S. Korean shipbuilding industry expects another tough year

SEOUL, Jan. 11 (Yonhap) -- South Korea will release a fresh set of shipbuilding restructuring plans in the first quarter of this year to support the struggling sector as the industry as a whole is bracing for another tough year, the commerce ministry said Thursday.

In a new year's meeting held in the southeastern port city of Busan, industry and government officials discussed ways to tackle the challenge through technology innovation and cost-cutting efforts.

"The South Korean shipbuilding industry is expected to face a tough business environment due to decline in backlogs, low sales prices, a strong Korean won and rising steel prices," the Ministry of Trade, Industry and Energy said in a release.

The ministry said it will come up with ways to increase orders from the public sector and expand support for innovative technology to develop eco-friend....

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