Hanwha

U.S. Sen. Dave McCormick announced nearly $10 billion in Pennsylvania investments for military industrial projects at a summit where President Donald Trump addressed defense spending. Trump highlighted a proposed $1.5 trillion defense budget and criticized the CHIPS Act, while specific investments included a $2.5 billion submarine construction deal and $25 million from JPMorgan Chase for Philadelphia's maritime sector.

Sen. Dave McCormick and Gov. Josh Shapiro highlighted Pennsylvania's historical and future role in defense innovation, citing a $10 billion investment in the state's defense industrial base and emerging technologies. They emphasized the state's 9,000 defense-related companies and partnerships like Hanwha Group's $5 billion investment in the former Philadelphia Naval Shipyard. Both leaders warned of China's rapid military advancements and the need for faster U.S. defense innovation.

Elbit Systems proposes converting commercial ships into drone bases using its Hermes 650 Spark unmanned aircraft, offering naval forces a cost-effective alternative to traditional aircraft carriers. The system aims to provide extended maritime surveillance, targeting regions like Japan, Denmark, and Germany, while addressing Israel’s offshore security needs.

The article traces South Korea's rise as a major global arms exporter, linking its defense industry growth to Nixon's 1969 policy shift that reduced U.S. military support in Asia. South Korea now ranks as the world's ninth-largest arms exporter and second-largest supplier to European NATO members, with defense companies projecting $37 billion in revenue by 2026.

South Korean defense firm Hanwha has agreed with Algoma Steel to supply military-grade steel for potential land defense vehicle manufacturing in Canada, contingent on Hanwha securing a submarine contract with the Canadian navy.