S. Korean firms' industrial plant orders nosedive in H1.

SEOUL, July 8 (Yonhap) -- The number of industrial plant orders won by South Korean companies nosedived in the first half of this year due to a worldwide economic slump, the government said Wednesday. Orders for drill ships, offshore facilities, power and petrochemical plants plunged 67.3 percent on-year to US$7.4 billion in the first six months, the Ministry of Knowledge Economy said. It said the drop reflects overall uncertainties in the global market that have forced many businesses and governments to delay placing large orders. The recent drop in crude oil and other raw materials has also sapped the ability of resource rich countries to divert funds to expand production of infrastructure and industrial facilities. In the first six months of last year, South Korea secured $22.6 billion worth of industrial plant orders, with the total reaching $46.2 billion for the entire year. Industrial plant orders that stood at $8.4 billion in 2004 surpassed the $10 billion mark for the first time in 2005 and topped $40 billion levels in 2007. The ministry said that despite an overall decrease in orders, oil-producing Middle Eastern ...