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Industry

Lotte Chemical posts 110.1 billion won Q2 operating profit, returns to profit year on year

Lotte Chemical posted second-quarter operating profit of 110.1 billion won on revenue of 5.69 trillion won, returning to profit from a year earlier. Revenue rose 39.2 percent and operating margin improved to 1.9 percent. The company cited production optimisation and profitability-focused operations amid supply chain uncertainty. Advanced materials posted 132.5 billion won operating profit. The firm is pursuing restructuring centred on its Daesan and Yeosu plants and advancing a Yulchon compounding plant.

Industry

Corporate restructuring scheme opens path for mid-sized, SMEs into advanced industries

More mid-sized and small companies are entering advanced industries using South Korea’s corporate restructuring scheme. The Industry Ministry panel approved 31 firms in three rounds from December to July, with plans to invest 439.5 billion won over five years and hire 927 people. Many shift existing process technologies into new markets such as semiconductor glass substrates, AR modules and EV components. The ministry is offering investment-attraction consulting, while petrochemicals pursue capacity cuts through separate restructuring projects.

People & Appointments

Hanwha promotes Kim Dong-kwan to vice chairman, revamps CEOs at five affiliates

Hanwha Group has reshuffled its leadership by promoting key executives and nominating new chief executives at five affiliates. The changes take effect on Aug. 1. Kim Dong-kwan is promoted to vice chairman. Kim Dong-won becomes vice chairman and Kim Dong-sun is promoted to president. The group also named CEO nominees at Hanwha Aerospace’s business division, Hanwha Systems, Hanwha Impact’s business division, Hanwha Asset Management and Hanwha Semitech.