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- Hyosung Heavy Industries’ Q2 operating profit surges by 60%, marking a record quarterly high.
- The U.S. market accounts for 71% of the KRW 7.5 trillion in new orders secured during the first half of the year.
- Company solidifies its No. 1 position in the U.S. 765kV market, driven by its largest-ever order and “full-package” supply capabilities.
- Chairman Hyun Joon Cho’s proactive investments and strategic high-level networking yield significant results.
- Chairman Cho declares the company is firmly established as a “Total Solution Provider” in the U.S. power market.
SEOUL, South Korea, Aug. 12, 2026 /PRNewswire/ — Under the leadership of Hyosung Chairman Hyun Joon Cho, Hyosung Heavy Industries is building a solid presence in the U.S. power market. Chairman Cho’s strategic bet to designate the power infrastructure business as a future growth engine and invest proactively in the local market is being credited with driving the company’s strong performance.
Hyosung Heavy Industries’ Manufacturing Plant in Memphis, Tennessee, USA
71% of New Orders from the U.S… Annual Order Target Raised to KRW 12 Trillion
Hyosung Heavy Industries reported Q2 sales of KRW 1.687 trillion and an operating profit of KRW 264.3 billion, representing year-over-year growth of 10.6% and 60.9%, respectively. New orders in the first half of the year reached KRW 7.4987 trillion, nearly matching the total order amount for the entirety of last year. The annual order target has also been raised from the previous KRW 8.4 trillion to KRW 12 trillion.
At the core of this growth lies the company’s performance in the U.S. market. Approximately 71% of Hyosung Heavy Industries’ new orders in the first half of the year were secured in the United States. This is due to accelerating investments in local transmission grids driven by the expansion of AI data center construction.
Largest-Ever KRW 787 Billion Power Equipment Supply Contract
Earlier this year, Hyosung Heavy Industries signed a power equipment supply contract worth approximately KRW 787 billion with a leading U.S. transmission grid operator for 765kV ultra-high-voltage transformers, reactors, and other power equipment. This contract is the largest single project ever awarded to a Korean power equipment company operating in the U.S. market.
Last year, Hyosung Heavy Industries also became the first Korean company to sign a “full-package” supply contract in the U.S. for power equipment, including 765kV ultra-high-voltage transformers and 800kV ultra-high-voltage gas-insulated switchgear (GIS). With these consecutive large-scale orders, Hyosung Heavy Industries has reaffirmed its strong leadership position in the U.S. 765kV market.
Solidifying ‘No. 1’ Position in U.S. 765kV Ultra-High-Voltage Transformer Market
The 765kV transmission network offers the advantage of transmitting massive power capacities over long distances while significantly reducing transmission losses compared to existing 345kV or 500kV systems. To ensure a stable supply of large-scale power, major U.S. utilities are moving quickly to develop plans for 765kV transmission networks.
Hyosung Heavy Industries has supplied nearly half of the 765kV ultra-high-voltage transformers currently installed across the U.S. transmission grid. In particular, the company has maintained the number one market share in the U.S. 765kV ultra-high-voltage transformer market since the early 2010s, proving its product reliability and technological prowess in the U.S. power market.
Chairman Hyun Joon Cho’s Proactive Investments and U.S. Networking Yield Results
Behind these achievements in the U.S. lies the strategic foresight and bold investments of Hyosung Chairman Hyun Joon Cho.
Chairman Cho has emphasized, “As the explosive growth of the AI industry makes the modernization of power infrastructure an essential task, we will firmly establish ourselves as a ‘Total Solution Provider’ in the U.S. power market through successful localization and operational know-how, including our Memphis plant.”
Anticipating that a U.S. production base would be the core of competitiveness in the future power infrastructure market, Chairman Cho acquired an ultra-high-voltage transformer manufacturing plant in Tennessee in 2020. Despite internal concerns regarding various risks, he made the bold decision to acquire the facility, foreseeing the singularity era driven by AI advancements.
Chairman Cho’s extensive U.S. network has also contributed to these results. By building personal relationships with senior executives in the U.S. energy and power sectors, as well as figures such as U.S. Secretary of Energy Chris Wright, Chairman Cho has helped enhance Hyosung Heavy Industries’ brand value.
Website: https://www.hyosung.com/en/