South Korean steelmaker POSCO has announced that Japanese steel producer Nippon Steel is claiming KWR 1.4 trillion ($1.2 billion) in damages in the legal case concerning alleged illicit acquisition and use of Nippon's trade secrets regarding grain-oriented electrical steel sheet technology.
In April, Nippon filed for an injunction against the manufacture and sale of the abovementioned products by POSCO. The company also filed a lawsuit in the United States against POSCO and its US subsidiary, and also against a former employee alleged to be involved in illicit use and acquisition of technology.