300 workers at Hanbo go on strike halting operations
300 unionized workers at
Korea's Hanbo Iron & Steel are on strike for the 8th day, beginning their strike on Wednesday July 21. The union members are requesting higher wages and a guarantee of job security following the sale of Hanbo to INI Steel Co. and Hyundai Hysco. This is the second strike at Hanbo this year, the first occurring on July 7 which caused
production losses of over 500 million won ($435'000).
The striking union members are demanding a bonus payment of five months' salary in addition to job security guarantees, while Hanbo is only offering a payment worth four months' wages.
Hanbo produces approximately 3 million tons of steel annually.