SEOUL, Dec. 30 -- South Korean rail workers, who have been on strike for fear of privatization of railway services, have decided to end their long-drawn-out walkouts, Yonhap News Agency reported on Monday.

Kim Myung-hwan, head of the labor union, will make a formal announcement at a press conference scheduled for 10 a.m. in the headquarters of the National Assembly along with ruling and opposition lawmakers, Yonhap said, citing Rep. Lee Yun-seok of the main opposition Democratic Party, a member of the parliamentary transportation committee.