April 20, 2024

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[THE INVESTOR] South Korea’s three largest shipbuilders plan to cut more than 4,000 jobs, industry sources said on Jan. 12.

Daewoo Shipbuilding & Marine Engineering, which cut about 2,000 jobs last year, plans to slash some 2,000 jobs this year, according to the sources.

The number of DSME’s employees will be reduced to 8,500 people by the end of this year from 13,200 as of the end of 2015. 

Starting this month, about 200 office workers of DSME will go on a monthlong unpaid leave as part of efforts to cut costs.

Samsung Heavy Industries, which raised 1.1 trillion won via a rights issue and cut 1,500 jobs last year, is expected to eliminate additional 1,800 jobs this year.

According to Samsung Heavy‘s self-rescue plans, the shipyard plans to cut a total of 5,000 jobs by the end of 2018. 

Hyundai Heavy Industries, the world’s biggest shipbuilder by orders, is also expected to announce a job cut this year, but details have not been set because of a plan to reorganize its businesses into six separate companies.

(theinvestor@heraldcorp.com)