POSCO faces its first strike since its 1968 founding after the labor union announced a 48-hour partial walkout beginning Sept. 9 unless management makes an additional proposal. The union plans to halt all lines at the Gwangyang Steelworks Acid Pickling Plant and the 3ZRM line at Pohang Steelworks’ No. 2 Electrical Steel Plate Plant. If management’s position does not change, the union said a second partial strike lasting 120 hours will start Sept. 16. Union chairman Kim Seong-ho met POSCO President Lee Hee-geun on Sept. 7 but said the company offered no advance proposal beyond citing difficult conditions. The union has refused overtime in selected departments since Sept. 1 and remains open to talks before the strike. It seeks a 7.1% base-pay increase, 600% performance bonuses, 50 company shares and a 200% holiday bonus, compared with management’s 2.0% pay increase and additional cash and benefit proposals. POSCO estimates meeting all demands would cost about 1.4 trillion won, while first-half operating profit fell 43.3% to 487.3 billion won. Lee canceled a planned U.S. trip to focus on negotiations.