SK Chemicals bets on plastic recycling to overcome industry downturn

SEONGNAM, Gyeonggi Province — SK Chemicals’ strong earnings in the first half of this year surprised investors, defying the ongoing slump in the domestic petrochemical industry following a global economic slowdown and an oversupply of low-priced Chinese products. Following a 98.5 percent year-on-year jump in first quarter operating profits, the company is believed to have posted another surplus in the second quarter. The main driver was SK Chemicals’ green chemicals business division, focused primarily on producing copolyester, a plastic widely used in cosmetics packaging, household items and home appliances, due to its clarity, chemical resistance and processability. Along with U.S.-based Eastman Chemical, SK Chemicals maintains a duopoly in the global copolyester market. However, the company is now looking for a new source of income from plastic recycling. SK Chemicals Executive Vice President Kim Hyun-suk, who heads the Recycling Business Division, told The Korea Times in a recent interview that the company aims to make additional profits from the sector. “We’re developing neWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times