Pulse News reported that workers of unions aligned to Korean Confederation of Trade Unions have been occupying CEO Mr Ahn Dong-il and managerial offices of South Korean No 2 steel maker Hyundai Steel’s Dangjin steel plant since 2 May demanding steep hike in wages. The strike has spilled over to three other plants in Suncheon, Pohang, & Incheon, where managerial offices also have surrendered to unionists. The union is demanding payment of special incentives worth KRW 4 million (USD 3,050), the same rewarded to workers of other Hyundai Motor Group affiliates like Hyundai Motor, Kia and Hyundai Mobis.Hyundai Steel’s management opposes as it had raised KRW 75,000 won in the base salary and paid out 200% of the base salary plus KRW 7.7 million for performance-based bonus compensation last year. It claims it cannot afford further hikes amid deteriorating profitability. Hyundai Steel last year paid out total KRW 1 trillion to its 11,500 employees. This means workers received an average annual salary of KRW 95 million per head, up KRW 16 million from a year-ago period.Last year, the control center of its steel-making plant in Dangjin was illegally occupied for more than 50 days by subcontract workers, which serves as the control tower for integrated management of the plant.Dangjin steel plant accounts for half of Hyundai Steels’ annual 24 million tonnes with three blast furnaces, as well as 1.2 million tonnes of reinforcing rods and 1 million tonnes of special steel from two electric furnaces.
Pulse News reported that workers of unions aligned to Korean Confederation of Trade Unions have been occupying CEO Mr Ahn Dong-il and managerial offices of South Korean No 2 steel maker Hyundai Steel’s Dangjin steel plant since 2 May demanding steep hike in wages. The strike has spilled over to three other plants in Suncheon, Pohang, & Incheon, where managerial offices also have surrendered to unionists. The union is demanding payment of special incentives worth KRW 4 million (USD 3,050), the same rewarded to workers of other Hyundai Motor Group affiliates like Hyundai Motor, Kia and Hyundai Mobis.Hyundai Steel’s management opposes as it had raised KRW 75,000 won in the base salary and paid out 200% of the base salary plus KRW 7.7 million for performance-based bonus compensation last year. It claims it cannot afford further hikes amid deteriorating profitability. Hyundai Steel last year paid out total KRW 1 trillion to its 11,500 employees. This means workers received an average annual salary of KRW 95 million per head, up KRW 16 million from a year-ago period.Last year, the control center of its steel-making plant in Dangjin was illegally occupied for more than 50 days by subcontract workers, which serves as the control tower for integrated management of the plant.Dangjin steel plant accounts for half of Hyundai Steels’ annual 24 million tonnes with three blast furnaces, as well as 1.2 million tonnes of reinforcing rods and 1 million tonnes of special steel from two electric furnaces.
