The city is the heart of the country's industrial area called Ulsan Industrial District and is home to the multinational Hyundai corporation. Up to 1962 Ulsan was 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 have been built. This included in particuar an oil refinery, fertilizer plants, automobile production and heavy industries. The port Pangojin where shipbuilding is carried out became part of the city in 1962.
Population: 1,048,838 (2001, estimate)