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Lotte Chemical Says No Decision Made on Daesan Petrochem Shutdown

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Lotte Chemical (KRX:011170) said it has made no final decision on completely shutting down the operations at its affiliate LOTTE Daesan Petrochem Corporation, denying media reports that the facility would be closed and employees reassigned to a joint venture.

The company said it, along with HD Hyundai Chemical and HD Hyundai Oilbank, submitted a business reorganization plan to South Korea's Ministry of Trade to establish an integrated entity.

The plan secured approval from the relevant deliberation committee on Feb. 23, and operational measures, including adjustments to some Daesan NCC facilities, are being reviewed.

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