Dongkuk Steel and Dongkuk CM Reach Agreement on Labor-Management Negotiations Without Disputes

First Negotiation Concluded After Division

At the Dongkuk Steel 2024 Wage and Collective Agreement Signing Ceremony, labor and management representatives are taking a group photo. Photo by Dongkuk Steel

Dongkuk Steel Group's steel business units, Dongkuk Steel and Dongkuk CM, have reached a no-dispute agreement on this year's wages and collective bargaining agreements.

They concluded negotiations faster than any other major domestic steel company this year as well. Dongkuk Steel and Dongkuk CM completed their first negotiations since the spin-off, inheriting the 30-year spirit of labor-management harmony upheld by the former Dongkuk Steel (now Dongkuk Holdings) since 1994. It is significant that labor and management agreed early on wages and collective agreements to overcome the steel market downturn.

The agreement equally applies to 889 in-house subcontracted workers who were converted to direct employment as of January 1, 2024. Dongkuk Steel and Dongkuk CM conducted wage and collective bargaining together this year to focus on stabilizing directly employed personnel.

On the 25th, Dongkuk Steel held the '2024 Wage and Collective Agreement Signing Ceremony' at its Incheon plant, and on the 26th, Dongkuk CM held the same ceremony at its Busan plant. Labor and management representatives and related parties attended, agreeing on wage increases, retirement age extension, and other collective agreement terms. Both companies increased congratulatory allowances related to marriage and childbirth for younger employees and expanded various leave days.

At the signing ceremony, Choi Sam-young, Vice President and CEO of Dongkuk Steel, said, "It is a meaningful year marking the 70th anniversary of our founding and the 30th year of permanent no-strike. Our unwavering and solid labor-management relations are our core competitiveness." He added, "Please do your best to maintain the value and pride so that this cooperative labor-management relationship can continue."

At the signing ceremony, Park Sang-hoon, Vice President and CEO of Dongkuk CM, said, "Despite difficult times, we completed negotiations smoothly through mutual consideration." He added, "Let us unite labor and management and devote all our efforts to growth."

This content was produced with the assistance of AI translation services.