Hyundai Steel, South Korea’s second-largest steelmaker, is accepting voluntary layoffs from technical workers as it navigates industry headwinds and uncertainties surrounding a potential second Trump presidency.
Resignation applications are open until March 14 for 1,200 technical staff at the company’s Pohang plant in North Gyeongsang Province. However, it remains uncertain how many will opt in, given Hyundai Steel’s historically active labor union.
The company faces multiple challenges, including a downturn in South Korea’s construction sector, an oversupply of Chinese steel, and U.S. tariffs. In response, Hyundai Steel has scaled back operations at its Pohang plant, initially planning a full shutdown but instead opting for reduced capacity following union negotiations.
To manage workforce adjustments, Hyundai Steel is also relocating some employees to its thin plate production mill in Dangjin, which is set to resume operations later this year after being suspended in 2020. Meanwhile, labor tensions persist at its cold-rolled steel mill in Dangjin, where wage negotiations have stalled since last September, leading to partial closures and strikes.
