In Shipbuilding News 19/07/2016
Meanwhile, workers at Hyundai Motor, the country’s top automaker, are set to go on a partial strike on Tuesday, and may extend it to Thursday, demanding a pay raise and better working conditions.
Workers at the country’s major shipbuilders will stage a joint strike this week, demanding that tough restructuring moves currently underway be scrapped.
According to the sources, unionized workers at the country’s Big Three shipyards — Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries– and five other smaller shipbuilders plan to launch a partial strike for four hours on Wednesday.
An estimated 30,000 workers may join the walkout, the sources said.
Samsung Heavy workers already staged a partial strike last week. Workers at Hyundai Heavy and Daewoo Shipbuilding approved a strike proposal.
South Korean shipbuilders have been under severe financial strain since the 2008 global economic crisis that sent new orders tumbling amid a glut of vessels and tougher competition from Chinese rivals.
The country’s top three shipyards suffered a combined operating loss of 8.5 trillion won ($7.4 billion) last year due largely to increased costs stemming from a delay in the construction of offshore facilities and an industry-wide slump, with Daewoo Shipbuilding alone posting a 5.5 trillion won loss.
The shipbuilders have recently drawn up sweeping self-rescue programs worth 10.35 trillion won in a desperate bid to overcome a protracted slump and mounting losses.
Source: Yonhap
