Well it looks like we will have to wait a little long to see the sequel to Pacific Rim since Legendary has paused production indefinitely. Although the release date of the film was set for August 4, 2017, that date will be pushed back and possibly scrapped entirely.
THR had this to say about the fallout between Universal and Legendary:
Legendary wanted to produce a sequel to del Toro’s Pacific Rim, which was made under the Warners deal and turned into one of those films that grosses a lot ($411 million worldwide) while being so costly that a follow-up isn’t a sure thing. Sources say Legendary liked that the original performed exceptionally well in China, where the company is heavily invested, but for now the project — which had been ramping up to make a release date in August 2017 — has been halted indefinitely and will be pushed back (if it gets made at all).