Steel, shipbuilding labor tensions to flare up after holiday recess

Labor disputes at major steel and shipbuilding companies are set to resume after a brief recess over the Chuseok holiday, as unions push for higher wages and greater performance-based rewards amid strong earnings and order backlogs. POSCO, HD Hyundai Heavy Industries and Hanwha Ocean entered the holiday with wage talks stalled or unresolved, after their unions staged or threatened labor action over their demands. The disputes raise the risk of further disruptions, particularly at shipyards working through multi-year order backlogs. At POSCO, the union is set to resume wage negotiations after electing new leadership on Oct. 2. Experiencing its first strike since its establishment, POSCO saw the union stage a 48-hour partial strike earlier this month, followed by a second 120-hour partial strike that ended on Sept. 21. The two sides are at odds over the size and structure of the pay package, with the union seeking a 7.1 percent increase in base pay, bonuses equivalent to 600 percent of base pay, 50 shares under an employee stock ownership plan and a 200 percent holiday bonus. The company,