U.S. and Hanwha Fail to Reach Shipyard Funding Deal
The United States government and Hanwha Group remain deadlocked over funding levels for a planned 5 billion dollar modernization of a South Philadelphia shipyard.
The Federal government of the United States and South Korea's Hanwha Group have failed to reach an agreement on funding levels for the planned modernization of the South Philadelphia shipyard. The project, originally announced as a 5 billion dollar investment, intends to digitize steel plates used in ship assembly and automate welding processes.
Ten months after the project was first introduced, the funding agreement remains pending. Senator Dave McCormick had previously praised the investment and credited the leadership of President Donald Trump in facilitating the deal. Despite the initial political momentum, the two parties have not yet finalized the financial terms necessary to begin the modernization of the facility.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play