SOUTH KOREA. Ulsan, Kyongsangnam-do, 1997. Hyundai Heavy Industry of the Hyundai Group is also located in Ulsan. It has facilities capable of building ships in the million-ton class. The company began shipbuilding activities in 1974. Today it builds not only oil tankers but also chemical and bulk carriers, LNG/LPG tankers, containers ships, passenger ships and military ships. It builds offshore drillings rigs too. It is the world's largest ship-builder, building a total of 7.2 million tons of ships a year. Since it began operations, it has built 700 ships with a gross tonnage of 50 million tons. The company is also hoping to enter the steel manufacturing business in the near future. (Out Of The East, #190). ©Hiroji Kubota/Magnum Photos