Japanese steelmaker Nippon Steel has announced that it will appeal the ruling by a South Korean court allowing the sale of Nippon Steel assets for the compensation for forced labor during World War II.
In 2018, the Supreme Court of South Korea ruled that Nippon Steel should pay KWR 100 million ($83,707) to four South Koreans: however, Nippon Steel said that this issue was settled under a 1965 treaty and that the ruling violated international law.
Recently, the Pohang branch of the Daegu District Court enabled to auction some of Nippon Steel’s stake in PNR, a joint venture with South Korean steelmaker POSCO, according to South Korean media. Nippon Steel holds 81,075 shares in the joint venture.