South Korean steelmaker Hyundai Steel has halted production at its Dangjin plant due to a workers’ strike, according to media reports.
Due to a month-long strike launched by workers demanding hikes in payments, the company has decided to halt the pickling line and tandem cold mill at its Dangjin plant until the strike ends, marking the first lockout since the company’s establishment in 1953.
Additionally, Hyundai Steel expects that the suspension will lead to a decrease in production by at least 270,000 mt, worth KRW 25.4 billion ($17.73 million).
The Dangjin plant is a key facility, contributing 17 percent of Hyundai Steel’s total sales revenue last year. It produces high-quality steel sheets essential for Hyundai vehicles.