The strike’s impact could be more severe this week as the fourth round of negotiations between the striking truckers and government officials failed on Sunday. Continued disruption of domestic shipments and factories limiting production could have ripple effects across the globe, especially since South Korea is the top exporter of memory chips. Reuters said about a third of the union members (7,000) were striking Monday, and there is no end in sight.ĭeliveries of automobiles, fuels, steel, and materials for semiconductor chips have been suspended or delayed. fell 5%, Petrochemical company Hanwha Corp. Shares of Posco slumped nearly 4%, Hyundai Motor Co. The strike has impacted companies in Seoul the hardest. South Korean steel-making company POSCO, the world’s fourth-largest steelmaker, has already limited production at some factories while the impacts are spreading across the economy.
#TRUCKER STRIKE DRIVERS#
Related Viral Videos Feature Truck Drivers Discussing Nationwide Strikeīloomberg reports that the Cargo Truckers Solidarity Union entered its seventh day of strikes on Monday, causing $1.6 billion in disruptions for auto, petrochemical, steel, and other top industries. ( Activist Post) The epicenter of the next global supply chain snarl could be in South Korea as a nationwide trucker strike broadens and is hindering domestic economic activity, which may spill over to the rest of the world.
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