[Companies Overcoming COVID-19] LG Chem Advances to Global Top 5 Chemical Companies

[Asia Economy Reporter Park Soyeon] LG Chem, a leading chemical company in Korea, plans to achieve sales of 59 trillion KRW by 2024, doubling its current sales of approximately 30 trillion KRW, and surpass a double-digit operating profit margin to become a 'Global Top 5 Chemical Company.'

In particular, this year has been declared 'The Year of Execution,' focusing on ▲strengthening a market- and customer-centric portfolio ▲performance-driven R&D innovation ▲asset efficiency and standardization of work innovation ▲enhancement of sustainability ▲and building an organizational culture befitting a global chemical company.

First, the petrochemical division aims to fundamentally advance its product structure centered on technology-differentiated businesses while strengthening overseas partnerships by region to grow beyond the Northeast Asia market into a global player. LG Chem plans to invest a total of 2.6 trillion KRW to expand the Yeosu NCC (Naphtha Cracking Center) and high-value-added PO (polyolefin) by 800,000 tons each and begin mass production in the second half of next year to expand technology-differentiated products and internalize basic raw materials.

Additionally, the company plans to increase the sales proportion of technology-differentiated products such as elastomers and metallocene-based high-value-added PO to about 20% of total sales by 2022, focusing on securing stable profitability through cost reduction and strengthening sales capabilities. The battery division will enhance production and quality capabilities, including price competitiveness, and continuously discover various business models suited to market conditions to strengthen its market-leading position.