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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  LG Chem, Ltd.    A051910   KR7051910008

LG CHEM, LTD.

(A051910)
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LG Chem : Probe blames safety lapses for deadly India gas leak

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05/31/2020 | 05:29am EDT

NEW DELHI — A committee appointed by India’s top environmental court has blamed “gross human failure” and lack of basic safety norms for a gas leak in a South Korean-owned chemical factory that killed 12 people and sickened hundreds.

The committee said the tanks from which the gas leaked May 7 at the LG Polymers plant in Vishakhapatnam, a port city in Andhra Pradesh state, were outdated and lacked temperature sensors.

Workers at the factory were slow to respond to the leak and the chemical company lacked experience in monitoring and maintaining tanks full of chemicals that sat idle for weeks due to India’s coronavirus lockdown, said the committee's report, which was issued Thursday and accessed and reviewed by The Associated Press.

LG Polymers is owned by LG Chem Ltd., South Korea’s largest chemical company, which produces a range of industrial products, including petrochemicals, plastics and batteries used in electric vehicles. It is part of the family-owned LG Corp. conglomerate, which also has an electronics arm that globally sells smartphones, TVs and computers.

The gas that leaked from the plant was styrene, which is used to make plastic and rubber. Styrene gas is a neurotoxin and can immobilize people within minutes of inhalation. It can be fatal at high concentrations.

Days after the mishap, the AP found out that the plant lacked environmental clearance before the leak.

LG Chem had maintained that LG Polymers India operated the plant “while abiding environmental regulations” and said it was closely monitoring efforts to handle the aftermath.

After the leak, police charged LG Polymers with culpable homicide, including negligence in handling toxic substances.

LG Chem began operating the plant in Vishakhapatnam in 1997. Its Indian operation is one of the leading manufacturers of polystyrene in the country. The Vishakhapatnam plant has around 300 workers.

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2020 31 548 B 26,3 B 26,3 B
Net income 2020 861 B 0,72 B 0,72 B
Net Debt 2020 8 906 B 7,42 B 7,42 B
P/E ratio 2020 44,9x
Yield 2020 0,63%
Capitalization 38 568 B 32 128 M 32 127 M
EV / Sales 2019
EV / Sales 2020 1 223x
Nbr of Employees -
Free-Float 58,0%
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Mean consensus BUY
Number of Analysts 30
Average target price 550 900,00 KRW
Last Close Price 529 000,00 KRW
Spread / Highest target 34,2%
Spread / Average Target 4,14%
Spread / Lowest Target -48,0%
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Managers
NameTitle
Hak Cheol Shin Vice Chairman & Chief Executive Officer
Okdong Son President
Jin-Soo Park Vice Chairman
Dong-Seok Cha Chief Financial Officer & Director
Ki-Soo No CTO & President-Executive Board
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