In response to a guerrilla-style strike by the labor unions, South Korean steel producer Hyundai Steel has decided to close its cold-rolling plants at Dangjin Steel Works in South Chungcheong Province for two weeks from October 12 to 26, which disrupted the supply of hot-rolled steel plates.
Hyundai Steel’s four labor unions affiliated with the Korean Confederation of Trade Unions (KCTU) have launched a guerrilla-style strike since the end of September to ask the company to negotiate for 2022 wages.
Hyundai Steel's plant in Suncheon, South Jeolla Province, is not on the strike, but the company planned to overhaul its cold steel production line from October 6 to 24. Therefore, market concerns about South Korea's steel supply are rising.