The POSCO labor union, affiliated with the Federation of Korean Metal Workers' Trade Unions under the Federation of Korean Trade Unions, has approved industrial action in a vote of its members. However, some interpret the move not as a direct step toward a strike but as a warning measure aimed at strengthening the union's bargaining power in future negotiations.
The POSCO union said that in a vote on industrial action related to this year's collective bargaining held on the 8th and 9th, 97.1% of members participated, with 92.2% of voting members in favor. POSCO's labor and management have held three rounds of negotiations since their first meeting on June 12.
The POSCO union argued, "The company is demanding that workers share the pain, citing 'the worst management crisis since 1995,' but the standards for its management decisions are not consistent." It added, "Dividends to the holding company have been raised, and the payment criteria are not being shared with employees under the pretext of management judgment."
Kim Sung-ho, chairman of the POSCO union, said, "The high turnout and overwhelming approval are not because workers want a strike, but a desperate warning from the field to set the company right. We will make resolving issues through dialogue our top priority, but if the company ultimately ignores the voices from the field, it will have to bear full responsibility."
Management said, "We plan to faithfully engage in negotiations so that a reasonable and amicable agreement can be reached between labor and management." POSCO has maintained a tradition of no strikes since its founding in 1968.
