3,000 jobs lost in S Korea with shipbuilding industry in crisis

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At least 3,000 employees who worked for South Korea’s three largest shipbuilders quit their jobs in the first half of the year, as the industry underwent extensive restructuring to cope with global oversupply and low demand amid a general economic slowdown, the companies said Sunday.

The country’s three biggest shipyards – Hyundai Heavy Industries Co, Samsung Heavy Industries Co and Daewoo Shipbuilding & Marine Engineering Co – have been engaged in drastic restructuring programmes led by their creditor banks in recent years after being ...