Ulsan

Ulsan (Korean pronunciation: [uls͈an]), officially the Ulsan Metropolitan City, is South Korea's seventh largest metropolis with a population of over 1.1 million. It is located in the south-east of the country, neighboring Busan to the south and facing Gyeongju to the north.

Ulsan is the industrial powerhouse of South Korea, forming the heart of the Ulsan Industrial District, which is home to the world's largest automobile assembly plant operated by the Hyundai Motor Company, the world's largest shipyard operated by Hyundai Heavy Industries and the world's second largest oil refinery, owned by SK Energy. In 2012, Ulsan had a GDP per capita of $79,623, the highest of any region in South Korea.

Administrative divisions

Ulsan is divided into 4 gu (districts) and 1 gun (county).

Economy

As the center of the Ulsan Industrial District, the city is the corporate base of the multinational Hyundai conglomerate. Up to 1962, Ulsan operated as a fishing port and market centre. As part of South Korea's first five-year economic plan, Ulsan became an open port. Additionally, major industrial plants and factories were developed, including in particular an oil refinery, fertiliser plants, automobile production and heavy industries. The shipbuilding port Bangeojin became part of the city in 1962.