Pohang: Unionized workers at South Korean steelmaker POSCO began a second partial strike Wednesday after failing to narrow differences with management in wage negotiations. The 120-hour walkout commenced at 7 a.m. at POSCO's steel plants located in Pohang and Gwangyang in southern South Korea, as stated by the union.
According to Yonhap News Agency, POSCO employs approximately 17,000 people, with around 10,100 being union members. This latest strike follows a 48-hour walkout that began last Wednesday at 7 a.m., involving 120 workers. Notably, this marked the first strike by POSCO workers since the company's inception in 1968. The union has emphasized that the second strike is expected to cause inevitable disruptions, as it involves about twice as many workers compared to the initial strike.
POSCO, however, has expressed confidence that there will be no major disruption to plant operations. Approximately 60 workers from each of its Pohang and Gwangyang plants are expected to join the strike. The union is demanding a 7.1 percent increase in base pay, a performance bonus equivalent to 600 percent of base pay, 50 company shares per worker, and a holiday bonus equivalent to 200 percent of base pay.
In addition to wage demands, the union has raised concerns about staffing shortages and aging facilities, which they argue could lead to safety incidents. On the other hand, management has offered a 2 percent increase in base pay, indicating a significant gap between the two sides in their wage negotiations.