Hanwha Aerospace, South Korea’s top defense contractor, has been making ground weapons for nearly 50 years and has never stopped, even as foreign rivals turned to sixth-generation fighter jets and unmanned drones. Until recently, military analysts viewed Hanwha as a relic, whose products were insufficient for 21st century warfare.
The war in Ukraine, which was fought almost entirely on the ground, proved them wrong.
In the two years since the Russian invasion, Hanwha’s annual weapons export revenues have grown elevenfold to $1.1 billion; it now makes up 26% of the company’s total gun sales. Shares are up about 350%.
