Unionized workers at Hyundai Steel have been on a wage strike for a month. In negotiations between the union and Hyundai Steel, the union demanded an increase of KRW 159,800 ( approximately USD 112) in the basic wage, five months' salary based on performance, and 18 million won (approximately USD 12,577) in cash bonuses for 2024.
Hyundai instead proposed a wage increase of KRW 100,000 ( approximately USD 70), 4 1/2 months' salary and a bonus of KRW 10 million (approximately USD 6,987). Hyundai Steel claimed that the proposed wage increase by itself would lead to a 98% drop in its annual net profit. It also said that the suspension of production at the plant had prevented the production of 270,000 tons of CRC and that the loss amounted to KRW 25.4 billion (USD 17 million).
Talks between the union and Hyundai Steel, which have been ongoing since September, have yet to reach a decision, but on Monday, Hyundai Steel fell 2.08% to KRW 25,900 ( approximately USD 18.10).
It remains to be seen how the talks between the company and the union will affect Hyundai Steel economically, given China's low steel prices.
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