Korea Development Bank
Amid a global downturn in shipbuilding, Hyundai Heavy Industries sold $1 billion of assets and laid off large numbers of employees in 2016. The company borrowed money from the state-run Korea Development Bank in order to purchase Daewoo Shipbuilding &amp; Marine Engineering, forming Korea Shipbuilding &amp; Offshore Engineering, with plans to move corporate headquarters to Seoul. Some view this downturn as an indicator of South Korea's over-reliance on chaebols, and fear that a period of deindustrialization for Ulsan mirroring the United States' Rust Belt could be on the horizon.