대우조선 올해 구조조정 강도 높인다…"2조5천억 이행" The once mighty shipping and shipbuilding companies of Korea have fallen and have not been able to get back up for several years now.
Daewoo Shipbuilding and Marine Engineering announced its self-rescue plan for 2017... it's significantly larger than last year's version.
Our Kim Jung-soo outlines the blueprint for a rebound by one of Korea's biggest makers of cargo ships.
Korea's Daewoo Shipbuilding and Marine Engineering has announced a self-rescue plan for 2017 worth 2-point-5 trillion won, or about 2-point-1 billion U.S. dollars -- far bigger than the 1-point-4 billion dollar plan it executed throughout last year.
Its competitors have filed for court-receivership in the past or announced significant restructuring of their own to cope with sluggish demand.
Daewoo's longer-term plan, announced last year, calls for salvaging a combined 6 trillion won, or 5.1 billion dollars, by 2019. That means if it follows through with this year's self-rescue measures, it will have accomplished around 70 percent of its original goal.
By the end of 2017, it's set to reduce its overall workforce by nearly 3-thousand people, from the 11-thousand-200 recorded last December to around 8-thousand-500.
The plan also involves selling more than 430 million dollars worth of assets, including employee housing facilities and possibly even the floating docks it uses to build its ships.
While layoffs seem almost inevitable, experts caution that the Korean government must do all it can to ensure that the labor force in the ship-building sector receives appropriate attention as the global economy enters a new stage of uncertainty.
"Korea's shipbuilding industry went into decline with the financial crisis of 2008. Oil prices have since recovered but it's looking shaky once again because President Trump has promised to expand America's fossil fuel industry. Korea's shipbuilding sector must make sure that its high-level technicians can find work in smaller, mid-sized companies even if they get laid off from one of the major shipbuilders. Otherwise, they might simply go abroad. "
Meanwhile, Daewoo also announced on Monday that it is aiming to secure new orders this year worth 5-and-a-half billion dollars.
Daewoo officials explained that this year's objectives are more ambitious... because last year's self-rescue plan helped it secured more liquidity and financial security, resulting in a boost in confidence.
Kim Jung-soo Arirang News.
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