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Hyundai Steel Launches VRS

Steel News - Published on Wed, 04 Dec 2019

Image Source: Hyundai Steel VRS
Pulse reported that South Korea’s Hyundai Steel Co has been accepting early retirement application for the first time in its corporate history to save cost amidst protracted slump in global steel demand. An employee applying for redundancy will receive three years worth base salary, a bonus equivalent to 250 percent of the base salary, and one-off compensation of KWR 2.5 million won. Also, the company will give KWR 10 million as an educational assistance per one child. It is the first time for the company to introduce early retirement program since its inception in 1953, reflecting the deepening woes for the country’s steelmakers against slowed global economy and competition from Chinese rivals.

Hyundai Steel recorded 34.1 billion won in operating profit in the third quarter ended September this year, which plunged 85.3 percent from the previous quarter and 66.6 percent from a year-ago period. It incurred a net loss of 65.8 billion won in the third quarter.

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Posted By : Arun Huidrom on Wed, 04 Dec 2019
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