Lotte Chemical Adds 'Hydrogen Business' to Corporate Objectives... Accelerates Tank and Charging Station Projects

Regular General Meeting of Shareholders for the 46th Term Held on the 24th

Kim Gyo-hyun, Vice Chairman and CEO of Lotte Chemical, speaking at the company's '46th Annual General Meeting of Shareholders' held on the 24th at Lotte World Tower in Jamsil, Seoul. (Photo by Lotte Chemical)

[Asia Economy Reporter Moon Chaeseok] Lotte Chemical is set to actively pursue its hydrogen business. The company plans to accelerate the development of technologies necessary for new businesses, including tanks and charging stations.

On the 24th, Lotte Chemical held its 46th regular general shareholders' meeting on the 31st floor of Lotte World Tower in Jamsil, Seoul, where five agenda items, including the addition of business purposes, were all approved as originally proposed.

Lotte Chemical added the following to its business purposes: ▲gas charging business for transportation equipment ▲manufacturing and sales of ultra-light composite material gas containers ▲investment in new technology businesses and other investment-related businesses. Through this, the company plans to expand investments to secure future new technologies alongside entering the hydrogen tank business and hydrogen charging station operation business.

Previously, in July last year, Lotte Chemical announced an eco-friendly hydrogen growth roadmap called "Every Step for H2," aiming to produce 600,000 tons of clean hydrogen by 2030 and supply 30% of domestic hydrogen energy demand. The plan is to lead the hydrogen economy by preempting the hydrogen distribution and consumption market through cooperation with group affiliates and establishing joint ventures. Lotte Chemical plans to establish joint ventures with Air Liquide Korea and SK Gas in the first half of this year for the hydrogen charging business.

At the shareholders' meeting, Lee Young-jun, Head of Advanced Materials Business (Vice President), was reappointed as an inside director. Lee, who was appointed as an inside director in March 2020, will serve until March 2024. Additionally, Choi Hyun-min, advisor at the law firm Jipyung; Jeon Un-bae, advisor at Dentons Lee; Lee Geum-ro, representative lawyer at the law firm Sol; and Kang Jeong-won, professor of Chemical and Biological Engineering at Korea University, were each reappointed as outside directors.

As a new outside director, Cho Un-haeng, former CEO of Woori Comprehensive Financial, and current director of the Comprehensive Financial Scholarship Foundation, was appointed. Director Cho will serve alongside outside director Choi Hyun-min as a member of the Audit Committee, responsible for overseeing directors' duties and appointing external auditors.

Regarding dividends, the company set the common stock dividend at 8,300 KRW per share, with a total dividend amount of 284.5 billion KRW, and plans to continue efforts to enhance shareholder value and strengthen profit policies.

Kim Gyo-hyun, Vice Chairman and CEO of Lotte Chemical, stated, "Last year was a challenging period due to increased volatility in oil and raw material prices and global logistics disruptions, but we achieved remarkable performance improvements compared to the previous year." He emphasized, "This year, we will nurture new businesses in eco-friendly and specialty areas such as expanding the hydrogen business value chain, strengthening the battery materials business, and expanding plastic recycling materials, while enhancing the competitiveness of existing businesses." He added, "We plan to create a sustainable business structure through strengthened shareholder return policies and active investment in safety and the environment."

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