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Japan-South Korea rift

Nippon Steel to immediately appeal South Korea's asset seizure

Ruling allows for confiscation of stocks to compensate for wartime labor

Nippon Steel says the wartime labor issue has already been resolved by the Japanese and the South Korean governments.   © Reuters

SEOUL -- Nippon Steel decided on Tuesday to immediately appeal a South Korean court ruling that took effect the same day and allows for the seizure of company assets as compensation for wartime labor during Japanese colonial rule.

Unless Nippon Steel appeals by Aug. 11, a process will begin that leads to the sale of its stake in a joint venture with South Korean steelmaker Posco.

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