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S Korean shipbuilders need 'bone-crushing' reform

President Park Geun Hye warns of mass job cuts, economic slump in southern region

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Published Mon, Jun 13, 2016 · 09:50 PM

    Seoul

    SOUTH Korean President Park Geun Hye on Monday urged "bone-crushing" efforts to overhaul the nation's ailing shipbuilders faced with mounting losses caused by slowing global demand and increased competition.

    South Korea's mighty shipbuilders - including Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering - have dominated the global market for past decades.

    HyundaiSouth Korea

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