Government "Welcomes LG·SK Battery Dispute Settlement"

Ministry of Industry: "Expecting Solidarity and Cooperation in the Secondary Battery Industry... Government Will Also Provide Active Support"

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government has expressed its "active welcome" regarding the resolution of the battery dispute between LG and SK.

The Ministry of Trade, Industry and Energy stated on the 11th, "We hope that this incident will strengthen solidarity and cooperation throughout the secondary battery industry," adding, "It is now time to prepare for fierce global competition and the future, and the government will actively promote support to enhance the competitiveness of the secondary battery industry."

On the same day, LG Energy Solution and SK Innovation announced that they had agreed to end the battery dispute ongoing at the U.S. International Trade Commission (ITC). SK Innovation will pay a total of 2 trillion won, including 1 trillion won in cash and 1 trillion won in royalties, and both parties agreed to withdraw all domestic and international lawsuits. They also agreed not to file any additional lawsuits for the next 10 years. This agreement was reached two months after the U.S. ITC ruled in favor of LG Energy Solution in the final judgment of the battery trade secret infringement lawsuit in February.

This content was produced with the assistance of AI translation services.