LG Chem to Cease High-Density Polyethylene Production in South Korea's Daesan
According to a customer letter seen by Platts, a division of S&P Global Commodity Insights, LG Chem Ltd. announced plans to close its high-density polyethylene (HDPE) plant located in Daesan, South Korea, on October 14. While the company stated that more details regarding the timeline are still pending, this announcement comes after a prolonged period of weak trading activity in East Asia. "The petrochemical industry in South Korea is currently facing severe profitability challenges, leading to structural adjustments and business redeployments across the entire industry," the company stated.
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