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Biz News Korea(Eng)
LG Chem to increase investments in various sectors: CEO
- Collected
- 2024.03.26
- Distributed
- 2024.03.27
- Source
- Go Direct
![[Courtesy of LG Chem]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2024/03/image_readtop_2024_221954_17114189815888843.jpeg)
[Courtesy of LG Chem]
In a press briefing following a regular stakeholder meeting on Monday, LG Chem Chief Executive Shin Hak-Cheol said corporate-wide investment efforts have continued despite the challenges in the petrochemical industry. “We have even seen increased investments in some sectors,” he said in front of the press.
Among the company’s three new engines for growth, Shin expected secondary battery materials to account for a significant share in further investments. The company earlier set out its strategic investment in three core industries in 2021, including secondary battery materials, environmentally friendly business, and novel medicine, totaling 10 trillion won over the next five years.
“A staggering 70 percent of our future investments will be in the three core sectors, and more than half will be invested in secondary battery materials,” Shin said.
He also noted the ongoing research into cutting-edge lithium-ion battery materials and unveiled plans to build a battery material plant in Europe but is taking a cautious approach to where the plant is to be built, citing a slowdown in demand for secondary batteries.
Shin also quelled recent speculation about selling one of the company’s petrochemical plants, stating that the term “sale” was not an appropriate one.
By Kim Hee-soo and Han Yubin
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