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LG Chem's operating profit dips 60% in 2019 on battery woes

Higher demand from EVs helps, but cutthroat competition hurts profitability

LG Chem's operating profit fell for the second straight year.

SEOUL -- LG Chem's operating profit fell 60% in 2019 to 895.6 billion won ($750 million), the company said on Feb. 3, as it spent around 320 billion won to prop up its ailing battery business.

The South Korean chemical and battery maker was hit hard last year by problems with its energy storage systems, a number of which caught fire in South Korea. The batteries are designed to store electricity generated by solar and wind power systems.

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