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Lotte Chemical is upgrading its business portfolio to focus on high-value specialty materials, marking the first industry submission of a petrochemical restructuring plan. The Lotte Engineering Plastics plant in Yulchon, South Jeolla Province, has commenced commercial production and is set to become the largest single compound production base in South Korea by the second half of next year, with an annual capacity of 500,000 tons.

The facility will provide customized materials for mobility and IT industries. Additionally, Lotte Energy Materials is supplying core materials for domestic batteries and energy storage, utilizing advanced copper foil and battery technologies.

The company has also launched a 20-MW hydrogen fuel-cell power plant in Ulsan through a joint venture and is expanding semiconductor production at Hantok Chemicals. A new plant in Pyeongtaek is expected to start operations by the end of next year, while Lotte Chemical is scaling back naphtha cracking center facilities.