LG Chem announced on 31 October that its petrochemical sales dropped from KRW 5.99 trillion ($4.16 billion) in Q2 2022 to KRW 5.49 trillion ($3.87 billion) in Q3 2022 because rising gas prices and the global inflation dampened demand, creating difficulties distributing core products. The company expects tough market conditions in Q4 as supply will continue outpacing global demand. The market, however, may start recovering gradually after hitting bottom in the second half of this year. Operating profits decreased by KRW 420.6 billion ($296.6 million) to KRW 92.6 billion ($65.3 million) for the same reasons.