Steelmaker POSCO has said it would halt some plants due to a lack of space to store unshipped products.
It was not confirmed whether companies have already cut operations, but a source at a major petrochemical company told Reuters most firms were still storing finished products with the hope of resuming transportation.Īutomakers, hit hard as they were not able to receive a timely supply of components and transport finished products, also formed a task-force team within their trade association to monitor the situation and call for an early resolution. Four rounds of negotiations with the government have failed to find a compromise. The 22,000-strong union is protesting against soaring fuel prices and demanding minimum pay guarantees. "The Cargo Truckers Solidarity union's collective action to reject transportation is spreading the damage to major petrochemical complexes in Ulsan, Yeosu and Daesan," the Korea Petrochemical Industry Association said in a statement. The country's petrochemical firms joined automobile and steel makers in cutting operations due to mounting inventories as the strike enters its seventh day, posing a test for the country's new president and deepening stress on Asia's fourth-largest economy, already facing stagflationary pressures. SEOUL: South Korea's average daily shipments of petrochemical products have plunged by 90 per cent since a strike by truckers in the country, the Korea Petrochemical Industry Association said on Monday (Jun 13).
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