a prolonged slump in global crude prices hasbeen good for oil-related industries,... but bad news for others.among hardest hit are korea's shipbuilding giants... who experienced eye-watering losseson the back of cancelled orders and delayed construction.kim min-ji tells us more. korea's "big three" shipbuilders,... namely,...hyundai heavy industries, daewoo shipbuilding
Offshore Job In Japan, & marine engineering and samsung heavy industries,...have been in choppy waters so to speak-- struggling to stay afloat amid falling orders as wellas the rise of chinese competition. last year,... they posted a combined lossof roughly seven billion u.s. dollars,... and as a result have been downsizing theirlabor forces.
hyundai is expected to layoff about 3-thousandpeople this year,... after letting go of some 13-hundred workers last year.more than 100 of its subcontractors also closed down last year. samsung has also cut almost 30 executive-levelworkers since last september,... while daewoo is accepting voluntary resignations amongsome 300 high-level employees. sixteen contractors of the company have closeddown since the end of last year -- with some 34-hundred people losing their jobs.all in all,... some 15-thousand people were laid off last year,... and that figure isset to increase this year once the shipbuilders complete construction of offshore facilitiesscheduled to begin delivery next year.
but it's a different story for the oil refiningand petrochemical industries,... which have been able to benefit from low global oil prices,...and increased refinement margins. workers have also received performance-basedincentives,... amounting to between 700 and 800 percent of their monthly wages. "with global oil prices decreasing by morethan half,... there's been cancellations of offshore plants and no new orders. on theother hand, oil-related industries have been doing well thanks to increased demand andrefining margins. the situation may get better for shipyards if oil prices rise to about60 dollars a barrel,... but that's not expected this year."
the government on tuesday will announce afinancing plan for industries that urgently need to be restructured... with priority givento shipping and shipbuilding. korea's finance minister yoo il-ho says theutmost priority should be the measures and efforts taken by the companies and creditors,...and that the government's role should be to support them.kim min-ji, arirang news.
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