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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Hyundai Steel announced on Tuesday that it will lift the lockout at its cold rolling plant in Dangjin, South Chungcheong Province, starting March 12. The lockout, which lasted for 16 days since February 24, was imposed in response to continued strikes by the labor union demanding performance bonuses at the level of Hyundai Motor. The union is set to suspend its strike and resume negotiations with the company from March 13.
On February 24, Hyundai Steel implemented a lockout at the core facilities of the Dangjin cold rolling plant, marking the first lockout in the company’s history since its founding in 1953. The decision was made as repeated strikes by the Hyundai Steel Dangjin Hysco Chapter of the Korean Metal Workers’ Union under the Korean Confederation of Trade Unions made normal operations difficult.
Negotiations between Hyundai Steel’s management and labor union over wage and collective bargaining agreements (WCA) have been ongoing since September last year. The company proposed performance bonuses of around 26 million KRW per employee, but the union demanded higher bonuses equivalent to those of Hyundai Motor, leading to prolonged deadlock.
Even after the lockout, the Hyundai Steel union staged partial strikes at the Suncheon plant in South Jeolla Province, which also produces cold-rolled steel. The escalating standoff raised concerns that disruptions could spread throughout the company. However, both sides have reportedly engaged in behind-the-scenes discussions and agreed to step back to prevent further damage, leading to the decision to restart negotiations.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
