SEOUL, Dec 19 (Reuters) - LG Chem submitted a plan ?to ?restructure its petrochemical business to the South Korean government, the company said on Friday.
The plan is in response to the ?government's request for the industry to restructure, LG said, adding that it could not disclose details.
DL Chemical Co., a major shareholder ?of another petrochemical company, Yeochun NCC, ?also submitted its plan along with another shareholder Hanwha Solutions Corp to the government, a DL spokesperson said in a text message to Reuters.
Hanwha Solutions and Yeochun NCC did not immediately respond to Reuters request for comment.
The two are among a group of companies running naphtha-cracking centres that are under pressure from the government's ?push to reduce annual capacity by as much ?as 25%.
In November, South ?Korea's HD Hyundai and Lotte Chemical submitted a plan ?to the trade ministry in which Lotte would ?carve out part of its business to merge it with HD Hyundai Chemical.
(Reporting by Heejin Kim; Editing by Kate Mayberry)
