South Korean yards hit by higher steel prices in second quarter

Yards in the major shipbuilding nation are expected to report lower results in the second quarter, with higher steel prices pulling down profits.

Photo: Daewoo Shipbuilding & Marine Engineering/Yonhap

The major shipyards in South Korea are headed for lower results in the second quarter of the year, reports local news agency Yonhap citing an analyst.

It is, above all, the higher prices of a crucial raw material that will hit the yards, among these some of the world's largest such as Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Hyundai Heavy Industries.

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