[Ferro-Alloys.Com]It is reported that South Korean steelmaker POSCO's outright denial of allegations it stole trade secrets on the first day of a lawsuit in which Nippon Steel & Sumitomo Metal Corporation is seeking JPY 98.6 billion in damages from the company indicated a prolonged trial is almost certain.

As was seen in the first oral proceeding of the trial held at the Tokyo District Court on October 25th 2012, the all out confrontation between the companies may have an adverse impact on their long partnership.

In a written complaint, Nippon Steel & Sumitomo Metal said POSCO made sizable profits on sales of more than JPY 520 billion since 1992, thanks to the grain oriented electrical steel sheets the South Korean maker produced with a trade secret allegedly stolen from Nippon Steel & Sumitomo Metal.

• [Editor:editor]