Hyundai Steel Labor Negotiations at an Impasse... Union Announces Partial Strike on Cold Rolling Line at Dangjin Plant
Strike Begins to Halt Operations for 24 Hours
Management Says "No Disruption in Product Output"
Prolonged Wage and CBA Negotiations Since Last September
Union Demands Largest Performance Bonus Despite Sluggish Market
As wage and collective bargaining agreement (CBA) negotiations between Hyundai Steel's labor and management drag on, the union is set to initiate a partial strike by halting operations on the cold rolling production line at the Dangjin plant for one day.
According to the steel industry on the 17th, the Hyundai Steel union has decided to carry out a strike to stop operations at the Dangjin cold rolling plant for 24 hours starting from 7 a.m. on the 21st.
During this period, all union members except for agreed workers will withdraw from the site, and the agreed workers will perform only the minimum tasks necessary to protect the equipment. From 7 a.m. on the following day, the 22nd, all union executives will continue the strike for 24 hours.
The management expects no disruption in product output due to this union strike.
Hyundai Steel labor and management have been conducting collective bargaining since their initial meeting in September last year but have yet to narrow their differences. The management proposed a basic wage increase of 100,000 KRW and suggested discussing the 2024 and 2025 performance bonuses together in this year’s CBA negotiations.
On the other hand, the union demands ▲a basic wage increase of 159,800 KRW (excluding seniority increments) ▲the largest possible performance bonus ▲interest-free loans of 10 million KRW for two years when purchasing vehicles ▲and a 20% vehicle discount every three years for retirees.
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Hyundai Steel’s operating profit is expected to be in the 300 billion KRW range last year, falling short of market expectations due to the sluggish steel market. This is less than half of the 798.3 billion KRW recorded in 2023.
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