Samsung Heavy readies to slash workforce further

South Korea’s Samsung Heavy Industries (SHI) is looking to slash its workforce furhter and get employees to return part of their salaries, the country’s official newswire Yonhap is reporting.

Some 1,500 SHI staff were let go last year and the yard has plans to trim its workforce by a total of 5,000 by the end of next year as part of restructuring plans brought about by a slump in newbuild orders.

Nevertheless, business is finally picking up for SHI with the yard nailing $4.8bn of new deals in the first half, putting it on track to meet its 2017 sales goal of $6.5bn.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button