The World’s Top Three Shipyards Want to Raise $7.3 Billion in Revamp
- Hyundai, Samsung, Daewoo to raise $7.3 billion from revamp
- South Korea to set up $9.5 billion fund as cushion for banks
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The world’s three biggest shipyards, battered by the deepest industry slump in at least two decades, are getting a helping hand -- from the state.
South Korea’s government is at the forefront of efforts to revive the shipbuilders, which employ almost 62,000 people, or 1.4 percent of the nation’s manufacturing sector workforce. After pledging active steps in April to help the sector weather the slowdown, policy makers in Seoul on Wednesday announced an 11 trillion-won ($9.5 billion) fund to help lenders absorb losses.