Hyundai Steel Management and Union Reach Wage Agreement: "Aiming to Overcome the Crisis Together"

Base Salary Raised by 80,000 Won
Performance Bonus Set at 300%
Strike Risk Eliminated

The management and labor union of Hyundai Steel have reached a tentative agreement on this year's wage and collective bargaining agreement after three months of negotiations. Among the key subsidiaries of Hyundai Motor Group, Hyundai Steel is the first to conclude wage negotiations for the year.

Photo of the electric furnace at Hyundai Steel Dangjin Steelworks used in the electric furnace - blast furnace combined process. The Asia Business Daily DB

According to Hyundai Steel on August 5, a vote among union members on the tentative agreement, which began on August 3, has been approved.

On July 31, management and labor at Hyundai Steel tentatively agreed to an 80,000 won increase in base pay, a performance-based bonus worth 300% of monthly salary, and a cash payment of 5 million won. A total of 7,179 union members participated in the vote, with 4,064 (56.61%) voting in favor.

The management and union held 15 rounds of negotiations, starting with the initial meeting on May 8, and successfully resolved concerns over a possible strike as an agreement was reached.

A representative from Hyundai Steel stated, "Both the company and the union deeply sympathize with the challenging business environment and swiftly reached an agreement on this year's wage and collective bargaining agreement based on the intention to overcome the crisis together."

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