Namkwang wins 344 billion won semiconductor cluster contract

Namkwang Engineering & Construction said Tuesday it has signed a 344 billion won ($258 million) contract to build part of a state-backed semiconductor industrial cluster in Yongin, Gyeonggi Province, a sum equal to 96.3 percent of the company's recent annual revenue.

The contract, awarded by the state-run Korea Land and Housing Corp., covers the first section of the Yongin advanced system semiconductor national industrial complex. Namkwang holds a 40 percent stake in a consortium led by Daewoo Engineering & Construction, giving it 344 billion won of the group's 860 billion won ($644 million) total. Work runs from the 28th of this month to July 28, 2032, with payment made against completed work.

The wider complex in Cheoin District is planned to hold six semiconductor fabrication plants, three power generation facilities and a cluster of materials, components and equipment suppliers. Namkwang's scope covers earthworks and pipeline installation for the site, along with drainage reservoirs, retaining walls and bridges.

"We will cooperate closely with the developer and related agencies to complete the industrial complex early," said Lee Seong-hoon, president of the Korea Land and Housing Corp.

The award extends a shift in Namkwang's business toward public-sector civil engineering. In the first half of 2026 the company booked 162 billion won ($122 million) in revenue, down from 180 billion won ($135 million) a year earlier, as private building work fell to 9.8 billion won ($7.34 million) from 48 billion won ($35.9 million) and public civil engineering rose to 132 billion won ($98.5 million) from 111 billion won ($83.3 million).