South Korean Freight Drivers Strike Again on 24th, Cement Industry May Be Affected

South Korean freight truck drivers launched another nationwide strike at 0:00 local time on November 24, and the "logistics disruption" that made South Korea's economy tremble in June this year was repeated.

As the background of the whole thing, in January 2020, the Korean government introduced a "safe freight system" aimed at guaranteeing the minimum income and working conditions of truck drivers for a period of three years. As this system is about to expire, contradictions in all aspects are becoming increasingly fierce. Finally, in June this year, the truck drivers'union launched a strike for 8 consecutive days, causing the logistics artery of the Korean economy to stagnate for a short time. The conflict has come to a temporary end as the South Korean government has pledged to move forward on the issue.

According to statistics from the Ministry of Industry, Trade and Resources, the strike in June this year caused a total loss of 1.6 trillion won ( $1.2 billion). The loss of production, shipment and export of automobile, steel, petrochemical, cement and other major industries amounted to 1.5868 trillion won (about 8.4 billion yuan).

After months of stalled negotiations, the union decided to launch another strike. In a statement, the truckers' union predicted that the strike would again result in "extremely slow" shipments of fuel and cars, as well as logistics to and from major ports and industrial centers. According to preliminary estimates, the number of people participating in the strike will reach more than 25000, most of whom are drivers of large trucks transporting containers. Nearly half of the cement tanker drivers have also joined the strike, causing worries in South Korea's cement, construction, and other industries. It is understood that at present, the normal production and shipment of many cement companies in Korea can last at most two to three days. In addition, due to the World Cup, the food and retail industries in South Korea are also worried that the logistics of various drinks and beverages will be affected.