POSCO union to vote on tentative wage deal this week

Unionized workers at POSCO, a South Korean steelmaker, will vote on a tentative wage agreement this week. The deal, reached after 30 rounds of negotiations since June, includes a 2.6 percent increase in base pay and a one-off payment. If the workers approve the agreement, it would avert an "indefinite" strike that was set to begin on November 2. This development is significant for markets as it may alleviate concerns about supply chain disruptions in the steel industry.

Why it matters

A tentative wage agreement has been reached, which could lead to increased stability and reduced labor costs for the company. This agreement may also lead to improved investor sentiment and increased confidence in the company's management.

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