US Treasury Secretary Janet Yellen visits LG Science Park with business leaders


U.S. Treasury Secretary Janet Yellen shakes hands with LG Chem CEO Shin Hak-cheol at the LG Science Park in Gangseo District in western Seoul on Tuesday. [YONHAP]

U.S. Treasury Secretary Janet Yellen visited the LG Science Park in Magok-dong, Gangseo District, western Seoul on Tuesday and toured the facilities accompanied by business leaders.

Yellen arrived at LG Science Park around 9:25 a.m. Tuesday morning and was greeted by Shin Hak-cheol, CEO of LG Chem. After taking commemorative photos with Shin, Yellen visited the Sustainability Gallery on the first floor of the facility for about 20 minutes. The Sustainability Gallery is an exhibition space related to renewable energy and electric vehicle batteries. Shin explained the details of the gallery to Yellen in English.

Yellen reportedly asked Shin how long it takes to charge an electric vehicle battery and how long an electric vehicle can run on a single charge.

After the gallery tour, Yellen held a private meeting with Shin and other LG staff.

Yellen did not respond to reporters’ questions about whether she planned to discuss currency swaps with the South Korean government or whether she intended to discuss additional sanctions against North Korea. She also did not comment on why she chose to visit LG Science Park.

LG is the only company Yellen has to visit during her visit.

LG Chem, together with its subsidiary LG Energy Solution, invested 60 billion won ($45.6 million) in December last year to secure a 2.6% stake in Li-Cycle, the largest company in battery recycling in North America, and signed a nickel supply contract. sulfate, a key battery material, for 10 years.

Yellen is scheduled to meet President Yoon Suk-yeol later today, as well as Finance Minister Choo Kyung-ho and Bank of Korea Governor Rhee Chang-yong.



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