A coalition of shipbuilding industry unions have announced mass strikes in response to restructuring plans, including a reduction of the workforce following losses, according to the Korea Herald.
Unnamed union representatives said: “We have patiently tried to seek a peaceful resolution, but we realised that an all-out strike is the only way to defend the shipbuilding industry and our jobs.”
In early July, 2016, the Park Geun-hye, President for South Korea met with trade officials and gave a statement in which she said that a struggling shipbuilding industry needs to be met with modernisation and massive restructuring.
South Korea is home to three of the largest shipbuilding companies in the world, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding.
Korean shipbuilding saw a decline of 4.9% in 2015, according to the Financial Times.
