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Korea’s Big 3 Shipyards to Cut 4,000 Jobs This Year

ship hull hyundai heavy industries


Daewoo Shipbuilding & Marine Engineering is expected to reduce 2,000 jobs this year, while carrying out a 1.5-trillion-won self-rescue plan this year. Daewoo slashed its payrolls by 2,000 jobs last year through the introduction of voluntary retirement programs. 


Daewoo plans to spin off its production support unit within the first quarter of this year and sell a string of assets, including its building in Dangsan in Seoul and its employee dormitory in Geoje, to raise a fund of 500 billion won. 


Samsung Heavy Industries, which completed 600 billion won out of its 1.5 trillion won self-rescue plan, is likely to reduce its payrolls by 1,800 jobs this year. Hyundai Heavy Industries, whose financial shape is better than other shipyards, plans to minimize the reduction in the number of employees this year.

The Original Posted by powerzanic@hankyung.com

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