Business Korea reported that labor conflict is escalating at Hyundai Steel in South Korea over payment of incentives as some members of the labor union have occupied the company president’s office at Dangjin Steelworks in South Chungcheongn Province since 2 May 2022. The labor union is demanding that the company pay incentives to unionists, as did Hyundai Motor Co & Kia Corp, as the steelmaker achieved a record-breaking business performance in 2021. Hyundai Steel’s labor union asserts that it would be unfair if its members are not paid incentives despite a stellar performance. Labor union says it will go as far as to go on strike to get the incentives. Some labor union members are also of the opinion that if the incentives are not paid, the union should initiate a campaign to oust company president Mr Ahn Dong-il.Hyundai Motor and Kia announced in early March that they would provide incentives of about KWR 4 million per employee. Hyundai Mobis also decided to pay KWR 4 million to all employees in April.On a consolidated basis in 2021, Hyundai Steel racked up KWR 22.85 trillion in sales and KWR 2.45 trillion in operating profit, yielding the best annual business results ever. In the first quarter of 2022, Hyundai Steel recorded an operating profit of KWR 697.4 billion, a 129.5% YoY increase
Business Korea reported that labor conflict is escalating at Hyundai Steel in South Korea over payment of incentives as some members of the labor union have occupied the company president’s office at Dangjin Steelworks in South Chungcheongn Province since 2 May 2022. The labor union is demanding that the company pay incentives to unionists, as did Hyundai Motor Co & Kia Corp, as the steelmaker achieved a record-breaking business performance in 2021. Hyundai Steel’s labor union asserts that it would be unfair if its members are not paid incentives despite a stellar performance. Labor union says it will go as far as to go on strike to get the incentives. Some labor union members are also of the opinion that if the incentives are not paid, the union should initiate a campaign to oust company president Mr Ahn Dong-il.Hyundai Motor and Kia announced in early March that they would provide incentives of about KWR 4 million per employee. Hyundai Mobis also decided to pay KWR 4 million to all employees in April.On a consolidated basis in 2021, Hyundai Steel racked up KWR 22.85 trillion in sales and KWR 2.45 trillion in operating profit, yielding the best annual business results ever. In the first quarter of 2022, Hyundai Steel recorded an operating profit of KWR 697.4 billion, a 129.5% YoY increase
