Hyundai Steel wraps up wage talks as union ratifies tentative deal

Hyundai Steel and its union have concluded this year's wage and collective bargaining agreement after three months of negotiations.

According to industry sources Wednesday, the Hyundai Steel union ratified a tentative labor-management agreement following a membership vote held from Monday through Wednesday. Of the 7,179 union members who participated, 4,064 — or 56.6 percent — voted in favor.

Management and the union reached the tentative 2026 wage and collective bargaining agreement on Friday, centering on a base pay increase of 80,000 won ($56) — comprising a regular raise of 50,280 won and a step increment of 29,720 won — a performance bonus of 300 percent, a cash payment of 5 million won (2.5 million won as an incentive for the mass production of carbon-reducing steel plates and 2.5 million won to mark the establishment of a new labor-management culture), and 300,000 won in traditional market vouchers.

The labor-management minutes also include a commitment to promote employment stability amid rapid changes in the industrial environment — including AI-driven technological innovation — and to guarantee the jobs of all current union members at domestic worksites until retirement.

Hyundai Steel plans to conduct separate negotiations with the unions of four subsidiaries: ITC in Dangjin, South Chungcheong Province; ISC in Incheon; IMC in Pohang, North Gyeongsang Province; and IEC in Suncheon, South Jeolla Province.

Meanwhile, Hyundai Steel posted consolidated revenue of 6.11 trillion won and operating profit of 57.7 billion won in the second quarter of this year. Revenue rose 2.7 percent from a year earlier, while operating profit fell 43.3 percent. Quarter-on-quarter, revenue and operating profit rose 6.4 percent and 267.5 percent, respectively. Net profit for the period came in at 12.1 billion won, swinging to a profit from the previous quarter.