STOCKS | POSCO Faces First-Ever Strike in Nearly 60 Years

POSCO's union began a two-day partial strike on Wednesday after failing to narrow differences with management over wages and other benefits. According to Sina Finance, the stoppage is the first strike by employees since POSCO was founded in 1968. The union said the 48-hour partial strike started at 7 a.m., with 40 workers participating at the Pohang plant and 80 at the Gwangyang plant. POSCO said the number of employees taking part is limited and expects little impact on steel production, adding that it will take steps to keep overall plant operations from being disrupted. The union is seeking a 7.1% increase in base pay, a 600% performance bonus, 50 company shares for each employee, and a 200% holiday bonus. Management has proposed only a 2% increase in base pay.