South Korean shipbuilding company Hyundai Heavy Industries is reportedly set to slash 10 percent of its workforce, a pre-emptive move to survive the protracted slump in the shipbuilding industry.

South Korean Pulse News reported on Thursday, quoting industry sources, that the shipbuilding giant will reportedly cut 10 percent of its total 27,000 employees including those working at dockyards, and some even projected more than 3,000 employees would be subject to company’s workforce reduction plan.

The Korean news source also said that Hyundai plans to streamline the organization by shutting down nearly 100 out of 388 divisions, that make about 20 percent of the group.

Back in January 2016, reports emerged that HHI planned to temporarily shut down its rig construction yard in Onsan, South Korea due to scarce new orders.