Lotte Chemical has canceled its planned $55.6 million chemical recycling plant in Ulsan, South Korea. The facility was designed to process 45,000 tonnes of waste PET annually. After five years of development, Lotte blamed the prolonged petrochemical downturn, weak margins and Chinese oversupply, highlighting how financial pressure is forcing producers to reconsider expensive circular-economy investments.
Personal Remarks
Lotte’s decision is striking because the plant would have taken five years to build, yet construction never started. That means the company’s pessimism extends well beyond today’s economic downturn. It may signal something bigger: a broader retreat from chemical recycling. Europe’s increasingly critical debate over its economics and environmental credibility may also be influencing investment decisions — perhaps one positive side effect of that debate.