South Korea's SK Innovation Co Ltd said on Tuesday it is considering all options including pulling its battery business out of the United States if President Joe Biden does not overturn a trade panel's decision against it by April 11.
"The company has been consulting with experts to discuss ways to withdraw our battery business from the United States," a spokeswoman at SK Innovation said."We are reviewing options to move our U.S. battery production to Europe or China, which would cost us tens of billions of won," she added. The U.S. International Trade Commission last month sided with LG, issuing a limited 10-year exclusion order prohibiting imports into the United States of SK's lithium-ion batteries. That ruling would become invalid if the two companies agree a settlement.
Last week, SK filed a motion to the ITC requesting it not enforce its February ruling, calling the orders"catastrophic".