Hyundai Steel has reversed its decision to shut down its Pohang Plant No. 2 in Gyeongsangbuk-do following strong opposition from the labor union, according to local media reports. On December 3, the company rescinded its shutdown directive and called for renewed negotiations with the union.
The plant had been operating at reduced capacity due to ongoing maintenance issues, leading to the initial decision to close it on November 13. Operations were suspended indefinitely on November 25, with employees receiving 70pct of their salaries during the downtime.
Union protests, including demonstrations at Hyundai Steel’s headquarters in Pangyo, Gyeonggi Province, pressured the company to reconsider.
Hyundai Steel has faced heavy losses, with its performance negatively impacted by the influx of low-priced Chinese steel. Pohang Plant No. 2, responsible for both steelmaking and rolling, has an annual capacity of approximately 700,000 tons, about half that of Plant No. 1. The company also operates major facilities in Dangjin, Incheon, and Suncheon.
