Lotte Chemical Targets 2026 Turnaround With Portfolio Shift to Specialty, Clean Energy Lotte Chemical said it will complete a restructuring of its Daesan industrial complex operations within the year and begin building a new growth base, including expanding higher value-added products using its Yulchon compounding plant. On Tuesday’s earnings conference call, the company said it is aiming for a turnaround in 2026 centered on two strategies: reducing the share of commodity petrochemicals in its portfolio and strengthening foundations for future growth. On efforts to cut capacity at its naphtha cracker operations, which it said have been slow to progress, the company said it will do its best to successfully wrap up the ongoing Daesan complex reorganization within the year. Explaining the expected impact, Lotte Chemical said it will hold a 50% stake in the merged entity and that two crackers at each company are running at 80% to 85% utilization. It said shutting down one cracker entirely would deliver a portfolio improvement effect comparable to the volume reduction from that shutdown. The company also laid out a roadmap for shifting toward specialty businesses. It said it will strengthen competitiveness in higher value-added products such as functional materials, as well as in the eco-friendly energy sector. It plans to expand high value-added products such as Super EP, centered on the Yulchon compounding plant being built as South Korea’s largest single compounding facility. The plant, scheduled for completion this year, is currently operating 11 lines: five newly installed in October and six relocated in January. Lotte Chemical added that it plans to complete construction of its U.S. cathode foil plant within the year and gradually expand its battery materials business, including functional copper foil products such as circuit foil for AI use. It also plans to expand capacity in stages for products including semiconductor process materials and green materials for food and pharmaceutical uses. The company said it will additionally bring online a 60-megawatt hydrogen fuel cell power plant in Ulsan to strengthen competitiveness in its eco-friendly energy business. Lotte Chemical said it plans to expand high-performance materials this year and push ahead with its eco-friendly energy business at a faster pace. 2026-02-04 18:12:00

Lotte Chemical posts 2025 operating loss of 943.6 billion won as deficit widens Lotte Chemical said Tuesday it posted 2025 consolidated revenue of 18.483 trillion won and an operating loss of 943.6 billion won. Revenue fell 7.1% from a year earlier, while the operating loss widened 3.2%. The company has remained in the red for four straight years since 2022, citing oversupply of commodity petrochemical products from China. In the fourth quarter, revenue totaled 4.7099 trillion won and the operating loss was 433.9 billion won. Its basic materials business — Lotte Chemical Basic Materials, LC Titan, LC USA and Lotte GS Chemical — reported revenue of 3.3431 trillion won and an operating loss of 395.7 billion won. Revenue slipped 1.2% from the previous quarter, and profitability weakened due to the startup of Lotte Chemical Indonesia (LCI) and seasonal off-peak demand. The advanced materials business posted revenue of 929.5 billion won and operating profit of 22.1 billion won. Profitability declined from the previous quarter as sales volumes fell amid seasonal weakness and year-end inventory adjustments by customers. Subsidiary Lotte Fine Chemical reported revenue of 439.1 billion won and operating profit of 19.3 billion won. Lotte Energy Materials posted revenue of 170.9 billion won and an operating loss of 33.8 billion won. Lotte Chemical said it plans to pursue a strategy centered on two tracks this year: reducing the share of commodity petrochemicals in its business portfolio and building a foundation for future growth.* This article has been translated by AI. 2026-02-04 17:00:00

LG Energy Solution, Hanwha Qcells to build 5GWh solar-plus-storage infrastructure in U.S. LG Energy Solution said Tuesday it has signed a contract to supply a total of 5 gigawatt-hours of energy storage system, or ESS, batteries to the U.S. unit of Hanwha Solutions’ Qcells division, known as Hanwha Qcells. The products are LFP batteries for ESS use that will be made at LG Energy Solution’s plant in Holland, Michigan. Deliveries are scheduled to roll out from 2028 through 2030 for Hanwha Qcells’ grid-scale ESS projects in the United States. The deal is the companies’ second ESS agreement, following a 4.8GWh ESS project contract announced in May 2024. The companies said they plan to pursue energy infrastructure projects in the United States that link batteries and solar modules, using their U.S. manufacturing bases. LG Energy Solution’s batteries will be produced in Michigan, while Hanwha Qcells’ solar modules will be made in Georgia. The companies said the project will rely on U.S.-based production from batteries through solar modules. Park Jae Hong, head of LG Energy Solution’s Vertech unit, said the company will strengthen cooperation with Hanwha Qcells by supporting the project end to end and continue a long-term partnership based on what he called differentiated value. He said the joint projects are expected to support customers’ long-term business success and help stabilize the U.S. power grid. Chris Hodrick, head of Hanwha Qcells’ EPC business division, said the partnership gives Hanwha Qcells a foundation to respond effectively to large-scale ESS demand in the U.S. power market. He said the company plans to provide integrated energy solutions spanning solar and ESS and build a differentiated position in the global energy market.* This article has been translated by AI. 2026-02-04 08:42:00

LG Chem moves to halt Chinese firm's operations in Korea over cathode patent dispute SEOUL, February 03 (AJP) - LG Chem has filed for a court injunction against JaeSe Energy, the South Korean subsidiary of Chinese cathode materials producer Ronbay, seeking to halt alleged patent infringement, industry sources said Monday. If granted, the injunction could effectively suspend JaeSe Energy’s domestic operations, which have annual production capacity of 70,000 tons. According to the sources, LG Chem submitted the injunction request on Jan. 16. JaeSe Energy was established as Ronbay’s Korean unit, with Ronbay widely regarded in the industry as the world’s largest producer of nickel-cobalt-manganese (NCM) cathode materials by output. The legal action follows a ruling by the Intellectual Property Trial and Appeal Board, which rejected petitions by JaeSe Energy seeking to invalidate three LG Chem patents. Two of the patents relate to cathode crystal-structure orientation, while the third covers relative composition ratios on the cathode surface. LG Chem and JaeSe Energy have been locked in legal disputes since 2024 over core cathode material technologies. LG Chem filed a lawsuit in August 2024, alleging that cathode products manufactured and sold by JaeSe Energy and Ronbay infringed multiple patents. JaeSe Energy has maintained that its technology was independently developed and countered by filing petitions to invalidate LG Chem’s patents. The appeals board upheld the validity of LG Chem’s patents and dismissed the challenges. If the court grants the injunction, production, sales and distribution of products found to infringe the patents would be immediately restricted. JaeSe Energy operates a manufacturing facility in Chungju, central South Korea, with annual capacity of 70,000 tons — enough to supply cathode materials for roughly 700,000 electric vehicles. A shutdown could disrupt cathode supply chains both domestically and overseas. An LG Chem official described the company’s patented technologies as foundational to maintaining South Korea’s competitiveness in high-performance battery markets. "LG Chem intends to protect its intellectual property while also pursuing licensing and other IP-based business models to promote broader industry growth," the official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-03 08:39:54

HD Korea Shipbuilding wins order for liquefied CO2 carriers SEOUL, January 30 (AJP) - HD Korea Shipbuilding & Offshore Engineering said on Friday it has secured an order to build two liquefied carbon dioxide carriers. The company said it recently signed a contract with Japanese shipping company Mitsui O.S.K. Lines, Ltd. to construct two LCO₂ carriers with a cargo capacity of 12,000 cubic meters each. The vessels will be built at HD Hyundai Heavy Industries’ shipyard in Ulsan and delivered to the shipowner in stages by the second half of 2029. Each ship measures 150 meters in length, 28 meters in width and 15 meters in height. The ships will be equipped with a cargo-handling system capable of safely transporting not only liquefied CO₂ but also liquefied petroleum gas, allowing for multipurpose cargo operations. The company said the ships will also feature liquefied natural gas dual-fuel propulsion engines to reduce pollutant emissions during operation. In addition, the vessels will incorporate ice-class design technology to ensure stable operations in polar regions such as the North Sea, and will be fitted with bow and stern thrusters to improve maneuverability during docking and undocking. A company official said HD Korea Shipbuilding has secured both low- and medium-pressure storage technologies in the LCO₂ carrier segment, which is expected to grow as global decarbonization efforts accelerate. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-30 09:58:46

SK On posts 2025 Q4 operating loss of 441.4 billion won; full-year loss 931.9 billion won SK On’s fourth-quarter 2025 operating loss widened 19% from the prior quarter, hurt by base effects tied to the end of U.S. electric-vehicle purchase subsidies, among other factors. According to industry sources on Tuesday, SK On posted fourth-quarter revenue of 1.4572 trillion won and an operating loss of 441.4 billion won. The loss widened by 251.7 billion won from an operating loss of 189.7 billion won a year earlier. Compared with a 124.8 billion won loss in the third quarter, the deficit expanded by more than 300 billion won. Its operating margin was minus 30.3%, down 23.4 percentage points from minus 6.9% the previous quarter. For 2025, SK On reported revenue of 6.9782 trillion won and an operating loss of 931.9 billion won. SK On cited a decline in advanced manufacturing production tax credits under the U.S. Inflation Reduction Act as a key factor behind the weak results. The AMPC benefit fell 71.8 billion won from the prior quarter to 101.3 billion won, weighing on fourth-quarter profitability. The company also recorded a large asset impairment during a restructuring of BlueOval SK, its joint venture with Ford. SK On said, “This impairment temporarily increased the pretax loss, but it is a one-time adjustment that occurred in the process of reflecting asset values under accounting standards.” SK On said it is continuing to prepare business expansion to secure steady growth drivers. It plans to broaden its energy storage system business and pursue new markets so its batteries can be used across industries, including humanoid robots.* This article has been translated by AI. 2026-01-28 17:15:47

Hanwha Ocean taps ex-Canadian Navy officer to lead local subsidiary SEOUL, January 21 (AJP) - South Korea's Hanwha Ocean has appointed Canadian defense specialist Glenn Copeland to head its local subsidiary as the shipbuilder intensifies its bid for Canada’s Patrol Submarine Project, a program the company said could be worth up to 60 trillion won ($45 billion). Hanwha Ocean has established Hanwha Defense Canada to pursue the contract, and said Copeland’s appointment will allow it to step up engagement with Canadian authorities. Copeland served as a commissioned officer in the Royal Canadian Navy for 22 years, including roles as an operations and tactics officer and deputy commander of a patrol vessel, before retiring with the rank of lieutenant colonel. He later joined Lockheed Martin Canada, where he led the modernization program for the Halifax-class patrol frigates. During his time at Lockheed Martin Canada, Copeland oversaw the full program lifecycle, including finance, engineering processes and software development, Hanwha Ocean said. He also gained experience spanning business development and export programs related to the CMS 330 combat management system. 2026-01-21 09:38:34

SK On pushes into LFP batteries for early lead in Korea's energy storage market SEOUL, January 12 (AJP) - South Korean battery maker SK On is moving forward with plans to establish a lithium iron phosphate, or LFP, battery production system for energy storage applications at its Seosan facility, according to industry officials on Monday. The company could place orders for LFP battery manufacturing equipment as early as the first quarter of this year, the officials said. It is expected to install an energy storage system, or ESS, battery production line in the second half of the year and begin producing LFP pouch cells early next year. LFP batteries, which are widely viewed as more thermally stable and cost-efficient than nickel-cobalt-manganese, or NCM, batteries commonly used in electric vehicles, have become the preferred chemistry for stationary energy storage systems. The Seosan complex currently operates two plants: Plant 1 with an annual capacity of 1 gigawatt-hour and Plant 2 with 6 gigawatt-hours. Plant 2 is expected to be repurposed for ESS battery manufacturing, with SK On likely to convert two of its four existing production lines for LFP battery output. Once the conversion is completed, SK On would hold South Korea’s largest domestic LFP battery production capacity, estimated at 3 gigawatt-hours. Industry observers view the move as a bid to secure an early foothold in the country’s fast-growing ESS market. Demand for energy storage systems in the country is accelerating, fueled by a government-led expansion of renewable energy infrastructure and rising private-sector needs, including power-hungry artificial intelligence data centers. The government has said it plans to build a cumulative 23 gigawatts of long-duration energy storage capacity by 2038. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-12 08:43:03

Samsung breaks ground on $475 million low-carbon ammonia plant in US SEOUL, January 06 (AJP) - Samsung's engineering unit Samsung E&A has begun construction of a low-carbon ammonia plant in the United States under the Wabash project. The firm said on Tuesday that it held a groundbreaking ceremony the previous day for the U.S. Wabash Low-Carbon Ammonia Project at the Hay-Adams hotel in Washington. The company signed an engineering, procurement and fabrication contract with Wabash Valley Resources in October valued at about 680 billion won ($475 million), and is targeting completion of the plant in 2029. Around 70 people attended the event, including South Korea’s Minister of Land, Infrastructure and Transport Kim Yun-deok, Samsung E&A President Namgung Hong, U.S. Deputy Secretary of Energy James P. Danly, and Simon Greenshields, chairman of Wabash Valley Resources. The facility will be built in the West Terre Haute area of Indiana and is designed to produce 500,000 tons of ammonia annually while capturing about 1.67 million tons of carbon dioxide each year. Samsung E&A described the project as a national-level initiative supported by a fund involving the U.S. Department of Energy and South Korea’s Ministry of Land, Infrastructure and Transport, as well as the Ministry of Climate, Energy and Environment. Samsung E&A said it plans to apply its ammonia-plant experience and advanced technologies, including digital transformation, artificial intelligence, automation and modular construction. It will also work closely with the project owner and technology licensor Honeywell UOP. 2026-01-06 10:46:41

South Korea's Doosan Enerbility wins new US gas turbine order for data center SEOUL, December 17 (AJP) - Doosan Enerbility said on Wednesday it has signed a contract to supply three large gas turbines to a major U.S. technology company. Under the deal, Doosan Enerbility will supply three 380-megawatt gas turbines for use at the customer’s data center, with one unit scheduled for delivery in 2027 and the remaining two in 2028. The company did not disclose the name of the customer or the contract value. The latest agreement follows an earlier deal signed in October to supply two gas turbines to the same customer, bringing the total number of turbines ordered over the past two months to five, Doosan Enerbility said. Doosan began domestic production of large gas turbines in 2019 and has since completed more than 17,000 hours of performance testing. Including the latest contract, the company has secured orders for a total of 12 gas turbine units, it said. Doosan said its U.S.-based subsidiary, Doosan Turbomachinery Services, headquartered in Houston, has played a key role in strengthening maintenance and after-sales service capabilities, helping the company win overseas contracts. “Doosan Enerbility is solidifying its position as a global gas turbine supplier,” said Son Seung-woo, head of the Power Service Business Group at Doosan Enerbility. “We aim to expand our footprint in the rapidly growing North American market and respond proactively to rising demand.” 2025-12-17 16:51:58