Pohang: The labor union of South Korean steelmaker POSCO commenced a two-day partial strike on Wednesday, following unsuccessful negotiations with management over wages and compensation issues. This event marks the first strike in the company's history since its establishment in 1968.

According to Yonhap News Agency, the 48-hour partial walkout began at 7 a.m., involving approximately 120 workers at POSCO's steel plants located in Pohang and Gwangyang. Union spokesperson Yi Jae-hyuk communicated via phone that the strike is a result of the failure to reach an agreement on wage demands. POSCO employs around 17,000 individuals, with about 10,100 being union members.

POSCO management has indicated that the limited number of striking workers is unlikely to significantly affect steel production. The company plans to implement strategies to minimize any potential disruptions to plant operations. However, union Chairman Kim Sung-ho warned of inevitable disruptions next week, as workers plan to escalate to a 120-hour partial strike at the two plants starting at 7 a.m. on September 16.

The union's demands include a 7.1 percent increase in base pay, a 600 percent performance bonus, the allocation of 50 company shares per worker, and a 200 percent holiday bonus. Additionally, the union has raised concerns about staffing shortages and outdated facilities, which they argue could pose safety risks. In contrast, management has offered a 2 percent increase in base pay, highlighting the significant gap between the two sides' positions on key wage issues.