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STX chairman on hand for Dalian yard groundbreaking

STX chairman on hand for Dalian yard groundbreaking

Dalian: STX Group has begun its construction of a new shipyard in Dalian, China's northernmost seaport.

''We will actively utilize our Chinese shipyard to further boost the competitive edge of the Korean shipbuilding industry,'' said Kang Duk-soo, chairman of STX Group, in a ground-breaking ceremony last Friday, according to the Korea Times.

The chairman added that the company's Dalian shipyard will target $3 billion in sales by 2012 to become one of the top-tier shipbuilding industrial groups in the world.

STX Group said that its Dalian unit has already won $1.1 billion in overseas orders to build 21 bulk carriers and four car carriers. It will start building them in the latter half of 2009. [02/04/07]