EU accuses Korean yards

PUBLISHED : Friday, 10 April, 1998, 12:00am
UPDATED : Friday, 10 April, 1998, 12:00am

European shipbuilders have accused Korean shipyards of continuing to build vessels at uneconomic prices, despite the severe downturn in the Korean economy.

The Committee of European Union Shipbuilders' Associations warned that the overcapacity had created serious distortions on the market, enhanced by the devaluation of the won.

It was reasonable for the international community, which bore the burden of rescuing the Korean economy, to require Korea to voluntarily accept limits on its shipbuilding overproduction.