South Korea's slump-hit shipbuilding sector cut 35,000 workers in H1

© Khunaspix Dreamstime.

More than 35,000 workers in South Korea’s shipbuilding industry lost their jobs in the first half of this year as shipping lines scaled back on orders. The number amounted to 20% of the total workforce. The three major shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, started restructuring last year to stem losses and have sold assets and cut staff, leading to labour cuts at their suppliers too. Yonhapnews has the story.