On May 26, Hyundai Mipo Dockyard (HMD) signed an MOU to buy reclaimed land from Sejin Heavy Industries (SHI). The signing was attended by Mr.Song Jae-byeong, president of HMD, Mr.Yoon Jong-kook, Chairman of SHI, and Mr.Park Maeng-woo, mayor of Ulsan.

HMD will construct a plant to produce blocks for new ships on the 305,000m² of reclaimed land in the Onsan region. The groundbreaking will be in June and block production will begin in 2010. The plant is expected to earn 510 billion Won and will employ 1,770 workers.

The plant, along with the Jang Saeng Po and Dae Bul block plants currently in operation, is expected to increase the ship production capacity of HMD.