Hyundai Steel's union protests in front of Chairman Chung Eui-sun's home

Union members of Hyundai Steel's Dangjin union are holding a one-man protest in front of Hyundai Motor Group Chairman Chung Eui-sun's home against wages and collective bargaining.

Since the 10th, Dangjin union members have been holding pickets in the driveway of Chairman Chung's home and continuing a one-man protest against the collective bargaining agreement.

The management recently conveyed its position to the union to discuss incentives for 2024 and 2025 at this year's wage collective agreement along with a 100,000 won increase in basic salary.

On the other hand, the union is known to demand an increase of 159,800 won in basic salary, the largest bonus payment, and support for interest-free loans of 10 million won for two years when purchasing a vehicle.

As a result, Hyundai Steel's operating profit is expected to be around 300 billion won last year, which is below market expectations, and if it pays maximum incentives as the union demands, it is in fact in a deficit.

In addition, China is expected to continue its low-cost pushback offensive this year, and the entire steel industry is facing a crisis due to soaring exchange rates and market instability due to political conditions.