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S. Korean Firms Continue to Suspend Overseas Plants

Written: 2020-04-02 16:07:18Updated: 2020-04-02 17:11:00

S. Korean Firms Continue to Suspend Overseas Plants

Photo : YONHAP News

Overseas factory shutdowns by South Korean firms continue amid the ongoing COVID-19 pandemic. 

Shutdown periods are also being extended as other countries have imposed bans on movement and business operations to help contain the virus.

The global supply chain for flagship Korean industries such as autos, electronics and steel has been temporarily halted and with global demand also shrinking, setbacks are expected in sales and output.

According to industry sources on Thursday, one after another South Korean companies are suspending overseas production lines.

Hyundai Motor has closed six of its seven global production bases. Samsung Electronics has 37 plants at home and abroad and a quarter of them have been shuttered. Its offline stores in North and South America and Europe are also closed. 

Steelmaker POSCO has also shut down its processing centers in Italy, India, the Philippines and Malaysia.

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