Go to Contents Go to Navigation

(LEAD) Hyundai Heavy workers vote for strike proposal

All News 22:31 July 15, 2016

(ATTN: ADDS labor union's partial strike on Tuesday in para 2)

ULSAN, South Korea, July 15 (Yonhap) -- Workers at Hyundai Heavy Industries Co. on Friday voted to launch a strike demanding a greater say in management and a hike in wages.

The unionized workers will go on a partial strike for four hours starting July 19, the labor union said.

Should the shipbuilder's workers lay down their tools this year, it will mark the third consecutive year that the shipyard has faced a labor strike.

Since early May, the company's management and labor union have held 18 rounds of negotiations to narrow their differences, but failed to do so.

Workers at Samsung Heavy Industries Co. launched their first partial strike last week, calling on the company to scrap its restructuring move, including a massive job cut.

Daewoo Shipbuilding & Marine Engineering Co. workers also voted to launch a strike sometime soon.

South Korean shipbuilders have been under severe financial strain since the 2008 global economic crisis that sent new orders tumbling amid a glut of vessels and tougher competition from Chinese rivals.

The country's top three shipyards -- Hyundai Heavy Industries, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- suffered a combined operating loss of 8.5 trillion won (US$7.4 billion) last year due largely to increased costs stemming from a delay in the construction of offshore facilities and an industrywide slump, with the Daewoo Shipbuilding alone posting a 5.5 trillion won loss.

The shipbuilders have recently drawn up sweeping self-rescue programs worth 10.35 trillion won in their desperate bids to overcome a protracted slump and mounting losses.


Issue Keywords
Most Liked
Most Saved
Most Viewed More
Send Feedback
How can we improve?
Thanks for your feedback!