In response to stalled negotiations, Hyundai Steel's labor union announces a general strike, starting with a preemptive action on March 12 and a 48-hour strike from March 13. Following this, individual strikes by local chapters are scheduled, with about 8,000 members converging at the company's headquarters in Seoul on March 22.
Article:
Hyundai Steel is in the midst of a critical juncture as its labor union prepares to go on a general strike amidst various challenges. These challenges include a prolonged stalemate in wage negotiations and external pressures from the global steel market, notably from China and Japan. Additionally, the looming threat of tariffs from the United States exacerbates the company's predicament.
The Hyundai Steel labor union's decision to embark on a general strike stems from the failure to reach a consensus during 20 rounds of negotiations held from September to March. Despite efforts across multiple locations, including Incheon, Dangjin, Suncheon, and Pohang, the gap between labor and management remains unbridged.
The proposed wage negotiation plan by Hyundai Steel, encompassing a base pay increase of $103,000, a substantial performance bonus, and incentive pay, falls short of the union's expectations. In contrast, the union demands a more substantial base pay hike, a share of operating profit as a special bonus, and additional benefits.
As the impasse persists, the union's resolve crystallizes into action, with plans for a general strike commencing on March 12. This includes a preemptive strike followed by a 48-hour general strike, with further actions slated thereafter. The union's grievances extend beyond wage disputes, encompassing broader concerns about working conditions and benefits.
Conclusion:
In the face of a triple crisis, Hyundai Steel finds itself at a crossroads, grappling with internal dissent amidst external pressures. The impending general strike, coupled with the challenges of a price war and tariff uncertainties, underscores the urgent need for dialogue and resolution. As both labor and management stand at an impasse, the path forward demands a concerted effort to bridge differences and chart a sustainable course for the company's future.
Source: STEELGURU
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