The war in Ukraine, fought almost entirely on the ground, has proved them wrong. In the two years since Russia’s invasion, Hanwha’s annual export revenue from weaponry grew elevenfold to US$1.1 billion; it now makes up 26% of the company’s total arms sales. Shares are up about 350%.
Hanwha Aerospace Co, Korea’s leading defence contractor, has been making ground weapons for almost 50 years and never stopped, even as overseas rivals moved on to sixth-generation fighter jets and unmanned drones. Until recently, military analysts saw Hanwha as a relic, its products insufficient for 21st century warfare.
