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| An architectural rendering of the reconstruction project Daewoo E&C will carry out in Changwon, South Gyeongsang Province. / Courtesy of Daewoo E&C |
Local engineering and construction firm Daewoo E&C is continuing to excel in the second half, having won numerous construction orders consecutively since June.
The company announced it will construct apartment buildings for Incheon's Geomdan New City, creating a total 1,500 households. The contract is worth about 272.5 billion won.
Last month, Daewoo E&C was selected as the construction company to build six 29-story apartment buildings accommodating 769 households. The construction expense was signed at 173.4 billion won. This is the second reconstruction and maintenance order Daewoo E&C obtained after the one it won together with Lotte E&C in Daegu Metropolitan City.
Daewoo is also hoping for more good news from Deokso in Namyangju, Gyeonggi Province, and Hyomok-dong in Daegu, where the company is waiting to see if it wins orders in the areas scheduled for redevelopment.
Daewoo E&C is making results for civil engineering and plant construction projects too. It has recently been selected as a preferred bidder for the government project to build an underpass for Dongbu Expressway. It will construct the second stage of a petroleum and liquefied natural gas (LNG) terminal at Ulsan too.
In 2018, Daewoo E&C declared its new vision "Build Together" and its four key strategies ― enhancing performance, strengthening marketing capabilities, securing new growth engines and innovating management infrastructure. It is currently promoting its establishment of a culture seeking change and innovation within the company.
The construction firm seeks to overcome the difficulties caused by COVID-19 and transform itself into a company ensuring sustainable growth by looking to discover new technologies in particular. Daewoo E&C believes these efforts have paid off and allowed it to win the consecutive orders.
In the first half of this year, the company managed to win orders worth 6.4 trillion won, recording sales worth 3.94 trillion won and an operating profit of 202 billion won amid the economic situation caused by the pandemic. Its 2.68 trillion won of orders came from overseas projects, which gave it competitiveness in the global market. Its most prominent accomplishment was the winning of a bid in May for the construction of an LNG plant in Nigeria, a first among Korean construction firms. It also signed more than four private contracts in Iraq for public work as well as an urban railway construction project in Singapore.
