The union representing concrete freight truck drivers in South Korea announced on the 15th that it has decided to end its industrial action, effective immediately, after reaching an agreement with concrete manufacturers on increasing transportation fees. This compromise between labor and management has successfully averted potential risks of construction delays for major semiconductor factory expansion projects, such as those of Samsung Electronics and SK Hynix.

According to a statement released by the union that day, the proposed agreement received approval with over 65% of the approximately 7,500 union members voting in favor during the ballot.

Local media reports in South Korea indicated that, with mediation from the Ministry of Land, Infrastructure and Transport, the two parties reached a memorandum of understanding on the evening of the 14th. Under this agreement, the fee per trip for truck drivers will be raised by 4,200 won (approximately $2.77), representing a 5.5% increase. This pay raise scheme is scheduled to take effect from July this year and will remain in place until February next year.

Previously, the work stoppage caused by the labor dispute had disrupted logistics, posing a serious threat to the supply of construction materials for critical domestic semiconductor manufacturing base upgrades and capacity expansion projects. With the union's decision to return to work, the supply chain crisis for these key projects has been alleviated.