POSCO and its labor union resumed wage negotiations on September 15 but failed to narrow their differences, leading to a halt in talks. The union plans to initiate a 120-hour partial strike starting September 16 due to the breakdown in negotiations.
According to both parties, negotiations took place for about two hours starting at 2 p.m. at the company's headquarters in Pohang, but they could not reach an agreement on wage increases.
Neither side presented a revised proposal from their previous demands. In the last round of talks on September 3, the union requested a 7.1% increase in base salary, a 600% incentive bonus, 50 shares of employee stock ownership, and a 200% holiday bonus. In contrast, the company offered a 2.0% increase in base salary, a 3.5 million won incentive bonus, a 500,000 won local love gift certificate, and an expansion of the range for longevity celebration bonuses.
As a result of the failed negotiations, the union will begin the 120-hour partial strike at 7 a.m. on September 16. This will be the second strike action following the first partial strike that took place from September 9 to 11.
The union has not disclosed the specific processes or the number of participating members for the second partial strike but plans to increase participation compared to the first strike. The targeted facilities for the strike include the No. 2 Hot Strip Mill at the Pohang Steelworks and the No. 4 Hot Strip Mill at the Gwangyang Steelworks.
A union official stated, "We will wait until midnight to continue discussions between the negotiating teams. If we cannot reach an agreement, we will proceed with the second partial strike as scheduled at 7 a.m. on the 16th."
A POSCO representative said, "The company will listen to the union's demands and communicate transparently while striving for mutual growth and a prompt resolution of the wage negotiations," but added that they would respond strictly to any violations of laws or regulations.
* This article has been translated by AI.
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