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View of Hyundai Steel's Dangjin Steelworks (Photo = Hyundai Steel) |
[Alpha Biz= Paul Lee] Hyundai Steel has reported that 80 employees from its Pohang plant applied for voluntary retirement or for transferring to other plants as part of a restructuring move.
According to sources on Saturday, by the previous day, about 10 employees had applied for voluntary retirement, while 70 employees had expressed interest in transferring to the Dangjin Steelworks in Chungnam, where they would be relocated to work in the plate mill.
The voluntary retirement and transfer applications are part of the company’s response to a significant global steel market downturn, as well as the aggressive pricing of Chinese steel exports, which have led to monthly losses of over 8 billion KRW at the Pohang No.1 and No.2 plants.
In addition to these measures, Hyundai Steel announced the declaration of an “emergency management system”, which includes a 20% salary cut for all executives.
A Hyundai Steel spokesperson mentioned that discussions are ongoing regarding the departmental placements of the workers transferring to different plants.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
