South Korean Plastics Giants Struggle as China Becomes a Rival
South Korean chemicals companies are racing to tap new markets after racking up hundreds of millions of dollars in losses in the face of a deluge of capacity from China, their biggest market.
Reliant on exports, firms including LG Chem Ltd. and Lotte Chemical Corp. are feeling the pinch as new plants in Asia's biggest economy exacerbate a global glut and squeeze margins. And it looks like more pain is set to come for the Korean petrochemicals sector, which saw exports drop more than 15% in 2023 before rebounding modestly last year.
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