Six Decades of
Relentless Success

Hyundai E&C celebrates 60th anniversary with pledge to live up to tradition next 100 yrs

President Lee Jong-soo of Hyundai Engineering and Construction Co. announced the company's new long-term vision "To Step up As Global Leader by 2010,"at a ceremony held at the company's auditorium May 25 to celebrate its 60 th anniversary.
President Lee, in his speech at the celebration ceremony, said the root power that led Hyundai's growth in the past 60 years has been relentless spirit that coped with the changes in the flow of time properly. The company will continue to operate in that same direction to be a leader in the world market as "Top Hyundai"winning the love of the people doing its social responsibility in full, along with expanding its businesses through continuous reform and innovation, the CEO said.
Under the new vision, the company will undertake "value management, ethical management, management centered around talented personnel as part of its strategy and along the way, it will also strengthen its core competitiveness, diversifying its business areas,
and strengthening its overseas operations as among the detailed steps for realization of its vision.
The company will fall back on its abundant and technological experiences to expand its domestic construction market share and also continue to expand overseas operations and the weight of its own businesses centered around EPC.
Hyundai E&C plans to expand its business to areas of private-investment projects, related sectors such as maintenance and management, especially those in the prior and post project areas. The company also is looking at various chances for businesses related to the development project for Taean Corporate City in a bid to secure a stable income source.
In overseas operations, the company will continue to focus on high value-added projects like plant construction projects and look at chances to enter North America's construction market, along with consolidation of its operations in Southeast and Central Asia.
Hyundai will try to secure an average annual growth of 10 percent in overseas project orders so that it could reach 13 trillion won in 2010 with annual sale rising 15 percent on average to reach more than 8 trillion won in 2010.
By 2010, the company trill try to have its overseas operations to contribute 30 percent of its total annual sales and its domestic work mainly in civil work to take up 36 percent of its annual sales. Its civilian sector businesses will share 34 percent of its total annual sales and make its portfolios stable by business sectors to lead itself to be a leader in the world construction industry.
In the meantime, at a strategy meeting for overseas operations held recently at the company's Sosan Farm, Hyundai E&C has decided to go after $3.4 billion in overseas projects this year. Included among the participants in the meeting were heads of the company's key executives, overseas branch managers in 14 countries and 15 jobsite heads totaling some 120. The target is about 40 percent more than the record for last year, amounting to $2.44 billion,
and breaks down to $1.85 billion in plant projects, $725 million in electricity projects and $450 million in civil projects mostly located in the Middle East. The company will tap markets other than the Middle East region for new projects.
President Lee said the company will focus on petrochemical, power plant and gas projects in a very active manner in the Middle East to make up for the sluggish domestic construction market. He said the company is aware of the construction of skyscrapers, harbors and power plant projects in Southeast Asia and look for markets under development in Central Asia, Africa and North America.
Hyundai Engineering and Construction Co. has recently unveiled it's new emblem and slogan to show off its pride as a world-renowned builder and its unlimited possibility for future development on the occasion of its 60th anniversary this year.
They read, "Beyond the Century"and "Construction History of 60 Years and Hundred Years of New History-- Hyundai Construction in the Center of Future."The new emblem visualizes the company's 60 years anniversary and the will to step up its growth and the possibility for futuristic development, company officials said.
Colors used for the emblem include green, the original color that symbolizes the company and orange to signify the company'dynamic activities, young and energetic, just like its long tradition, the officials said.
The company has decided to visit welfare centers for senior citizens and other welfare facilities in Jongno Ward in Seoul as part of its social service and build houses of love for the needy. Also included in the celebrative programs are the contest for best episodes written by employees on their special episodes during their work for the company and a photo exhibition. nw

Hyundai E&C President Lee Jong-soo delivers a speech at the company's 60th anniversary May 25. President Lee leads Hyundai executives and staff to serve meals at an old people's home on the occasion of the company's 60th anniversary. The booth for Hyundai E & C at the Construction Day exhibition at the Coex Center in Seoul June 20.