Hyundai Steel (KRX:004020) and 42 subcontractors at its Dangjin plant have signed a collective agreement after negotiations between the prime contractor and subcontractor unions, the Ministry of Employment and Labor said in a Thursday release.

The agreement is the first such labor-management settlement since the revised Labor Union Act came into effect on March 10, the filing said.

The agreement includes measures to improve subcontractors' occupational safety and health management systems and establish a mid- to long-term roadmap for improving safety and health standards, it said.

Shares of Hyundai Steel rose nearly 1% at market close.