awareness among its partners. It has also put in place well-grounded systems like “work exclusion rights”, “work stop rights”, and the “H-safety wallet” to ensure the safety of workers on-site. In June, the Safety Culture Experience Center at the Hyundai E&C Technical Education Institute in Daelim-dong, Seoul, was re-launched after refurbishment. This center, equipped with state-of-the-art smart technology, offers a unique opportunity for various stakeholders, including employees, partners, customers, and on-site workers, to understand and experience workplace hazards that are otherwise challenging to experience at first-hand.


2023 HYUNDAI E&C REVIEW CULTURE Corporate Culture Built Together  48,000+ EVENTS  76th Anniversary In-house Event #Exchanging Thank U Message With Employees  #Thank U Bonus #Foundation Day Tea Party LINE 3 Anguk (Hyundai E&C) Station Art Collaboration #Ongojisin Campaign #Building History #Building Dream #Building Together 10,000 BOWLS Stronger HQ-Site Communication  #Yummy! Snack Food Truck #Delivered 10,000 Bowls Of Noodles To Sites across Korea  #Hyundai E&C Food Stall #Jingle Mingle #Team Seminar 35,800 PEOPLE Hyundai E&C Grows Together with Community #Number Of Employees Rounding Down Salary And Donating For 13 Years #Dream Mentoring Volunteer Corps #H-Green Saving #Cleanup At Yeouido Saet River #Cooking Class 1000 UNITS Higher Employee Satisfaction & Engagement!  #Limited Edition Merchandise Hoodie Sold Out #Leatherworkshop-Coffee-Perfume One-Day Class #Initial Ideation Support #Library Dam

#Anguk (Hyundai E&C) Station Art Collaboration #76th Anniversary event #Yummy Snack Food Truck #Higher Employee Engagement and Pride!

In 2023, Hyundai E&C unveiled its corporate culture slogan “Shall we?” as a symbol of a collaborative corporate culture shaped by everyone's participation. Let us reflect on various events and see how they have enriched enjoyment and enthusiasm in the workplace.

The 76th Anniversary of the company was celebrated with several unique events, reaffirming the significance of Hyundai E&C's founding. The “76th Anniversary Thank U Bonus” event, allowing employees to send cyber points and appreciation messages to colleagues, saw a remarkable participation of 80%. The response from employees was overwhelming, with over 48,000 “thank you messages” exchanged. Additionally, the “76th Anniversary Tea Party” was held at the headquarters, domestic, and overseas sites on the anniversary day. Notably, the Gyedong headquarters served an array of delicious baked goods from popular local bakeries, which where a huge hit.

In addition, Hyundai E&C sent “Yummy Snack Food Truck” to sites for local on-sites workers. More than 10,000 bowls of delicious noodles and snacks were provided to the 46 sites selected based on their unique stories submitted, bringing smiles to many as the truck arrived just in time for a hunger fix. In addition, the “Team Seminar”, revived after a four-year hiatus, the “Hyundai E&C Food Stall” installed to strengthen communication between headquarters and site managers who used to communicate only by phone, messenger, and email, and “Jingle & Mingle”, a engaging platform for both experienced employees having joined in 2023 and international staff have all contributed to a more vibrant and dynamic corporate culture at Hyundai E&C. 

Meanwhile, Hyundai E&C continued to engage with the local community on many fronts. From February to August, employee pride-boosting advertisements were showcased at Anguk (Hyundai E&C) Station, close to the company's headquarters. The “Art Collaboration Ongojisin Campaign”, featuring three artworks by artist Kwang Kwang, who captured Korea’s traditional beauty in his illustrations, was lauded for its public art feel rather than just corporate promotion. This initiative not only made Hyundai E&C staff proud of their organization but also turned Bukchon district into a new photographic attraction for visitors. Hyundai E&C's community involvement extended to various CSR activities, reciprocating the support received from the local community. At year's end, the company donated KRW 240 million to the Community Chest of Korea, thanks to employees rounding down their salaries and donating the difference to charity. Over the past 13 years, more than 35,800 employees have donated KRW 4.1 billion in total as part of such program. In addition, Hyundai E&C implements many small and large CSR initiatives including Dream Mentoring Volunteer Corps, an educational scholarship program that has been running for 10 years, the Yeouido Saetgang Cleanup, an ecosystem preservation effort, and also a project to enhance children’s awareness on safety. Particularly noteworthy is H-Greensaving, an initiative focused on enhancing energy efficiency for underprivileged groups and social welfare facilities. Over the past three years, this program has successfully installed 1,577 LED lights and 32 kW of solar panels in homes of vulnerable communities, leading to a reduction of 58 tCO2/year in greenhouse gas emissions.

Recently, Hyundai E&C disclosed the top keywords representing 2023, as chosen by employees through an internal survey. A significant number of employees voted for phrases such as “Smart Construction Leader,” “11th in the World in ENR,” “Middle East Again,” “Future City Expert,” and “Nuclear Ecosystem,” all closely associated with themes like <Overseas Orders>, <Leader>, and <ESG>. These proud achievements clearly demonstrate the dedication and hard work of our employees. As we stand at the threshold of a new beginning, stay tuned to witness Hyundai E&C's ascent to unprecedented heights in 2024.