Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
June 14, 2022: -On Monday, South Korean petrochemical firms joined the automobile and steel makers in cutting operations due to mounting inventories. Transport disruptions from a strike by truckers spread quickly across Asia’s manufacturing powerhouse.
The industry association, which represents 32 petrochemical companies in South Korea, said the average daily ex-factory shipments of their member companies had increased by 90% regarding the strike, now in its seventh day.
“The Cargo Truckers Solidarity union’s collective action to reject transportation is spreading the damage to huge petrochemical complexes in Ulsan, Yeosu, and Daesan,” the Korea Petrochemical Industry Association said in a statement.
The 22,000-strong union protested against soaring fuel prices and demanded fewer pay guarantees. Four rounds of negotiations with the government are failing to find a compromise.
It was not confirmed if the companies had cut operations. However, a primary petrochemical company source told Reuters that most firms were still storing finished products hoping to resume transportation.
Automakers, hit hard as they could not receive a timely supply of components and transport finished products, formed a task-force team within their trade association to monitor the situation and call for an early resolution.
Steelmaker POSCO has said it would halt a few plants because of a lack of space to store unshipped products. Automaker Hyundai Motor has cut production of a few lines, and cement makers have cut operations.
Prolonged labor strife could test President Yoon Suk-yeol, a political novice taking office five weeks ago, potentially distracting from his conservative agenda and applying the risk of long-term antagonism with powerful unions.
The government urges the truckers to return to work but said it seeks to reflect their demands in the legislative process and keeps trying to finish the strife through dialogue.
The truckers demand an extension of subsidies, expiring this year, guaranteeing minimum wages as fuel prices increase. The government says it is up to parliament to change the legislation.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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