HMM Union Strongly Opposes Headquarters Relocation to Busan, Threatens General Strike

The union of HMM Company Limited (HMM), the country’s largest container shipping line, is protesting the company’s plan to relocate its headquarters to Busan. The union has even warned it is prepared to launch a general strike.
The HMM Land Workers' Union said on the 3rd, "We strongly oppose the headquarters relocation plan, which prioritizes political objectives over strengthening the company’s fundamentals," announcing that it is preparing legal action and a resolution for a general strike.
The land workers' union stated, "HMM’s controlling shareholder is expected to complete preliminary steps for the relocation by appointing three friendly outside directors at this month’s General Meeting of Shareholders," adding, "A likely scenario is that the board of directors will pass an amendment to the articles of incorporation to change the headquarters location in April, with final approval at an extraordinary General Meeting of Shareholders in May."
The union went on to say, "If an amendment to the articles of incorporation to change the headquarters location is approved while labor–management negotiations are underway, we will file a criminal complaint for breach of trust against the directors, and seek an injunction to suspend the effect of the special resolution at the shareholders’ meeting or to prohibit the relocation."
The HMM Land Workers' Union plans to hold rallies every week before work and to stage a general strike resolution rally in front of Cheong Wa Dae Sarangchae on April 2.
The government, including the Ministry of Oceans and Fisheries (MOF), is currently pushing the relocation of HMM’s headquarters to Busan as a key national policy task.
President Lee Jae-myung of South Korea reiterated last month on X (formerly Twitter), "Following the relocation of the MOF and the establishment of an Admiralty Court, we will soon move forward not only with the creation of the Dongnam Region Investment Corporation but also with the relocation of HMM."
As of the end of September last year, Korea Development Bank (KDB), HMM’s largest shareholder, held a 35.42% stake in the company, while Korea Ocean Business Corporation (KOBC) owned 35.08%.


ggg@fnnews.com Kang Gu-gwi Reporter