POSCO and Labor Union Reach Tentative Wage Deal, Averting Potential Strike

SEOUL — POSCO Holdings Inc., the leading steelmaker in South Korea, and its labor union have achieved a tentative agreement on wages, preventing a possible strike, company and union officials announced on Tuesday.

According to Yonhap News Agency, the agreement was reached after unionized workers of POSCO voted in favor of going on strike the previous day, Monday.

As part of the deal, POSCO consented to increase the basic monthly salary by 100,000 won (approximately US$74.2) and to offer additional benefits.

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