Another Emergence of 'Separation Sale Rumors'... Daewoo Shipbuilding Branch Urges "San-eun, Stop Media Public Discussion"

Daewoo Shipbuilding Union held a press conference opposing the separation and sale of Daewoo Shipbuilding & Marine Engineering. Photo by Se-ryeong Lee ryeong@

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Although the 51-day long strike seems to have come to an end, Daewoo Shipbuilding & Marine Engineering (DSME) remains in the spotlight as rumors of separate sales by the Financial Services Commission and KDB Industrial Bank have emerged.

On the 28th, the Daewoo Shipbuilding Branch of the Korea Metal Workers' Union Gyeongnam Branch held a press conference at the Gyeongnam Provincial Government press room, urging to "immediately stop the media public discussion on separate sales."

The vice chairman of the subcontractor branch also attended the conference to express solidarity.

The branch criticized, "The subcontractor branch strike situation is being used to imprint on the public that DSME has many problems and to create an atmosphere that it must be sold in some form," adding, "The issue, which was briefly mentioned and then disappeared, is resurfacing to justify separate sales."

They stated, "This is an organized public opinion campaign for separate sales," and claimed, "Only the Industrial Bank, which holds 55.7% of the shares, can plan and execute the sale."

They speculated that a plan to separate and sell DSME was prepared during the handling of the subcontractor branch strike situation.

They said, "There might be plans A and B for secret sales, plan C involving expelling the Daewoo Shipbuilding Branch from the Metal Workers' Union before proceeding with the sale, and plan D to prolong the strike and turn the company into a failing business to lower its corporate value for easier acquisition."

The branch presented the basic policies for the sale as ▲opposition to sales to companies in the same shipbuilding industry ▲opposition to separate sales ▲opposition to overseas sales ▲opposition to speculative capital participation ▲guaranteeing participation of labor unions and other stakeholders.

They further demanded ▲maintenance and guarantee of employment for all members ▲succession of labor unions and collective agreements, as well as matters related to company development and regional development.

They emphasized, "If there is a company that can acquire DSME including the five major corporate policies and four major demands, it should be acquired, but a plan must be secured for shipbuilding equipment companies spanning Gyeongnam and Busan to survive together," adding, "Sales to companies in the same industry have already been confirmed to cause monopolies and adversely affect upstream and downstream industries and the regional economy."

On the same day, the branch also mentioned the vote on withdrawal from the Metal Workers' Union.

They said, "According to the Metal Workers' Union bylaws and regulations, collective withdrawal from the union is not allowed, only individual withdrawal is possible," and added, "We believe the vote itself is problematic."

They explained, "Since neither the Metal Workers' Union nor others can come to count the votes, the decision on whether to count the votes must be settled after the vacation through discussions with the internal election commission and the convener of the general meeting."

They stated, "All members will unite to restore the damaged image of Daewoo Shipbuilding & Marine Engineering caused by the subcontractor branch strike, to be recognized by the public, and to become a company that contributes to the national economy," and added, "We will do our best to make up for the delayed production processes and minimize losses caused by the strike."

This content was produced with the assistance of AI translation services.