It was reported that a court in South Korea has approved the demand by South Korean plaintiffs to seize assets of Nippon Steel & Sumitomo Metal Corporation (NSSMC) in South Korea.

The process of asset seizure was on-going to send the documents to POSCO-Nippon Steel RHF Joint Venture, Co. Ltd. (PNR), which was a joint company by POSCO and Japanese firm, and was also a company of recycling by-products from steel making.

As long as the application was effective, NSSMC will lose its right to dispose of the shares.