LG Chem submits petrochemical restructuring plan to Seoul
Photo: Reuters
LG Chem has submitted a plan to restructure its petrochemical business to the South Korean government, responding to calls for industry-wide downsizing.
Other major companies, including DL Chemical and Hanwha Solutions, also submitted restructuring plans. The move comes amid government pressure to cut naphtha-cracking capacity by up to 25%, News.Az reports, citing Reuters.
Previous submissions include HD Hyundai and Lotte Chemical, with Lotte planning a partial business carve-out to merge with HD Hyundai Chemical.
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