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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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South Korea's "Big Three" shipbuilders racked up collective losses of 8.5 trillion won last year and were forced to shed thousands of jobs and assets to stay afloat.

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