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Industrial hub Ulsan a warning signal for cooling South Korea

Policymakers have called for greater focus on developing domestic demand and service

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DYING YARD: The world's largest shipbuilder, Hyundai Heavy Industries, suffered an operating loss last year of about US$3 billion and recently laid off hundreds of workers in Ulsan.

Ulsan, South Korea

THE port of Ulsan was the cradle of South Korea's breakneck industrialisation. Now, the main production site for big manufacturers such as Hyundai Motor and oil refiner SK Innovation risks becoming the country's rust belt.

In effect, Ulsan is a real-time warning