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1.Market Observations, 8.Was Sticky

1 Oct 2016 (AFR) – South Korea steels to beat China and Japan’s squeeze

(1 October 2016, AFR, p19, by Angela Macdonald-Smith)

‘Dominated by orange Goliath cranes and the hulking silhouettes of nearly complete aqua-hued LNG tankers, the world’s biggest shipyard in Ulsan on South Korea’s industrialised south-east coast is a busy, discordant hubbub.’ <snipped…>

‘Steelmaking and shipbuilding, two industries that were fundamental in driving South Korea’s miraculous economic revival in the decades following the end of the Korean War in 1953, are facing what some say is their worst ever crisis.’ <snipped…>

‘South Korea’s “Big Three” shipyards – the Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering yards on Geoje Island as well as the Hyundai Heavy Industry yard in Ulsan – posted a record combined loss of KRW7.7 trillion ($9.2 billion) last year.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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