STX Targets $3b Sales from New Yard

STX Shipbuilding Co., the world's seventh-largest shipbuilder, said its shipyard to be built here will post $3 billion in sales in 2012, similar to that of its shipyard in Jinhae, South Korea. During a ground-breaking ceremony for the shipyard, Kang Duck-soo, chairman of the STX Group, said its $500 million project to build the first South Korean-owned shipyard in China by the end of 2008 would help the company emerge as a global shipbuilder. Source: Business in Asia Today