 |
Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Hyundai Steel, struggling with sluggish performance due to the global economic downturn and weakening demand, has begun accepting voluntary resignation applications for technical staff at its Pohang plant. The company also plans to downsize the facility through workforce relocation.
According to the steel industry on Tuesday, Hyundai Steel will accept voluntary resignations from technical employees at its Pohang plant until March 14. The company has been scaling down operations at its Pohang Plant 2 since the end of last year.
The move comes as the company faces challenges such as a decline in steel prices due to oversupply from China and weak domestic demand caused by the downturn in the construction sector. As poor performance continues, Hyundai Steel aims to improve efficiency by reducing its supply of low-cost steel products.
Alongside the voluntary retirement program at the Pohang plant, Hyundai Steel is also recruiting employees for relocation to the thin plate factory at its Dangjin Steelworks in South Chungcheong Province.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
