After 20,000 Job Cuts, World’s Biggest Shipyards Brace for Even More

(Bloomberg) — South Korea’s shipbuilding industry — home to the world’s top three manufacturers — has eliminated more than 20,000 jobs this year. They may not even be halfway through. Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. are among builders that have sent workers home and the industry could lose as many as 40,000 more positions by the end of this year, the Korea Labor Institute estimated. The sector employed 163,000 people at the end of June, down from 183,000 at the end of December, according to the Korea Offshore & Shipbuilding Association. -- More...