LG Chem yesterday announced its business strategy to leap up to become a top global battery materials company and its plans for its three new growth engines by 2030. LG Chem CEO Shin Hak-cheol said in a keynote speech at the BofA 2023 Korea & Global EV/EV Battery conference held at the Grand Hyatt Seoul on May 16, that LG Chem aims to grow its battery materials sales sixfold to KRW 30 trillion (USD 25.5 billion) by 2030, from KRW 4.7 trillion (USD 3.9 billion) in 2022. In detail, LG Chem’s sales from the three sectors which the company is counting on to power its growth – battery materials, sustainability business and innovative new drugs – is expected to make up 57% of the company’s total sales (by reaching KRW 40 trillion, or USD 30 billion) in 2030. The three areas accounted for 21% (with KRW 6.6 trillion, or USD 4.9 billion) of the company’s sales in 2022. This will mark a turning point in LG Chem’s business as it aims to become a...