South Korea’s top three shipyards – Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) – are readying to axe another 4,000 staff this year, adding to the five-digit figure made unemployed last year.
South Korean shipyards have been fighting plummeting orders with docks being shuttered and the nation has slumped from first to third in terms of global orderbooks in the past couple of years.
The news of further layoffs comes as Korean unemployment has risen past the million mark for the first time.
