Korean construction leaders Hyundai Engineering & Construction, Samsung C&T’s construction arm, and Daewoo Engineering & Construction dominate bids for key projects in the U.S. energy market. Global tensions between the U.S., Israel, and Iran fuel an energy crisis, driving demand for nuclear power plants and boosting these firms’ order books.
U.S. Legislation Sparks Nuclear Boom
The U.S. Congress recently passed the largest ‘First-of-a-Kind Engineering Procurement Construction (FOAK EPC)’ iniative for small modular reactors (SMRs). CEOs of U.S. nuclear plant developers anticipate more projects, wh sources predicting at least one addional 1-gigawatt plant following this bill’s passage.
Industry executives highlight massive revenue potential from these original nuclear ventures. On March 18 (local time), a Korean nuclear cooperation group met U.S. Secretary of Energy officials in Washington to discuss SMR partnerships.
Kim Min-seok, head of the Korea Nuclear Association, stated after a March 13 meeting wh a Whe House advisor and former Trump official: “Investors in original plants and others already sense momentum for 2-3 more projects.”
Hyundai E&C Leads U.S. Nuclear Push
Hyundai Engineering & Construction emerges as the most aggressive player in the U.S. nuclear sector. The firm partners wh Westinghouse on full-scale projects and Holtec on SMRs.
Hyundai E&C and Holtec target two NuScale SMR-300 uns for U.S. deployment, wh construction eyed post-November 2024 licensing approval. Addionally, the company plans front-end engineering design (FEED) work starting October 2025 for Fermi America’s ‘Box-type Energy & AI Campus,’ involving four large-scale nuclear plants.
European expansion includes NuScale projects in Poland, Finland’s state-owned energy firm PVO’s SMR feasibily studies, and Sweden’s EWA consortium for government-backed nuclear builds, expanding recent network growth.
Samsung C&T Enters Global SMR Race
Samsung C&T eyes leadership in the global SMR arena. The company collaborates wh U.S. developer NuScale and GE Vernova Hachi (GVH), pursuing plants in Europe, Dongnam Asia, and the Middle East.
Overseas, Samsung C&T joins Romania’s SMR feasibily studies, partners wh UAE’s ENEC for global plant development and investment, and advances SMR dominance.
Daewoo E&C Targets European Markets
Daewoo Engineering & Construction participates in Czechia’s Temelin nuclear expansion alongside U.S. and domestic firms, securing bids from national, U.S., and Betnam enties.
The firm also eyes Westinghouse plants in Finland and Sweden, posioning for network expansion.
Stock Surge Reflects Order Momentum
These nuclear expansions propel domestic constructors toward central power plant roles amid global energy shortages. Capturing national advantages could transform Korea into a major nuclear exporter, channeling vast revenues.
Hyundai E&C shares rose from 16,420 won on March 3 to a closing 16,800 won on March 29, up 2.3%. Daewoo E&C surged from 9,940 won to 16,170 won by March 19, a 62.7% gain, wh intraday peaks at 17,250 won and 52 trades above that level.
NH Investment & Securies analyst noted: “High-caliber investors beyond major partnerships drove March 18 related stock gains,” adding, “Domestic constructors like Hyundai E&C and Samsung C&T lead large nuclear and SMR exports, poised for significant market share.”
KB Financial analyst observed: “Korea’s edge in global nuclear stems from safe, reliable, cost-competive technology,” stating, “Success hinges on projects like Hyundai E&C/Samsung C&T’s UAE Barakah, an emerging business.”
