Kim Sung-ho has been re-elected as the chairman of the POSCO labor union. With the current leadership successfully retaining their positions, wage negotiations that had stalled during the election are expected to gain momentum.
According to industry sources, Kim was elected in the 21st POSCO labor union chairman election held at the Pohang and Gwangyang steelworks. He received 6,382 votes out of 8,680 participating union members, achieving a 73.53% approval rate. His opponent, Kim Dae-eok, garnered 2,298 votes, or 26.47%. The total number of eligible voters was 8,972.
This election marks Kim's third consecutive term, which will run from December 1, 2026, to November 30, 2029. He has pledged to focus on achieving the highest average wages in the steel industry, compensating existing union members for direct employment, and addressing labor shortages.
With the conclusion of the chairman election, wage negotiations that had been paused are expected to resume. The union had temporarily halted negotiations and strike actions since the election schedule began on September 22. With Kim's re-election, it is anticipated that negotiations will continue based on the existing demands.
Currently, the union and management are at odds over wage increases and performance bonuses. The union is demanding a 7.1% increase in base salary, a 600% incentive bonus, 50 shares of employee stock ownership, the application of five years' worth of natural salary increases, and a 200% holiday bonus.
In contrast, management has proposed a 2.0% increase in base salary, a performance bonus of 3.5 million won, and a 500,000 won local gift certificate. Management estimates that meeting all union demands would require approximately 1.4 trillion won in funding.
On September 9, the POSCO union initiated its first-ever strike in its history. Following a 48-hour partial strike, they conducted a 120-hour partial strike, but the two sides failed to reach an agreement. As Kim resumes negotiations after the election, the key question will be how much the two sides can narrow their differences regarding wages and performance bonuses.
* This article has been translated by AI.
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