Kim Gyo-hyun, Vice Chairman of Lotte Chemical, "Will Discover New Businesses Such as Hydrogen and Batteries This Year"

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[Asia Economy Reporter Hwang Yoon-joo] Kim Gyo-hyun, Vice Chairman and CEO of Lotte Chemical, announced that this year he plans to diversify the portfolio by discovering new businesses such as hydrogen and batteries.

On the 3rd, through the 2022 New Year's address, Vice Chairman Kim said, "To achieve the vision of becoming a global top 7 chemical company, we must establish a sustainable business foundation."

He first stated, "New businesses will be pursued concurrently in various areas such as hydrogen, batteries, plastic recycling, and bio-business," emphasizing that "the hydrogen business is an eco-friendly energy that can replace fossil fuels." The intention to explore the hydrogen business reflects the judgment that it is a business requiring rapid technology preemption through national-level cooperation and active partnerships.

Vice Chairman Kim said, "In line with the acceleration of the autonomous driving and electric vehicle markets, we are also promoting entry into mobility and battery materials fields and discovering new materials," adding, "We will take the lead in establishing a plastic circular economy, including the construction of the Ulsan Plant Green Factory and the expansion of Project Loop."

Secondly, Vice Chairman Kim expressed his determination to strengthen the competitiveness of existing businesses. He said, "Executing strategies that can preserve the value of existing businesses while enhancing competitiveness is very important," and added, "The LINE project, the largest overseas investment since the company's founding, is an important business that preempts and targets the rapidly growing Southeast Asian market."

He continued, "Please cooperate so that the project can be successfully promoted by composing products that can achieve the highest competitiveness, actively incorporating safe and eco-friendly new technologies, and concentrating our know-how and capabilities throughout the entire plant construction process."

He then emphasized 'safety.' With the Serious Accident Punishment Act coming into effect on the 27th, CEOs can face criminal penalties if industrial accidents occur. Accordingly, the heavy chemical industry, which has a high proportion of industrial accidents in construction, shipbuilding, and steel sectors, is on alert.

Vice Chairman Kim said, "Safety and environment are urging companies to make substantial behavioral changes," and reiterated, "In 2022, we will nurture professional personnel and strengthen capabilities by establishing safety and environmental departments for each workplace." Additionally, he requested raising the safety and environmental management levels of subsidiaries and partners as well.

Lastly, he mentioned 'a flexible corporate culture.' He said, "Organizational culture is an essential factor that enables the sustainable growth of a successful company," adding, "In a rapidly changing management environment, organizational culture must be improved more flexibly and swiftly to meet the demands of the times."

This content was produced with the assistance of AI translation services.