S. Korea's Park urges 'bone-crushing' reform on shipbuilders

South Korean President Park Geun-Hye warned of mass job cuts and an economic slump in the country's southern region where the shipbuilders are basedSouth 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. The South’s mighty shipbuilders including Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering have dominated the global market for past decades. The South Korean government and creditor banks, including state-run Korea Development Bank, have urged intense restructuring efforts including mass job cuts in recent months.

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