2024. 01. 16
The new year has arrived. While economic prospects of 2024 look as dim as last year, sustainability once again appears as the challenge faced by corporations. As we greet the year, each company has set goals for an economic take-off and presented their New Year’s address. On 2nd of January, LG Chem announced their annual message. What are LG Chem’s goals in 2024? Let’s scope out what the company is looking forward to in the coming year.
While the domestic and foreign environments back in 2023 were not very favorable, LG Chem turned this crisis into an opportunity and sought differentiation from their competitors by facing up to the reality and taking countermeasures to overcome it. The company established future strategies centered on their new growth engines announced in 2021: eco-friendly materials ∙ battery materials ∙ global new drugs. Now, it’s time to put these strategies into action and proceed. LG Chem thereby declared 2024 to be ‘the year of execution’ and plans to leverage the rapidly changing business landscape as an opportunity for differentiation. Following are LG Chem’s core tasks in 2024.
Until last year, LG Chem made major improvements in terms of manufacture efficiency and cost of poor quality. In 2024, the company seeks to expand this movement, applying emergency management system to non-manufacturing sectors and all global business sites. Another area of focus will be innovation based on digital transformation (DX). Despite the challenging business environment, the company is also determined to maintain their financial solvency, while pushing ahead with investments for the development of new growth engines. The depression in domestic and international environments are expected to continue on to 2024, and we are confronting difficult situations in all business sectors. However, LG Chem will face up to the reality and execute their business strategies to overcome the hardships.
To leverage 2024 as the year of execution, LG Chem plans to accelerate promotion of their business based on the new growth engines. In December 2023, the company broke the ground for America’s biggest cathode materials plant as a part of their battery materials business. The cathode plant under construction is located in Tennessee, the United States, and is expected to provide an annual production capacity of 60,000 tons. This corresponds to 600,000 high-performance pure electric vehicles (mileage of 500km), making it the largest scale of cathode plant ever built within the country. Furthermore, in July 2021, LG Chem launched their comprehensive eco-friendly materials brand, LETZero, keeping up with their research for materials that benefit the environment. The company will continue their efforts to reform themselves into a decarbonized business, and proceed to become a sustainability-leading company through management of air/water pollutions and turning waste landfill to zero.
LG Chem, amid the pandemic crisis, was selected two-years-in-a-row for the third highest brand value among global chemical companies. In 2024, we are expecting the same challenges in domestic and international environments. As always, LG Chem will work to their utmost to seek chances out of difficulties. Please keep your support for LG Chem in 2024.
Proud to be a part of this great company leading the way connecting science to life for a better future! We will support HR infrastructure in building the cathode plant in Clarksville TN, the first in the US!
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