Daewoo Bus workers enter day 10 of strike over job cuts

SEOUL, Nov. 14 (Yonhap) -- Office workers at Daewoo Bus Corp., South Korea's No.
2 bus maker, entered day 10 of their strike after the company announced a plan to
slash 30 percent of its jobs, company officials said Friday.

The radical job-cut plan at Daewoo Bus is the latest sign that the nation's
automobile industry is bracing for a painful restructuring as a looming global
recession dampens demand. The industry underwent similar pains in the wake of the
1997-98 Asian financial crisis.
Busan-based Daewoo Bus will eliminate 237 out of 670 blue-collar jobs and cut 80
out of its 300 office positions, a company official said.
"The workforce adjustment took place as sales of luxury buses plunged recently,"
the official said.
Daewoo Bus was established in 2002 after breaking off from Daewoo Motor Co., a
subsidiary of now-defunct Daewoo Group, which collapsed under tens of billions of
dollars in debt following the last crisis.
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