South Korea's three major shipbuilders – Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries – continue to slash their workforces as part of the efforts to salvage the yards which are struggling with an order drought brought on by the overcapacity in the shipping industry.
All three yards are in the midst of drastic rescue plans to survive the crisis and, according to media Korea Herald, 3,000 yard workers lost their jobs in the third quarter of this year alone.
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