POSCO union threatens first-ever 48-hour strike over stalled wage talks
POSCO's labor union warned it will launch a 48-hour partial strike on Wednesday if the steelmaker does not present a new wage proposal, marking the company's first strike in its 58-year history.
Facing a deadlock in wage negotiations, POSCO's union has set a deadline for a revised offer, after which it will initiate a 48-hour partial walkout at key production sites in Gwangyang and Pohang. Kim Seong-ho, the union head, warned that the strike will go ahead unless the steelmaker alters its approach. POSCO's current proposal includes a 2% base-salary increase, a 3.5 million-won performance incentive and a one-time voucher, which the union says falls short of its request for a 7.1% raise, 600% incentive, stock shares and large holiday bonuses.
Talks have not progressed since the seventh formal round, and CEO Lee Hee-geun's recent meeting with the union failed to break the impasse. The company estimates the cost of fulfilling all union demands at roughly 1.4 trillion won and cites weak global steel demand and competition from China as constraints. It says it will keep communicating with employees while preparing contingency plans to limit disruption to downstream industries such as automotive and shipbuilding.
