The South Korean government is urging local steel, shipbuilding, and petrochemical companies to “voluntarily restructure” their industries through M&A in view of a worldwide supply glut. Under the government’s campaign, manufacturers of products it considers uncompetitive will be required to downsize and upgrade facilities and technology. The government will extend full financial and taxation support to the companies' manpower training, as well as R&D activities, Korea's Yonhap news agency reports. According to Bain & Co, there is a supply glut in four petchem products—purified terephthalic acid (PTA), polystyrene (PS), styrene-butadiene rubber (SBR), and polyvinyl chloride (PVC).
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