POSCO Union Sets Open-Ended Strike for 7 p.m. Nov. 2 After Wage Talks Collapse
POSCO's wage talks broke down at the 28th main bargaining session on Oct. 23. The POSCO labour union, part of the Federation of Korean Trade Unions' metal workers' federation, said on Oct. 24 it will strike indefinitely from 7 p.m. on Nov. 2 and widen the action in stages.
The president stepped in, still no deal
President Lee Hee-geun met union representatives directly on the afternoon of Oct. 23, and practical-level talks resumed afterwards. The sticking point was the company's morale-boosting package: the union wanted more, including a larger special pay adjustment worth one pay grade.
The union says the company's position on the core issues did not change. Chair Kim Seong-ho told members, "On Nov. 2, the POSCO union goes on indefinite strike," and accused management of having "chosen the road to ruin".
7.1% asked, 2.5% offered
The union is asking for a 7.1% base-pay rise, a bonus of 600%, 50 company shares and a 200% holiday bonus.
The company's final offer is a 2.5% base-pay rise (about 83,000 won a month as a flat sum) and a 5 million won lump sum. Holiday bonuses from 2027 would be 1 million won at Lunar New Year and Chuseok plus an extra 10% (about 341,000 won on average), rising to 15% (about 511,000 won) from 2028. Medical-cost support would extend to spouses and children. The lump sum splits into a 3.5 million won target-achievement bonus, 500,000 won in local gift vouchers and a 1 million won settlement bonus.
After two partial strikes last month
Talks were not settled last month either, and the union staged two partial strikes. An open-ended walkout is a different order of pressure.
How much output is lost will depend on how many members join and which departments are hit, the report says.
The company goes to emergency operations
POSCO says it will adjust its production plan and run an emergency operating system to limit the impact on customers and domestic steel-using industries. It says it will keep talking despite the union's declaration.
There are still nine days before the strike date, so any extra round of talks is the thing to watch.
Sources & context
2026-10-24T04:22:08.379Z
Ajunews (Oct. 23, 2026) ↗Financial News (Oct. 24, 2026) ↗Wikimedia Commons, panorama of the Pohang steelworks ↗Panorama of the Pohang steelworks (taken 2020; file photo unrelated to these talks or the strike). Aatu Dorochenko, CC BY-SA 4.0, Wikimedia Commons