Editing Economy of South Korea (section)

===Shipbuilding===
[[File:Aerial View of Daewoo Shipbuilding & Marine Engineering.jpg|thumb|Hanwha Ocean Okpo Shipyard in Geoje]]
During the 1970s and 1980s, South Korea became a leading producer of ships, including oil supertankers, and oil-drilling platforms. The country's major shipbuilder was Hyundai, which built a 1-million-ton capacity drydock at Ulsan in the mid-1970s. Daewoo joined the shipbuilding industry in 1980 and finished a 1.2-million-ton facility at Okpo on Geoje Island, south of Busan, in mid-1981. The industry declined in the mid-1980s because of the oil glut and because of a worldwide recession. There was a sharp decrease in new orders in the late 1980s; new orders for 1988 totaled 3 million gross tons valued at US$1.9&nbsp;billion, decreases from the previous year of 17.8 percent and 4.4 percent, respectively. These declines were caused by labour unrest, Seoul's unwillingness to provide financial assistance, and Tokyo's new low-interest export financing in support of Japanese shipbuilders. However, the South Korean shipping industry was expected to expand in the early 1990s because older ships in world fleets needed replacing.<ref>{{cite web|url=http://www.country-data.com/cgi-bin/query/r-12311.html|title=South Korea: Shipbuilding|publisher=Library of Congress|access-date=14 August 2010|archive-date=10 May 2012|archive-url=https://web.archive.org/web/20120510120426/http://www.country-data.com/cgi-bin/query/r-12311.html|url-status=live}}</ref> South Korea eventually became the world's dominant shipbuilder with a 50.6% share of the [[Shipbuilding#World shipbuilding industry in the 21st century|global shipbuilding market]] as of 2008. Notable Korean shipbuilders are [[HD Hyundai Heavy Industries|Hyundai Heavy Industries]], [[Samsung Heavy Industries]], [[Hanwha Ocean]], and the now bankrupt [[K Shipbuilding|STX Offshore & Shipbuilding]].