Hyundai Steel management takes 'emergency' measures to cut costs

Hyundai Steel, South Korea's second-largest steelmaker after POSCO, entered what it describes as an 'emergency management system' on March 14, in response to deteriorating business circumstances caused by rising costs and an ongoing labour dispute, all exacerbated by the Trump administration's 25% import tariff slapped on steel and aluminum last week.

The company had announced on Friday that it had reduced the salaries of all executives by 20% effective from the previous day and that it was considering offering voluntary redundancy to all employees to "save costs to an extreme extent." The Seoul-based steelmaker had earlier offered retirement packages to the