Whatever Lotte Wants, Lotte Gets

Lotte E&C is expanding its overseas, domestic presence with diverse projects

Lotte Engineering and Construction Co. recently won a project worth $130 million to build apartments in South Port on the Gold Coast of Australia, a region famous for tourism and an abundance of scenic places, the company said recently.
The company said work will start in December this year to construct an apartment building with 36 floors above ground and 3 floors underground to be completed in May 2011. The structure will include 220 apartment units, a commercial area and support facilities.
The areas surrounding the projected apartment building will have nice views, as they include a hospital, parks, shopping malls and cultural facilities with no nearby high-rises.
The project is meant for retired people and their families and will have broad entrances with no thresholds for the convenience of those using wheelchairs. There will also be a number of emergency bells for those who are in distress.
Officials of the company said the project is the second one since April,
adding that the company will go after similar projects overseas. The April project is also an apartment project worth $270 million. They said the company will continuously support the group's plans to operate department stores, marts and hotels overseas under its global strategy and at the same time will expand its own construction projects overseas.
The company will faithfully follow its own projects and win project orders in such countries as Russia, Libya, Japan and Vietnam and enter construction markets in China, India, Uzbekistan and Algeria, among others, to increase its presence overseas.
They said the company will also go after projects in such areas as power generation plants, environment and chemical plants in southeast Asia, the Middle East and Russia.
Lotte E&C signed a contract for the construction of the Dangjin Coke Facilities with Hyundai Steel Co. on June 28, 2008. This project, which the contract values at 128.4 billion won, will consist of the construction of coke facilities Nos. 1 and 2, the core process of Hyundai Steel Co." integrated iron and steel mill located in Dangjin, South Chungcheong Province. The overall completion is scheduled for December 2010, and will result in an annual production capacity of about 3,140,000 tons of coke.
The company has successfully constructed nine entire domestic coke mills, beginning with Pohang Steel Mill unit 1 in 1972 to the Kwangyang Steel Mill unit 4 in 1992. Such construction experiences have greatly contributed to the awarding of this project. Through this project, Hyundai Steel Co. will have an integrated steel mill as their long-fostered wish, and Lotte E&C will have constructed all of the coke facilities of domestic iron and steel mills. Hyundai Steel Co. is currently in the finishing stages of foundation work, and Lotte will commence the main work beginning January 14, 2009.
Establishing the planning & development business and plant business field as its future key engines for new growth, Lotte E&C expects the awarding of this project to create momentum for the frequent awarding of plant projects both inside and outside of the country, as well as overseas steel mill construction projects. In addition to this project, it hopes to get awarded a lump-sum project from design to construction work for shipping facilities for the by-products of the igneous factory.
At the signing ceremony, Lee Chang-Bae, President of Lotte E&C said, "Utilizing its technology of iron and steel mill construction, Lotte Engineering & Construction plans to construct Hyundai Steel's most advanced mill of the highest level by doing its best to execute this project."President Lee of Lotte E&C and Park Seung-Ha, president of Hyundai Steel Co., Ltd., signed the contract for the construction work of the Hyundai Steel coke facilities. nw

A bird's eye view of the condominium that Lotte E&C will build in Southport, the Gold Coast, Australia.

President Lee Chang-bae, left, holds the Korea Service Grand Pirx Award presented to Lotte E&C on June 24 this year. The company won the award for 7 years in a row.