Hyundai Steel Tentatively Agrees on Labor-Management Negotiations... Steps to Resolve 6 Months of Labor Disputes

by Cho Seongpill

Published 10 Apr.2025 14:42(KST)

Union Members to Vote on Agreement by the 13th

The labor and management of Hyundai Steel have reached a tentative agreement on wage negotiations and collective agreements. The labor-management conflict that has continued since last September is entering the process of resolution.

According to the steel industry on the 10th, Hyundai Steel labor and management tentatively agreed this morning on a wage increase of 101,000 won, a 450% increase in the base salary, and a performance bonus payment of 10.5 million won.

Yonhap News

The union will conduct a vote among its members on the proposal from today until the 13th. If the agreement is approved in the union member vote, Hyundai Steel will conclude the 2024 wage and collective bargaining negotiations that have been ongoing since last September.

Previously, Hyundai Steel labor and management failed to narrow differences over issues such as the performance bonus, leading to repeated strikes, workplace lockouts, strike withdrawals, and resumptions. Earlier this year, as the union's guerrilla-style strikes continued repeatedly, Hyundai Steel declared an emergency management last month.