South Korean petrochemical companies LG Chem and Lotte Chemical reported losses in 2024 due to oversupply and trade turmoil, with the oversupply expected to continue in the coming years. Lotte Chemical's operating losses deepened by 157% year-on-year, while LG Chem's operating profits fell by 63.75%. Both companies cited the global glut in the petrochemicals industry as a major issue. Despite slow recovery in Chinese demand, both companies remain optimistic about demand recovery in the sector's biggest consumer.