The labor union representing the workers of POSCO affiliated with the Korean Confederation of Trade Unions has announced that collective wage negotiations for this year have reached an impasse, and they have initiated the legal strike process. If more than half of the union members approve the strike, they will have the legal right to strike.
The possibility of a strike at POSCO is a significant concern because it could have a serious impact on South Korea's shipyard, automotive, and related industries. This would be especially challenging at a time when South Korea is already facing economic issues such as high-interest rates, declining exports, and a slowdown in the construction sector. This situation could further worsen the country's economic situation.
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