SK Group said Thursday it will honor two late US veterans who fought in the 1950-53 Korean War with a memorial stone, in commemoration of the 70th anniversary of the South Korea-US alliance this year.

SK and the Korea-US Alliance Foundation joined hands to establish the memorial stone to honor the late Col. William E. Weber and the late Maj. Gen. John Kirk Singlaub.

The conglomerate, Korea's second-largest by revenue, will subsidize the cost of creating the monument, with the foundation taking charge of its design and production, SK said.

The memorial stone will be established this October in Imjingak Pyeonghwa Nuri Park in Paju, Gyeonggi Province.

"SK was able to take a step from the ruins of the war and the strong alliance between two countries, and Korea was able to emerge as one of the top 10 economies, thanks to the sacrifices of Korean War veterans," an SK Group official said.

This year marks the 70th anniversary of the South Korea-US alliance, as well as the 70th anniversary of the founding of the conglomerate.

Weber participated in the Korean War as a member of the 187th Airborne Regimental Combat Team. In 1950, he played an active part in the Battle of Incheon and the Second Battle of Seoul. He lost his right arm and right leg in the Battle of Wonju in the following year.

Overcoming these obstacles, he devoted himself to shedding light on the Korean War in the US, taking the lead in establishing 19 stainless steel statues and the Wall of Remembrance at the Korean War Veterans Memorial in Washington.

Singlaub, who commanded a battalion during the Korean War, was part of a campaign strongly opposing the decision of the US administration to withdraw the United States Forces Korea in 1977.

The two passed away last year and were buried at Arlington National Cemetery in Virginia.

In 2021, SK donated $1 million to build a memorial wall promoted by Weber. SK Group Chairman Chey Tae-won also met Annelie Weber, the widow of the late colonel, and conveyed his gratitude and condolences in person.