• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
PoliticsHanwha
Asia

South Korea’s arms industry, once seen as backward for focusing on land weapons, is booming post-Ukraine

By
AFP
AFP
Down Arrow Button Icon
By
AFP
AFP
Down Arrow Button Icon
November 22, 2024, 12:31 AM ET
Seoul has long harboured ambitions to join the ranks of the world's top arms exporters, aiming to be the fourth-largest, behind the US, Russia and France.
Seoul has long harboured ambitions to join the ranks of the world's top arms exporters, aiming to be the fourth-largest, behind the US, Russia and France.Jung Yeon-Je—AFP via Getty Images
Add Fortune on Google for similar content.

At the outskirts of a South Korean industrial city, workers at a sprawling weapons factory were conducting final-stage testing for a newly built surface-to-air defence system that could, eventually, head to Ukraine.

Recommended Video

Longstanding domestic policy bars Seoul from sending weapons into active conflict zones, but ever since its spy agency accused the nuclear-armed North last month of sending thousands of soldiers to help Moscow fight Kyiv, South Korea has warned it might change course.

If so, likely top of the list for Ukraine would be the “Cheongung”—or Sky Arrow—air defence system, a domestically-produced Iron Dome-style interception shield that AFP saw Thursday during an exclusive tour of the Hanwha Aerospace factory in the southern city of Changwon.

As the melody of Beethoven’s Fur Elise played on repeat over the in-house speaker, veteran welders worked on huge cylinders that will become part of the inceptor system, which is defensive in nature—although Hanwha also produces an attack-focused variant.

“The Cheongung system can be thought of as similar to the U.S. Patriot missile system,” said senior manager Jung Sung-young at Hanwha Aerospace, South Korea’s largest defence contractor.

Ukraine is reliant on Western air defence systems, particularly Patriots, to protect itself from Russian missile barrages—and has been calling for more deliveries.

Washington said in June it would prioritise deliveries to Kyiv, ahead of other countries that have placed orders.

But were South Korea, which remains technically at war with the nuclear-armed North and has maintained production of weaponry long ignored by Western arms industries, to get involved, it could potentially make a huge difference, experts say.

“As a divided nation, we have systematically established and implemented standards at the national level, from the development of these weapon systems to quality control,” said Jung.

“The quality, capability and manufacturing supply chain of our products is sufficiently competitive compared to those of other countries,” he added.

Whether—or how—South Korea decides to help Ukraine directly depends on “the level of North Korean involvement”, President Yoon Suk Yeol said earlier this month, adding Seoul was “not ruling out the possibility of providing weapons.”

If South Korea were to supply arms, the initial batch would be defensive in nature, Yoon said.

Combat ready

To fend off the steady barrage of missiles that have targeted Ukraine’s energy infrastructure and civilian areas, Kyiv urgently needs more air defences, Han Kwon-hee of the Korea Association of Defence Industry told AFP.

“Counteroffensives require stability in the rear zones, which is why Kyiv has also conducted drone attacks within Russia, including Moscow,” Han explained.

“They will help Ukraine hold off Russia’s offensives by intercepting drones and missiles flying deep into their territory,” he said—a huge boost for Kyiv, alongside the recent U.S. move to let it use long-range American missiles against targets inside Russia.

The South has remained combat-ready since its 1950-53 war with the North ended in a truce, and while Hanwha Aerospace, South Korea’s largest defence contractor, was once seen by analysts as retrograde for its focus on land weapons, it is now in high demand.

AFP saw a wide range of weaponry moving along assembly lines at the company’s sprawling Changwon factory, from infantry armoured vehicles to surface-to-air missile systems designed to intercept incoming missiles.

The heightened geopolitical tensions in Europe have heavily benefited the South Korean company, which saw its on-year operating profit soar over 450 percent in the latest quarter to $343.3 million.

It has signed major arms deals with countries such as Poland and Romania, including the export of K9 Howitzers and Chunmoo missile systems.

Weapons exports

Seoul has long harboured ambitions to join the ranks of the world’s top arms exporters—aiming to be the fourth-largest, behind the U.S., Russia and France—something that is now possible, industry research indicates.

It has already sold 155mm artillery shells to Washington—but with a “final user” agreement in place meaning the United States would be the military that uses the munitions.

Experts have said this allows the United States to then provide their own shells to Kyiv.

Hanwha’s other weapons offer that could shift the balance of war in Ukraine is its Chunmoo guided missile system, experts said.

“With a maximum range of 290 km (180 miles), Chunmoo can strike targets in Pyongyang if launched from the border area in the South,” said Choi Gi-il, professor of military studies at Sangji University.

“What Ukraine urgently needs to turn the war in its favour are offensive weapons like Chunmoo missiles and K9 howitzers, capable of inflicting significant damage on the enemy,” Choi added.

“If North Korea’s direct involvement in the war escalates, [Seoul] may consider sending lethal weapons, in addition to defensive ones.”

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
By AFP
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

ashok
Commentary250 Years of Innovation
The greatest startup in history: What we can learn from America’s founders at today’s AI frontier
By Ashok N. SrivastavaJuly 3, 2026
16 hours ago
t
CryptoWhite House
‘We are in a new era’: Trump’s bombshell $2.2 billion income haul, the ‘Big Player Theory’ and what happens when the president becomes the bubble
By Nick LichtenbergJuly 3, 2026
19 hours ago
Photo: Iranian Supreme Leader Ayatollah Ali Khamenei
PoliticsIran
In Iran, regime officials who survived the war intended to kill them appear in public for dayslong funeral of the late Supreme Leader Khamenei
By Nasser Karimi, Jon Gambrell and The Associated PressJuly 3, 2026
20 hours ago
Photo: Russian President Vladimir Putin Attends ASEAN-Russia Summit
Energyputin
Russians live with fuel shortages and rationing as Putin insists the war against Ukraine will go on
By The Associated PressJuly 3, 2026
20 hours ago
Photo: Ivanka Trump and Jared Kushner
Environmentjared kushner
Police use tear gas and pepper spray against Albanians protesting Trump family plans to develop unspoiled island into a luxury resort
By The Associated PressJuly 3, 2026
20 hours ago
U.S. Treasury Secretary Scott Bessent
EconomyDebt
AI’s $2.2 trillion deficit fix is already half fake, economists say
By Tristan BoveJuly 2, 2026
1 day ago

Most Popular

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
1 day ago
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
AI
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
22 hours ago
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Economy
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
By Sasha RogelbergJuly 2, 2026
2 days ago
On Wall Street, analysts increasingly don’t believe the U.S. government’s 'misleading' job numbers
Economy
On Wall Street, analysts increasingly don’t believe the U.S. government’s 'misleading' job numbers
By Jim EdwardsJuly 3, 2026
17 hours ago
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
Success
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
By Orianna Rosa RoyleJuly 3, 2026
22 hours ago
Current price of oil as of July 2, 2026
Personal Finance
Current price of oil as of July 2, 2026
By Joseph HostetlerJuly 2, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.