SK Hynix greenlights $24.86 billion for Yongin and Cheongju chip plants
SK Hynix's board approved 35.2 trillion won for Yongin's second phase and 19.1 trillion won for Cheongju's M17 plant, with construction through 2031.
South Korean memory chipmaker SK Hynix has taken a major step forward in its semiconductor expansion, with its board approving investments worth a combined 54.3 trillion won (about $38.4 billion) for two key fabrication projects.
The larger allocation, 35.2 trillion won ($24.86 billion), will fund the second phase of construction at the company's chip fabrication plant in Yongin, a city south of Seoul. A separate investment of 19.1 trillion won has been earmarked for the M17 chip plant in Cheongju, located in the central part of the country.
Both projects are scheduled to be built through 2031, according to the company's announcement on Friday.
The approvals follow a broader commitment made in June, when SK Hynix said it planned to invest 600 trillion won in the Yongin semiconductor cluster and 100 trillion won to expand its production base in Cheongju. At that time, the company noted that detailed investment plans and timelines would be disclosed after receiving board approval.
With these board approvals, SK Hynix is moving forward on its long-term strategy to strengthen its manufacturing capacity in South Korea, a key part of its response to growing global demand for memory chips.