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South Korean President Park Geun-Hye called for ‘bone-crushing’ overhauls of the nation’s Big Three shipbuilders, Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries.
“The (shipbuilding) companies, along with creditor banks, should make bone-crushing efforts to revive their businesses,” she said in a speech to parliament. “If we don’t carry out a bold restructuring by downsizing the overgrown workforce and cutting costs, the future of not only the shipbuilders but also the whole economy will be in jeopardy. The road for reform is painful but, if we try to avoid it, our economy would be devastated and we would face even bigger pain in the end,” she added.
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