The world’s largest shipbuilder Hyundai Heavy Industries is ready to slash 10% of its workforce this 12 months as a part of the South Korean shipbuilding group’s restructuring plan, Yonhap News reports.

HHI is ready to announce particulars of its plan subsequent week, that are anticipated to incorporate job cuts and the sale of non-core belongings, Yonhap reported.

“We are considering multiple measures to ride out the worst crisis that we have ever faced. But we can’t provide any undecided details on the (self-help) efforts,” Yonhap reported a HHI spokesman as saying.

Asian shipbuilders had a brutal 12 months in 2015 as low oil costs, overcapacity and decrease freight charges hit almost each shipbuilding sector, and it appears 2016 will supply no such aid. 

According to Yonhap, Hyundai Heavy Industries employs about 27,000 folks, so with a ten% discount we’re about 2,700 jobs misplaced.