12/20/2023 0 Comments Truckers strikeThe strike has forced steelmaker POSCO (005490.KS) to shut some plants because of a lack of space to store finished products. A transport ministry official said no new meeting with the union was scheduled. On Monday, Yoon called for ways to reduce the impact of the strike on industry. The strike is a major test for South Korea's new conservative president Yoon Suk-yeol, raising the risk of eroding his support, distracting him from his agenda and sowing the seeds of long-term antagonism with powerful unions. Kim said his members were for now letting some movement of traffic to prevent the shutdown of petrochemical facilities, which would cost a lot of time and money to restart, but the union would "reconsider" that if the government did not show willingness to negotiate. The ministry said in a statement it plans to continue talks with the union to resolve the situation. Some 7,050 people, or about 32% of union members, were striking on Monday, according to an updated transport ministry estimate. Four rounds of negotiations with the government have failed to find a compromise. The union is protesting against soaring fuel prices and demanding minimum pay guarantees. The strike has cost key industrial sectors more than $1.2 billion in lost production and unfilled deliveries, the government estimated on Monday, as the damage spreads deeper through Asia's fourth-largest economy. The impact of a blockade of the power plant would be limited in terms of national electricity output, even in the high-demand summer, but would mark a significant intensification of the truckers' action. "But we hope such a situation doesn't happen."
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