Kim Seong-ho re-elected as POSCO labor union chairman

Kim Seong-ho has been re-elected for a third term as the chairman of the POSCO labor union. In the election for the 21st executive leadership, Kim secured 8,680 votes (73.53%) out of 8,972 total voters, defeating challenger Kim Dae-eok, who received 2,298 votes.

Kim's term will run for three years, from December 1, 2024, to November 30, 2029. His victory is expected to provide continuity in the ongoing wage and collective bargaining negotiations with POSCO management.

The union and the company remain at odds regarding compensation. The union is demanding a 7.1% increase in base pay and a 600% incentive payment, along with employee stock options. In contrast, POSCO management has proposed a 2% base pay increase and a one-time payment of 4 million won. Management has expressed concerns that meeting the union's demands, estimated at 1.4 trillion won, could further strain the company during a period of poor performance in the steel industry.