Unionized workers at Hyundai Heavy Industries Co., the world's largest shipbuilder, went on a partial strike Thursday after pay raise negotiations failed, company officials said.
   
The 18,000-member union staged a four-hour walkout from 1 p.m., its first strike in 20 years, while the negotiations with management have yet to reach a breakthrough. Company officials claimed only about 3,000 members, or 17 percent, of the union participated in the walkout.
   
The union and management have held 52 rounds of negotiations since June. The company has offered a base salary increase of 37,000 won (US$33.68), company stocks equivalent to 100 percent of the base salary and 3 million won in a one-time incentive bonus.
   
Unionists are demanding 132,000 won in pay raise, a 6.51 percent hike, and at least 250 percent of the base salary as performance-based benefits. 
   
Company officials said the ongoing negotiations won't be easy as the management has already declared there are no additional offers.
   
The union plans to hold a meeting Friday to discuss future actions.
   
Kwon Oh-gap, president of the shipbuilder, in a letter Wednesday appealed to employees to refrain from a strike, promising that there will be more pay once the company turns profit.
   
Hyundai Heavy posted a record quarterly operating loss of 1.93 trillion won in the third quarter, with a net loss of 1.46 trillion won. Sales fell 5.6 percent.
   
To turn its finances around, the company has been pushing ahead with asset sales, including its stocks and properties and those of its subsidiaries such as Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.
   
Despite the news of the strike, shares of Hyundai Heavy Industries closed up 0.78 percent at 129,000 won on Thursday, compared with 0.06 percent rise in the benchmark KOSPI. (Yonhap)