POSCO workers stage partial strike over wage dispute

The labor union of Korean steelmaker POSCO Co. on Wednesday began a two-day partial strike after failing to narrow differences with management over wages and other compensation. The walkout marks the first strike by POSCO workers since the company was established in 1968. The 48-hour partial strike began at 7 a.m. involving 40 workers at the Pohang plant and 80 at the Gwangyang plant, according to the labor union. POSCO has about 17,000 employees, of whom around 10,100 are union members. The company said the limited number of workers participating in the strike is expected to have little impact on steel production, adding it will take measures to prevent disruptions to overall plant operations. The union has demanded a 7.1 percent base pay increase, a 600 percent performance bonus, 50 company shares per worker and a 200 percent holiday bonus. Management, meanwhile, has proposed a 2 percent increase in base pay, leaving the two sides far apart on key wage issues.