Chemical & Engineering News (C&EN) reported in its July 19 edition LG Chem’s sales increased by 6.5 percent to $42.3 billion (59 trillion won) in 2023, defying the industry-wide trend of declining revenues. LG Chem jumped to fourth from last year's eighth, becoming the first Korean firm to enter the top five.
BASF of Germany topped the list with $74.5 billion, followed by China’s Sinopec with $58.1 billion, Dow of the U.S. with $44.6 billion, LG Chem, and PetroChina with $40.9 billion.
The report highlighted LG Chem's strategic expansion into eco-friendly materials, including its joint ventures for next-generation bio-oil production, as well as its 25 trillion won cathode material supply contract with General Motors.
"It was a particularly unfavorable year for European companies struggling with high energy costs and a lack of competitiveness due to aging assets," the report said. The total revenue of the top 50 chemical companies decreased by 10.7 percent compared to the previous year.
C&EN is a weekly news magazine published by the American Chemical Society.
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