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Photo = Yonhap news |
[Alpha Biz= Paul Lee] SEOUL, South Korea – June 12, 2025 — South Korea's third-largest oil refiner S-OIL Corp. has abruptly suspended its 2025 open recruitment program for new university graduates, prompting widespread concern across the industry. The company cited deteriorating business conditions as the reason behind the decision, but its sudden move has sparked criticism over corporate responsibility and hiring transparency.
The recruitment drive, launched in April, had already progressed through document screening and written testing stages, with candidates awaiting interview notices. However, on June 10, S-OIL notified applicants that the entire process was being canceled, just before final interview selections were due.
The company explained the decision was driven by “increased external uncertainties and worsening business performance.” S-OIL posted an operating loss of KRW 21.5 billion in the first quarter of 2025 and is expected to report a loss exceeding KRW 80 billion in Q2.
The refining sector as a whole is currently struggling due to falling global oil prices and declining demand for petroleum products. S-OIL is also under financial pressure from its Shaheen Project, a massive KRW 9.26 trillion investment to build petrochemical facilities in the Ulsan Onsan National Industrial Complex through 2026.
While industry observers acknowledge the financial strain, the timing and manner of the decision have drawn criticism. In South Korea, large companies typically commit to completing announced hiring rounds, even amid market shifts, due to the social and ethical significance of graduate employment.
“This abrupt cancellation, after applicants have already invested time and effort into the process, is deeply disappointing,” said one HR industry analyst. “It raises broader questions about accountability and consistency in corporate hiring practices.”
The incident has also sparked concerns that other firms may follow suit, triggering a broader pullback in entry-level hiring across the Korean industrial sector.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
