South Korea’s truck strike costs $1.2 billion for missing ships | Rare Techy

SEOUL, Dec 1 (Reuters) – A strike by South Korean truckers is estimated to cost 1.6 trillion won ($1.23 billion) in lost shipments, the industry ministry said on Thursday, as it tightens more striking the government and the union far. from conflict.

On Thursday, the eighth day of a national strike involving more than 20,000 truck drivers, the government prepared to call more of them to work.

The concrete, steel, machinery and petroleum industries have seen 1.6 trillion won in lost shipments in the seven days since the strike began last week, the ministry said in a story.

This includes 562,600 tons of steel worth 731.3 billion, 6,707 cars worth 319.2 billion won, and 259,238 kilos of oil products worth 442.6 billion have been transferred, he said.

A date has not yet been set for the next round of negotiations. Two people at Wednesday’s meeting said shouting had broken out during Wednesday’s meeting between the government and strike organizer Cargo Truckers Solidarity Union (CTSU).

The government has said it will not extend a minimum wage system for truck drivers beyond three years, which the union says must be sustainable and broad-based.

Kumho Tire Co Inc ( 073240.KS ), South Korea’s No. 2 tire maker, which makes 65% of its sales from exports, told Reuters it was cutting 15% to 40% of production at its two factories until December 6 because the strike has disrupted shipping.

Korea International Trade Association (KITA) member companies said in a statement that fresh products such as fish and kimchi have been banned due to industry restrictions, without giving exact figures.

Exports to Samsung Electronics’ ( 005930.KS ) Gwangju plant, which produces refrigerators and air conditioners, have been suspended, although raw materials and other shipments are moving freely, the news agency said. Yonhap said, citing a plant chief.

Samsung Electronics said it is monitoring the situation.

The government is preparing to order oil industry trucks back to work, the industry ministry said Thursday, after it issued an unprecedented order ordering the return of 2,500 industry trucks. concrete to do this week. As of Wednesday, 350 of those drivers had been placed on those orders.

Failure to return to the road after a “start work” order can result in fines or jail time, as well as a driver’s license fee.

($1=1,300.7900 won)

Commentary by Heekyong Yang, Choonsik Yoo and Joyce Lee; Edited by Clarence Fernandez and Himani Sarkar

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