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Korean shipyards to hire workers despite ongoing belt-tightening mode

Seoul -South Korea’s major shipbuilders are planning to recruit new workers despite the ongoing belt-tightening mode on hopes that the industry is on track towards recovery.

Seoul -South Korea’s major shipbuilders are planning to recruit new workers despite the ongoing belt-tightening mode on hopes that the industry is on track towards recovery, sources said Monday. Although they did not finalize the details on the new hiring, the major shipyards are considering recruiting a small number of workers. The local shipbuilding industry, once deemed the backbone of the country’s economic growth and job creation, has been reeling from mounting losses caused by an industrywide slump and increased costs. The country’s big three shipyards -- Hyundai Heavy, Samsung Heavy and Daewoo Shipbuilding -- posted a combined operating loss of 8.5 trillion won (US$7.4 billion) in 2015.
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