According to industry sources, POSCO CEO Lee Hee-geun is set to meet with the labor union at the company's headquarters in Pohang, North Gyeongsang Province on Friday afternoon, in a last-ditch effort to narrow differences over wages.
The stalled labor talks led to a partial strike last month for the first time in nearly six decades since POSCO was founded in 1968.
With both sides fiercely divided over key compensation packages, the company has offered a 2.5 percent increase in base pay and a one-time payment of 5 million won in what it described as its final offer. It has also proposed higher bonuses for the country's biggest holidays such as Lunar New Year's Day and Chuseok or Korean Thanksgiving.
But the union remained skeptical, saying the offer failed to adequately recognize the sacrifices of workers who have dedicated themselves to the company, and demanded more compensation to boost morale.
It remains to be seen whether Lee's involvement will help bring a breakthrough in their talks.
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