Seoul:Unionized workers at South Korean steelmaker POSCO have rejected a proposed wage agreement with management that included a 2.6 percent increase in base pay, as reported by union officials.

According to Yonhap News Agency, the vote revealed that 51.69 percent of the unionized workers were against the wage agreement, while 48.31 percent were in favor. The proposed agreement included a base pay increase of 2.6 percent, a one-time payment of 6 million won (approximately US$4,500), and improved benefits.

The union initially sought a 7.1 percent increase in base pay, a performance bonus amounting to 600 percent of base pay, 50 company shares per worker, and a holiday bonus equivalent to 200 percent of base pay. A union official noted the likelihood of reopening negotiations due to the significant opposition.

The tentative wage agreement was reached on October 30 after approximately 30 rounds of talks since June. Previously, POSCO workers had engaged in two partial strikes in September to push for higher wages and bonuses.

A photo taken on September 16, 2026, shows POSCO's steel plant in Pohang, located 270 kilometers southeast of Seoul.