U.S. Treasury Secretary Janet Yellen tours LG Science Park with business leaders

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

United States Treasury Secretary Janet Yellen visited LG Science Park in Magok-dong, Gangseo District, western Seoul 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 toured 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 details about the gallery to Yellen in English.

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

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

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

LG is the only company that Yellen is set 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 percent stake in Li-Cycle, the largest battery recycling company in North America, and signed a contract to supply nickel sulfate, a key battery material, for 10 years.

Yellen is scheduled to meet with President Yoon Suk-yeol later in the day, and will also meet with Finance Minister Choo Kyung-ho and Bank of Korea Governor Rhee Chang-yong.

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]