LG Chem Ranked Among Global Top 50 Chemical Companies

LG Chem ranked 11th among the world's top 50 chemical companies, up two spots from last year, according to Chemical & Engineering News.

The weekly magazine published by the American Chemical Society said that LG Chem "has gotten into the agrochemical mergers and acquisitions act" and that "managers have high expectations for the firm's expanding lithium-ion battery business."

The other Korean companies on the list include Lotte Chemical (28th), SK Innovation (41st) and Hanwha Chemical (43rd). Germany's BASF still holds the top spot for over 10 years.

Although global chemical firms saw their sales drop amid low oil prices last year, their profits grew due to low raw material costs, according to C&EN.

"No company on the list lost money in 2015. It turns out that 2015, though unusual, wasn't a bad year for chemical companies," it added.