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Daewoo Shipbuilding new CEO calls for better pricing

Apr 02,2019
The new chief of Daewoo Shipbuilding & Marine Engineering said Monday that the company needs to secure more orders by gaining price competitiveness.

“What is urgent at this point is to secure more orders on the back of our price competitiveness,” Lee Sung-keun said in a message sent to all employees.

The chief executive also stressed that the major shipyard has to prepare for sudden changes in the business environment.

Lee was officially named the shipyard’s new president last week ahead of a planned merger with Hyundai Heavy Industries.

Earlier this month, Hyundai Heavy Industries signed a formal deal with the state-run Korea Development Bank (KDB) to buy Daewoo Shipbuilding, a deal that could create the world’s largest shipbuilding group, with an approximate 20-percent market share.

If the takeover goes as planned, the Korean shipbuilding industry is expected to be dominated by two major companies - Hyundai Heavy and Samsung Heavy Industries.


Yonhap