Korea chemical industry marks recovery from Hormuz supply crisis, awards record 52

South Korea's industry ministry said Friday it honored a record 52 chemical-industry figures at the 18th Chemical Industry Day, crediting government-industry cooperation with holding the sector's supply chain together through the Hormuz Strait blockade.

The ceremony at the El Tower in Yangjae, Seoul, drew about 250 petrochemical executives, including Industry Ministry Industrial and Resource Security Office chief Yang Gi-uk and Korea Chemical Industry Association Vice Chairman Eom Chan-wang. Lotte Chemical President Lee Young-jun received the Silver Tower Order of Industrial Service Merit, the highest honor of the day, for leading business restructuring and for developing domestic polypropylene process technology that opened an export path.

Eight of the 52 honorees received government decorations and 44 received ministerial citations, the largest awards slate in the event's history.

The ministry said the Daesan No. 1 and Yeosu No. 1 business reorganization projects were completed in succession, the first visible results of a restructuring drive begun in 2025. Jo Nam-su, chief executive of H&L Advanced, received the Copper Tower Order of Industrial Service Merit for securing approval for the first restructuring project and for establishing the country's first direct liquefied natural gas procurement system.

Yang, delivering congratulatory remarks, said the Middle East remains unsettled and the restructuring still faces tasks before completion, but called the overhaul a turning point for the industry's future and promised continued government support. "I hope you will do your best without wavering, and the government will also spare no necessary support," he said. He also urged that the broader industrial ecosystem, including regional economies and employment, be looked after carefully during the restructuring process.

Chemical Industry Day commemorates the completion of the Ulsan petrochemical complex on Oct. 31, 1972, and has been marked annually since 2009.