PKX - Korea truckers strike forces Posco to halt some production

South Korean steelmaker Posco (NYSE:PKX) slumps to a new 52-week low on Monday after saying it has stopped production of some products as a strike by truck drivers enters its seventh day, Bloomberg reports. Posco (PKX) said it stopped production at its four wire-rod factories and two cold-rolled steel plants, curbing output of wire rod by ~7,500 tons/day and cold-rolled steel by 4,500 tons/day. The strike has suspended or delayed deliveries of automobiles, fuels, steel and materials for semiconductor chips, exacerbating disruptions to global supply chains following COVID-19 lockdowns in China and Russia's war of Ukraine. The company said it may need to further cut production depending on the scale and duration of the strike, as the strike has exhausted its warehouse space. Posco (PKX) recently disclosed plans to team with General Motors to build a $633M plant in Canada that will produce material for batteries to be used in

For further details see:

Korea truckers strike forces Posco to halt some production