LG Energy Solution and SK Innovation successfully reached an agreement one day ahead of the deadline for exercising the veto power of the US administration in relation to the dispute over the infringement of electric vehicle battery trade secrets.



Some foreign media, including the Washington Post, cited multiple sources and agreed to agree, and accordingly, SK Innovation reported that SK Innovation will continue to operate the battery business in the United States, including the construction of a plant in Georgia.



The U.S. International Trade Commission (ITC) raised the hands of LG Energy Solutions in the final decision on the dispute over the infringement of battery trade secrets between LG Energy Solutions and SK Innovation on February 10 (hereinafter referred to as U.S. local time), and sanctions against SK Innovation for a 10-year import ban. I got off.



With this agreement, the US business of SK Innovation is expected to operate without disruption, as the ITC's decision to ban imports from SK Innovation is nullified.



After the final decision of the US International Trade Commission (ITC) came out, the Biden administration is known to have requested an agreement with the two companies under water, taking into account the economic effects of their country, such as creating jobs and establishing an electric vehicle supply chain.



The deadline for exercising the president's veto was midnight (local time) on the 60th day of the ITC's final decision, and until 1:00 p.m. tomorrow (12th) in Korean time.



Even after the final decision of the ITC, for nearly 60 days, the two companies could not reach an agreement on the amount of compensation, and negotiations were stalemate.



LG Energy Solutions also focused on defending the presidential veto rather than placing high expectations on the agreement.



The agreement was not easy due to the wide gap, with LG suggesting more than 3 trillion won in compensation and SK about 1 trillion won.



For this reason, it is analyzed that this blitzkrieg agreement was actually made through arbitration by the US government.



The U.S. Trade Representative (USTR) in the United States has been examining whether to exercise veto rights on behalf of the White House since the final decision of the ITC, and it is said that the agreement between the two companies was urged until the last minute.



If President Joe Biden, who is striving to strengthen the domestic semiconductor and battery supply chain system, does not exercise his veto, he will be hit by jobs in Georgia, where SK Innovation's factories are located. This is because it conflicts with.



Prior to the final decision of the ITC in February, the Korean government also urged the two companies to agree with Prime Minister Jeong Sye-gyun and others.



The amount of the agreement between the two companies will be announced through an official announcement during today.