LG CHEM said on the 19th that it submitted a petrochemical restructuring plan to the Ministry of Trade, Industry and Energy.
The submission was made to meet the government's deadline for petrochemical restructuring plans. Earlier, the government asked the industry to voluntarily submit restructuring plans by the end of the year to cut annual NCC production by 2.7 million to 3.7 million tons (t).
LG CHEM said it submitted materials for a business reorganization plan "to implement measures to enhance the competitiveness of the petrochemical industry and to take part in restructuring the domestic petrochemical sector," adding, "Beyond confirming the submission, it is hard to discuss specifics."
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