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Steelmaker Posco pays $250 million to settle lawsuits with Nippon Steel

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Japan-based Nippon Steel & Sumitomo Metal Corp. said that South Korea-based steelmaker Posco has paid it 30 billion Japanese yen ($250 million) to settle lawsuits over alleged patent infringement and illegal acquisition of manufacturing technology, reported Bloomberg.

Nippon Steel had accused Posco of using illegally acquired trade secrets in the lawsuits. Nippon Steel had been seeking damages worth JPY 98.6 billion.

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