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South Korea’s shipbuilding and related businesses cut 35,400 workers in first half

South Korea’s shipbuilding and related businesses cut 35,400 workers in first half
The South Korean shipbuilding sector and related businesses have slashed workforces by about one-fifth in the first half compared to the end of last year, according to data from Korea Offshore & Shipbuilding Association cited by Yonhap.

In the January to June 2017 period, the shipbuilders and subcontracted firms let go of approximately 35,400 workers, or down by 21.3% compared to end-2016. The total number of workers stood at around 130,800 as of end-June 2017.

The protracted slump of the shipbuilding industry has led to the country’s three leading yards – Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI), and Daewoo Shipbuilding & Marine Engineering (DSME) – implementing self-rescue plans including asset sales and workforce reductions.

In 2016 alone, around 37,000 workers or 18.3% of the total left the shipbuilding and related sectors.

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