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Most Victims of Crane Accident at Geoje Shipyard Were Subcontractors

Most Victims of Crane Accident at Geoje Shipyard Were Subcontractors

GEOJE, SOUTH KOREA, May 4 (Korea Bizwire) – Many of the victims who were injured or killed during the crane accident which occurred at the Geoje Shipyard last Monday were subcontractors, according to Samsung Heavy Industries. Speaking to Yonhap News Agency earlier this week, the company revealed that most of the casualties were subcontractors, including [...]

Labor, Management, Municipalities Pull Together to Rescue Shipbuilding Industry

Labor, Management, Municipalities Pull Together to Rescue Shipbuilding Industry

GEOJE, March 7 (Korea Bizwire) –Companies, labor unions and municipalities are joining forces in a bid to revive a struggling industry and win orders for large shipyards in Geoje, South Gyeongsang Province.  According to shipbuilding industry watchers and Geoje on Mar 6, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries, which suffered a [...]

Hyundai Heavy Predicted to Have Swung to Black in 2016

Hyundai Heavy Predicted to Have Swung to Black in 2016

SEOUL, Jan. 23 (Korea Bizwire) – Hyundai Heavy Industries Co. and its two local rivals — Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. — are estimated to have recovered last year from their worst-ever performance the previous year, industry sources said Monday.  But their improved earnings may have come from their [...]

S. Korea’s Top 3 Shipbuilders to Cut over 4,000 Jobs This Year

SEOUL, Jan. 12 (Korea Bizwire) – The brutal job-cutting in South Korea’s shipbuilding industry is expected to continue into this year, with the nation’s three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday.  South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid [...]

3 Shipyards Face 2.2 Tln-Won Corporate Debt Due next Year

3 Shipyards Face 2.2 Tln-Won Corporate Debt Due next Year

SEOUL, Dec. 1 (Korea Bizwire) – South Korea’s major shipyards have to pay off or refinance a combined 2.22 trillion won (US$1.89 billion) worth of corporate bonds due next year amid concerns over their worsening financial status, industry sources said Thursday.  According to the sources, Daewoo Shipbuilding & Marine Engineering Co., one of the country’s [...]

Top 3 Shipyards Let 3,000 Workers Go in Q3 amid Restructuring

Top 3 Shipyards Let 3,000 Workers Go in Q3 amid Restructuring

SEOUL, Nov. 14 (Korea Bizwire) – Some 3,000 employees have quit their jobs from South Korea’s top three shipbuilders in the third quarter of the year as the industry underwent extensive restructuring programs to cope with global oversupply and low demand amid a global economic slowdown, industry sources said Monday.  The country’s three biggest shipyards [...]

Daewoo Shipbuilding Denounces Critical McKinsey Report

Daewoo Shipbuilding Denounces Critical McKinsey Report

SEOUL, Oct. 13 (Korea Bizwire) – A recent report by McKinsey & Company that Daewoo Shipbuilding & Marine Engineering (DSME) is least likely to survive among the big three shipbuilding companies has brought about strong opposition from DSME.  DSME, Hyundai Heavy Industries, and Samsung Heavy Industries retained McKinsey as a consultant back in June, to [...]

Shipyard Workers Set to Stage Strike This Week

Shipyard Workers Set to Stage Strike This Week

SEOUL, Jul. 18 (Korea Bizwire) — Workers at the country’s major shipbuilders will stage a joint strike this week, demanding that tough restructuring moves currently underway be scrapped. According to the sources, unionized workers at the country’s Big Three shipyards — Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries [...]