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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Nippon Steel Corporation    5401   JP3381000003

NIPPON STEEL CORPORATION

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Nippon Steel : South Korea must resolve wartime labor dispute, Tokyo says

10/26/2020 | 12:03pm EST

South Korea must come up with a "solution" on the issue of compensation for Korean wartime laborers, Tokyo says.

Japanese Prime Minister Yoshihide Suga said Monday in his first parliamentary policy speech South Korea is a "very important neighbor," the Sankei Shimbun reported Monday.

The statement comes a year after Suga's predecessor Shinzo Abe had said Korea was "an important neighbor."

"In order to return to a healthy Japan-Korea relationship, and based on [Japan's] consistent position, we strongly request an appropriate response" from Seoul, Suga said.

In October 2018, South Korea's Supreme Court ordered Nippon Steel pay about $85,000 each to plaintiffs in a forced wartime labor case. The decision increased tensions that culminated in trade restrictions. The Japanese company appealed the decision in August, after the court said it would enforce an asset seizure or sale of local assets, including a joint venture called PNR in Korea.

Japan has expressed regret regarding the forced mobilization of Korean laborers during its colonial occupation of the peninsula, but the government has also said all colonial-era compensation claims were settled with the signing of the 1965 Korea-Japan normalization treaty.

In a phone call with South Korean President Moon Jae-in in September, Suga had said the court order affecting Nippon Steel "should not be left unattended" or to go ahead.

Earlier this month, the Asahi Shimbun reported Suga could cancel a planned trip to Korea later this year, if Seoul does not comply with Tokyo's request. Suga is scheduled to travel for a trilateral summit with South Korean and Chinese leaders.

Japan's request has so far been turned down in Seoul, where the Moon administration has said it "respects the judgment of the judiciary."

On Oct. 13, Japan's Chief Cabinet Secretary Katsunobu Kato said if Japanese assets in Korea are seized and liquidated, the move would cause a "serious situation" in bilateral ties. South Korean plaintiffs in the case, many of them descendants of wartime laborers, have called for the liquidation of PNR.

Copyright 2020 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source International Top News

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Financials
Sales 2021 4 925 B 46 111 M 46 111 M
Net income 2021 -109 047 M -1 021 M -1 021 M
Net Debt 2021 2 296 B 21 498 M 21 498 M
P/E ratio 2021 -13,1x
Yield 2021 0,52%
Capitalization 1 445 B 13 553 M 13 531 M
EV / Sales 2021 0,76x
EV / Sales 2022 0,67x
Nbr of Employees 106 599
Free-Float 91,1%
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Number of Analysts 11
Average target price 1 751,00 JPY
Last Close Price 1 569,50 JPY
Spread / Highest target 40,2%
Spread / Average Target 11,6%
Spread / Lowest Target -10,8%
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Managers and Directors
NameTitle
Eiji Hashimoto President & Representative Director
Kosei Shindo Chairman
Shuhei Onoyama Representative Director & Vice President
Mutsutake Otsuka Independent Outside Director
Ichiro Fujisaki Independent Outside Director
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