Massive Layoff Ahead for Hyundai Heavy
and executives have to be responsible for their poor management before considering a workforce reduction or downsizing. Hyundai Heavy's local rivals are also expected to sharply reduce their workforces this year, with their subcontractors being forced to follow suit. Samsung Heavy Industries Co. has been implementing an early retirement scheme since last year, and Daewoo Shipbuilding & Marine Engineering Co., is working to streamline its business lines through a spin-off.
Hyundai Heavy Plummets to Worse Loss Ever
power plant contract won in 2013. Building power plants of that magnitude was another new business for Hyundai Heavy. The third-quarter loss at Hyundai Heavy, coming on top of its previous record loss of 1.1 trillion won in the second quarter, are in stark contrast to brighter times at Samsung Heavy Industries Co., the world's no.2 shipbuilder by output of ships measured by tonnage in 2013. Earlier this month Samsung Heavy reported an operating profit of 181.5 billion won in the third quarter. That was Samsung Heavy's second-straight quarterly profit since it set aside about 500 billion won