Nippon Steel appeals South Korean court order over asset sale

Nippon Steel Corp. on Wednesday appealed a South Korean court order over the sale of company assets South Korean plaintiffs have seized in connection with wartime labor issues, according to a source close to the Japanese company.

The appeal came after a district court branch in the southeastern city of Daegu issued an order on Dec. 30 to sell 194,000 shares worth about 94 million yen ($815,000) in a joint venture involving Nippon Steel and South Korean steelmaker POSCO.

The shares were seized after Nippon Steel did not compensate the plaintiffs over wartime labor as the company shares the Japanese government’s position that any claims stemming from Japan’s 1910-1945 colonial rule of the Korean Peninsula were settled under a treaty that Tokyo and Seoul signed in 1965.

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South Korea court orders sale of confiscated Nippon Steel assets

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