US Leans on Shipbuilding Prowess of Allies to Compete With China [BNN Bloomberg (Canada)]
United States Steel Corporation (X)
Last united states steel corporation earnings: 4/30 04:16 pm
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Source: BNN Bloomberg
Enter South Korean shipbuilding powerhouse Hanwha Ocean Co. The company is buying a former Navy shipyard in Philadelphia and recently secured Korea's first ever contract to overhaul a US naval vessel. These steps pave the way for the company to play a bigger role in the US naval shipbuilding sector and could herald the start of a new wave of investment. America's shipbuilding industry has virtually collapsed over the last generation, with years-long delays and cost overruns making it hard for the Navy to build the ships and submarines it needs. In contrast, China's navy — supported by the world's largest shipbuilding sector which produces more than half of merchant ships globally — is rapidly growing and now has a larger fleet than the US. “Look at the difference in shipbuilding between the United States and China — deeply concerning,” Deputy Secretary of State Kurt Campbell said a July testimony to a Senate committee. “We have to do better in this arena or we will not be the gre
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