A welder works on a K9 Howitzer at Hanwha Aerospace’s manufacturing facility in Changwon, South Korea, on Thursday, April 18, 2024.
Photographer: Woohae Cho/BloombergSouth Korea Is Making Weapons Faster and Cheaper Than the US
Until recently, military analysts saw Hanwha Aerospace as a relic. The war in Ukraine — and soaring exports — have proved them wrong.
Hanwha Aerospace Co., Korea’s leading defense contractor, has been making ground weapons for almost 50 years and never stopped, even as overseas rivals moved on to sixth-generation fighter jets and unmanned drones. Until recently, military analysts saw Hanwha as a relic, its products insufficient for 21st century warfare.
The war in Ukraine, fought almost entirely on the ground, has proved them wrong. Hanwha’s old-school armored vehicles and munitions are in high demand, not least because the Korean company can deliver them faster and at lower cost than US or EU companies. In the two years since Russia’s invasion, Hanwha’s annual export revenue from weaponry grew elevenfold to $1.1 billion; it now makes up 26% of the company’s total arms sales. Shares are up about 350%.