Loss-making shipyards struggling to sell assets, cut costs
Nov 25, 2015
South Korean shipbuilders are seeking to sell assets and cut costs, as they struggle with massive losses stemming from a protracted industry slump and rising costs, industry sources said Wednesday. The country's big-three shipyards -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- are rolling out a set of self-rescue measures that will save a combined 2.5 trillion won ($2.17 billion), they said. Daewoo Shipbuilding is seeking to c