South Korean steelmaker Hyundai Steel has secured a KRW 611.5 billion ($416.8 million) contract to supply foundation structures for an offshore wind power project off the coast of Shinan, South Korea, according to local media reports.
Under the contract between Hyundai Steel and local shipbuilder Hanwha Ocean, Hyundai Steel will supply key foundation components, including monopiles and transition pieces, for the wind farm’s turbines, part of the project’s move toward large-scale renewable energy infrastructure. Hanwha Ocean has recently taken on the role of engineering, procurement and construction contractor for the project.
Strategic role in South Korea’s energy transition
The Shinan contract, which will last until January 2029, positions Hyundai Steel as a significant industrial partner in South Korea’s offshore wind sector, which is expanding rapidly amid national renewable energy targets. The company’s role in supplying structural steel for foundation systems underscores the importance of steelmakers in scaling up offshore wind deployment. The power project will have a capacity of 390 MW.