Hyundai Steel, which is experiencing labor-management conflicts due to stalled negotiations over collective bargaining agreements, initiated a partial lockout of certain facilities at the Dangjin Steelworks cold rolling plant starting at noon yesterday (24th).
The lockout will continue until the labor union withdraws its strike and returns to work.
According to Hyundai Steel, partial strikes by some union members since the 1st have resulted in a production loss of approximately 270,000 tons, with estimated financial losses amounting to 25.4 billion won.
The company explained that it decided on the partial lockout as a defensive measure, as it was difficult to secure a normal production schedule due to the union’s strike.
Hyundai Steel’s labor and management have been in negotiations over collective bargaining since their initial meeting last September, but they remain at an impasse after nearly five months without narrowing their differences.
The management has proposed a basic salary increase of 100,000 won, along with a bonus equivalent to 450% of the basic salary plus an additional 10 million won. However, it is reported that the union is demanding conditions similar to Hyundai Motor Group, which offered 500% of the basic salary and an additional 18 million won.
Reporter: Choi Ah-young
AI Anchor: Y-GO
Subtitle Editing: Lee Sun
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