Greetings to the Hanwha family! The dawn of the New Year is upon us.
I hope that all of your wishes come true this year.

Despite the rapidly changing global situation over the past year, Hanwha has bolstered its organizational stability and established a foothold for tomorrow. This was only possible because of the sustained effort of the Hanwha family.

Inflation, high interest rates, fiscal austerity and economic recession continue to foster a volatile global business environment. Some institutions forecast not just slowed but negative growth. However, Hanwha has demonstrated time and time again that crisis makes us stronger. This is why Hanwha must not stop or fear confronting even the most extreme situations. Rather, we must continue to dream of a better tomorrow and take on new challenges as we pave the path to our 100-year anniversary.

Through a sustainable business portfolio that can and must only be built by Hanwha, we will lead the world today and in the future.

As the war in Ukraine and the increasingly competitive international environment continue to dramatically alter the geopolitical landscape, corporate activities and national security have become more deeply intertwined. The defense and energy business, which we have responsibly cultivated over the years, have become the backbone of protection for the country. Hanwha must continue to create and develop businesses that can meet the diverse needs of stakeholders at home and abroad.

Our forthcoming acquisition of Daewoo Shipbuilding & Marine Engineering (DSME), the world’s third-largest shipbuilder, is part of our initiative to leverage the impact of major global businesses to spearhead crucial developments for both industry and society.

In order to ensure long-term success, we must continue R&D and innovation in our core businesses, including chemicals, finance, construction, and services. At the same time, we must work to create tangible results that meet the expectations of the market and our customers through our future-oriented businesses, which include aerospace, green energy, and digital finance. As our achievements accumulate over time, customer trust in Hanwha will grow.

We will also need to rebuild our organizational culture to align with Hanwha’s new business portfolio.

The time for a new organizational culture has arrived: an organizational culture that can support future-oriented business activities through ongoing business expansion and reorganization, as exemplified by the acquisition of Daewoo Shipbuilding & Marine Engineering. We need to innovate the way we work and establish a flexible organizational culture to have the world’s best capacity to embrace diversified businesses, regions, and nationalities. Keeping in mind that complacency is a greater danger than tumultuous times, every employee must innovate, decisively acting to eradicate unsound business practices and outdated workplace habits.

In tough times, companies also need to focus on their strengths. The greater the scope of the problems we face, the more we must strive to enhance our organizational stability and make bold investments to secure future growth engines and core competencies. At times like this, while shadows darken, we must embrace our responsibilities as a corporation and pursue a brighter future. We must thoroughly prepare and act so that each step towards a sustainable future, including ESG and carbon neutrality commitments, leads the global standard.

Dear Hanwha family!

Although our spirits may grow dim with the exhaustion of the ongoing crises we face today, the fire of Hanwha in our hearts will never die, no matter how strong the wind or heavy the rain. With Hanwha’s glowing flame lighting the way, we will continue to take on new challenges and soar high toward a bright future.

January 2, 2023

Seung Youn Kim
Chairman, Hanwha Group