Hesteel wins final appeal in long-running lawsuit

Hesteel Co. Ltd. announced that a provincial high court has issued final judgments in two civil cases, both siding with Hesteel. The lawsuits were initiated by Asian Union Company in September 2020. Initially dismissed by a municipal intermediate court, the cases were appealed and later remanded for trial before ultimately reaching the appellate court for final decision.

The final judgments uphold the original rulings that dismissed Asian Union Company's claims. The court rejected Asian Union Company's appeals to overturn the intermediate court's decisions and affirmed the initial judgments. Asian Union Company will bear the second-instance case acceptance fees for both matters.

Hesteel confirmed that these final judgments have no impact on the company's current or future financial condition or profit. The company also stated that neither it nor its controlled subsidiaries have any other undisclosed litigation or arbitration matters.