Nippon Steel protests against the asset divestment order in South Korea

Nippon Steel Corp. said it would immediately appeal the South Korean District Court’s decision to seize assets held by a Japanese company in South Korea. Nippon Steel said it understands that the issue of former South Korean wartime workers has been fully and definitively resolved through the 1965 Bilateral Property and Claims Pact, which is a formal agreement between Japan and South Korea, and that it will properly address the issue based on on diplomatic negotiations between Tokyo and Seoul.

The statement came after the service, through the publication of documents relating to the asset stripping order, entered into force on the same day. The District Court’s ruling was issued after the South Korean Supreme Court in 2018 ordered Nippon Steel to pay compensation to South Koreans requisitioned to work for the company during World War II.

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