South Korean petrochemical firms joined the automobile and steel makers in cutting operations due to mounting inventories -- as transport disruptions from a strike by truckers spread quickly across Asia’s manufacturing powerhouse
The industry association representing 32 petrochemical companies in South Korea said the average daily ex-factory shipments of their member companies had plunged by 90% due to the strike, now in its seventh day."The Cargo Truckers Solidarity union's collective action to reject transportation is spreading the damage to major petrochemical complexes in Ulsan, Yeosu and Daesan," the Korea Petrochemical Industry Association said in a statement.
Steelmaker POSCO has said it would halt some plants due to a lack of space to store unshipped products. Automaker Hyundai Motor has cut production at some lines and cement makers have also cut operations.Prolonged labor strife could test President Yoon Suk-yeol, a political novice who took office five weeks ago, potentially distracting from his conservative agenda and raising the risk of long-term antagonism with powerful unions.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trucker strike in South Korea enters seventh day, disrupts manufacturingThousands of South Korean truckers are on strike for the seventh day, disrupting production, slowing port operations and posing new risks to a strained global supply chain
Read more »
South Korean factories are rushing to replace humans with robotsA new law that came into effect in South Korea has spurred an increase in investment in robots in the nation since the regulation states if workers die or sustain serious injuries during work, courts could fine the CEO or high-ranking managers of the firms or even send them to jail.
Read more »
South Korea June 1-10 exports shrink 12.7%, trade deficit at $6 billionSouth Korea's exports for the first 10 days of June shrank 12.7% from the same period a year before, customs agency data showed on Monday.
Read more »
Breakingviews - South Korea steps up to a fearful new worldSouth Korea is having a moment. As governments around the world fret about surging commodity prices, fragile economic growth and volatile markets, newly elected President Yoon Suk-yeol is kicking things off on a surprisingly upbeat note. Local companies are bouncing back, with many of them venturing abroad. The confidence should pay off.
Read more »
S.Korean truckers say strike is a fight for livelihoodKang Myung-gil parked his truck last week and stopped hauling products from South Korean companies, joining a strike that has hit industrial hubs and ports. At stake is his family's livelihood, as soaring costs make it impossible for him to go on
Read more »