Posco (KRX:005490) union workers began the first day of their two-day partial strike on Wednesday after negotiations with management over wages and other compensation failed in South Korea, Yonhap News reported the same day.

Workers began a 48-hour partial strike, with 40 participating employees at the Pohang plant and 80 at the Gwangyang plant. The union is seeking a 7.1% base pay raise, a 600% performance bonus, 50 company shares per worker and a 200% holiday bonus, while management has proposed a 2% wage hike, the report said.

The steelmaker expects negligible impact on production due to the lower worker participation and plans measures to prevent overall operational disruptions, it said.

Posco did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)