trending Market Intelligence /marketintelligence/en/news-insights/trending/4bps8apumgd4qxjirsji0w2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

POSCO's engineering unit to ax 600 workers amid restructuring

TMT: Leading Trends And What To Watch

US Utility Commissioners: A Key Factor In Assessing Regulatory Risk

The Essential Conference 2019 Highlight Reel

Municipal-Run Fiber Tops 280000 Subscribers In 2018


POSCO's engineering unit to ax 600 workers amid restructuring

In an effort to streamline its corporate governance, POSCO's POSCO Engineering & Construction Co. unit is seeking to lay off about 600 workers under a voluntary retirement scheme.

The layoffs account for more than 50% of the entire workforce of 1,000 employees, The Korea Times reported Sept. 30.

The company will start accepting resignations from Oct. 4, according to industry insiders.

In addition to the layoffs, the company is also closing its businesses in general construction, hydropower, ocean, environment and civil engineering to boost profitability.

The steel group is exploring multiple options for the loss-making engineering unit, including a potential sale or its combining with POSCO E&C, which has a 95.56% stake in POSCO Engineering.

The restructuring is part of POSCO's plan to cut approximately 1 trillion South Korean won, or approximately US$836 million, in costs this year by shutting 35 noncore business units, among others.

As of Sept. 30, US$1 was equivalent to 1,101.95 South Korean won.