McCormick urges faster South Korean investment in U.S. shipbuilding

U.S. Sen. Dave McCormick urged South Korea to move faster on its pledged investment in the United States during a meeting with reporters in Seoul on Thursday, October 8. He said Korean shipbuilders could become a ‘real partner’ in providing U.S. shipbuilding capacity, while leaving the timing of a proposed military vessel project unresolved.

McCormick, a Republican representing Pennsylvania, said closer cooperation could help rebuild the U.S. industrial base and give Korean companies greater access to the American market. He also argued that working together would reduce reliance on supply chains, particularly those involving China. Those are his stated reasons for seeking a larger partnership, rather than measured outcomes of the investment pledge.

What McCormick said about South Korea’s investment pledge

South Korea has pledged $350 billion in U.S. investment, including $150 billion associated with shipbuilding, according to Yonhap’s account of McCormick’s remarks. He welcomed the commitment but said investment needed to begin flowing ‘sooner rather than later.’ The reported pledge does not establish how much money has already been disbursed or which projects have received final approval.

McCormick said he had told South Korean counterparts that Japan had moved faster on some investments. He argued that the United States and South Korea needed bold action to rebuild industrial capabilities for economic and national security reasons. His comments pressed for speed, but the reporting did not identify a new funding release or a deadline agreed by either government.

The proposed military vessels and the Geoje shipyard visit

Asked about President Donald Trump’s request for South Korea to build 10 military vessels for the United States, McCormick said he was unsure about the timing. He supported exploring a role for Korean companies both as investors in U.S. yards and as providers of shipbuilding capacity. His answer did not establish an agreed order, a construction schedule or where the vessels would be built.

The remarks followed McCormick’s October 7 visit to Hanwha Ocean’s shipyard in Geoje, South Korea. MoneyToday reported, citing Hanwha Ocean, that he toured an automated yard and a warship construction site and boarded the Pyeongtaek, a frigate under construction. The visit put a Korean shipbuilder with an existing U.S. yard connection at the center of the discussion.

MoneyToday also reported that McCormick praised Hanwha Ocean’s technology, productivity, quality and safety, and said he expected the company to contribute to Philadelphia’s shipbuilding industry through Philly Shipyard. The publication labels its English article as an AI translation, so its account of those remarks should be read with that qualification. Its descriptions of the tour and the company’s plans are attributed to Hanwha Ocean.

Why Pennsylvania figures in the shipbuilding push

McCormick pointed to Hanwha’s investment in Philly Shipyard as an example of how international investment could support an industrial revival in Pennsylvania. He also cited Nippon Steel’s acquisition of U.S. Steel. These were examples he chose to advance his argument about rebuilding capacity in his state; they do not, by themselves, establish the results of the wider South Korean investment package.

Hanwha Ocean said Philly Shipyard’s workforce had reached about 2,500, roughly twice its size around the 2024 acquisition, according to MoneyToday. The report also said the yard had secured an order for a vessel from the U.S. Maritime Administration in July. Those company-supplied details describe activity at one yard, while the pace and allocation of the broader shipbuilding commitment remain separate questions.

Yonhap reported that McCormick met South Korea’s foreign and defense ministers and business leaders during his visit. The talks also covered the bilateral alliance and security. For now, his public remarks establish support for deeper shipbuilding cooperation and a call to accelerate investment; the cited reporting does not establish a timetable for the proposed 10 vessels or quantify spending already carried out under the pledge.