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State-led overhaul for battered Korean yards

The restructuring could cost tens of thousands of workers their jobs

Hyundai Heavy's shipyard in Ulsan. The company plans to raise 3.5 trillion won selling shares in other companies such as KCC Corp and Hyundai Motor Co, as well as its three financial units.


THE world's three biggest shipyards, battered by the deepest industry slump in at least two decades, are getting a helping hand - from the state.

South Korea's government is at the forefront of efforts to revive the shipbuilders, which employ almost 62,000 people, or 1.4