More Korean manufacturers cut production

South Korea’s major manufacturers, from petroleum products to cars, are scaling back production output in an effort to minimize stockpiles amid a severe global economic slowdown. LG and Hanwha have trimmed production by more than 10%. Carmakers are also suffering due to plummeting exports. In 2008, Ssangyong has produced 74,628 vehicles, but its registered vehicles numbered just 68,816, according to the Korea Automobile Manufacturers Association. Even Hyundai-Kia is not free from growing stockpiles. Samsung Electronics has suspended production at its Mexico plant twice already, following the bankruptcy filing of U.S.-based electronics store Circuit City. Elsewhere, steel makers are mulling over solutions for disposing of several kinds of products, most of which are linked to ailing manufacturing industries. (November 23, 2008)