Hanwha Group received approval from the Committee on Foreign Investment in the US (CFIUS) to increase its ownership in Australian shipbuilder Austal Limited up to 100%, marking a key step in the South Korean firm’s expansion into the US shipbuilding sector. Austal USA, the U.S.-based subsidiary of Austal, is a key military shipbuilder and defense contractor for the US.

Hanwha currently holds a 9.9% stake, acquired in March 2025, and plans to raise it to 19.9%. The planned increase to 19.9% ownership is still subject to approval by Australia’s Foreign Investment Review Board.

CFIUS found no unresolved national security concerns with the increased stake. Hanwha Global Defense CEO Michael Coulterd said the decision reflects strong US government support and interest in transferring South Korean shipbuilding technology to strengthen US capabilities.