Lotte Chemical Vice Chairman Kim Kyo-hyun said, “Lotte Chemical will aggressively implement new future growth projects, such as building an hydrogen business ecosystem, expanding the battery material portfolio and making inroads into meaningful new business areas.”
Vice Chairman Kim made the remarks while delivering a speech at a regular shareholders’ meeting at Lotte World Tower in Jamsil, Seoul, on March 29.
“This year’s management environment is an extension of that of last year, and we’re making preparations this year to overcome the pending issues, based on a reasonable vision and systematic execution plans and lay a foundation for sustainable growth,” Kim said.
Lotte Chemical logged 22,276.1 billion won in sales in 2022 on a consolidated basis, the best-ever business performance for the company.
It was the first time Lotte Chemical topped 20 trillion won in sales. But the company suffered a setback by chalking up 758.4 billion won in operating losses due to the sagging petrochemical industry business and high crude oil prices.
Vice Chairman Kim said Lotte Chemical posted a poor business performance last year amid hard management conditions, citing China’s widespread lockdowns, caused by the COVID-19 pandemic, the protracted Russia-Ukraine war, and raw material price hikes.
Despite the hardship, he said the company established the direction of future growth and implemented challenges to achieve it, thanks to the passion and efforts by executives and staffers.
As for future implementation strategies, Lotte Chemical suggested tasks like preemptively securing future technologies, strengthened development of value-added products, building a foundation to stabilize profitability of the petrochemical business, building a hydrogen business ecosystem and expanding the battery raw material business portfolio.
As for its acquisition of Lotte Energy Materials (formerly Iljin Materials), which was wrapped up recently, Vice Chairman Kim said Lotte Chemical will further ramp up its capabilities in the battery material business through successful post-merger integration (PMI).
Lotte’s Chemical Group Participates in CHINAPLAS 2023
Lotte’s Chemical Group, including Lotte Chemical and Lotte Precision Chemical, is participating in CHINAPLAS 2023, taking place in Shenzhen World Exhibition & Convention Center in Shenzhen, China, from April 17 to 20.
About 3,900 companies from 150 countries, including global major chemical companies, are participating in CHINAPLAS 2023. The event is Asia’s biggest plastic and rubber fair.
Lotte’s chemical group is showcasing eco-friendly, specialty material and future new technologies and products under the theme “Wide Spectrum in Chemistry.”
Installed at the entrance of Lotte’s chemical group’s booth is a 330-square meter media wall. It shows videos on Lotte Chemical’s corporate vision “Every Step for Green” and a spectrum of expanded businesses, products, technologies.
Spectators at the “Green Innovative Solution” zone are given a chance to look at value-added strategic materials, such as high-density polyethylene (HDPE) separators, a lithium-on EV battery material, anodic films, and battery pouch films.
Lotte Chemical’s green businesses, including a carbon capture and utilization technology process using the Korean chemical industry’s first gas separator and a roadmap on hydrogen energy, are also on display.
Uniforms, footwear and bags, made via physical and chemical recycling under the “Project Loop,” Lotte Chemical’s virtuous resources circulation project, are also exhibited.
The company also displayed high-pressure containers for diverse mobility sectors, such as mobility lightweight materials, hydrogen EVs, industry machinery and drones.
Lotte Chemical plans to supply a greater range of diverse solutions to customers by introducing differentiated, value-added, strategic products and eco-friendly materials during the fair.
Lotte’s Chemical Group Holds 2023 R&D Conference
Lotte’s chemical group held an R&D conference, inviting about 50 doctorate researchers from engineering colleges of the nation’s major universities.
The event was designed to share the group’s research outcomes and future vision. The group hosted the 2030 Lotte Chemical Group R&D Conference, the first such a convention taking place since Lotte’s chemical group was inaugurated.
President Lee Young-joon of Lotte Chemical’s Advanced Materials Business and related researchers participated in the conference and took the time to explain and share future growth technologies, such as eco-friendly material technologies, battery materials and the hydrogen energy sector.
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