On June 17, Mr. Allen Yu, Senior Vice President Asia Pacific Region at LyondellBasell [‘LYB’], visited Korea and held a town hall meeting with PolyMirae staff.

During the meeting, Allen Yu shared his personal deep connection with Korea and discussed LYB’s strategy and recent industry trends with the staff.

He elaborated on LYB’s 3 new Business Strategies, efforts and initiatives to realize these strategies:

1. Grow & Upgrade the Core (Business)

2. Build a Profitable Circular & Low Carbon Solution Business

3. Set Up Performance & Culture

Additionally, Allen Yu described the series of processes LYB has undertaken to formulate its new strategy and values, emphasizing that it was a valuable opportunity for LYB to look at ourselves and find where we want to be. Looking ahead to the next 10 years for LYB, he stated that the ultimate purpose of LYB is to help to create a better world through sustainable living.

Regarding future market conditions and outlook, he mentioned that the coming years will be very challenging. However, LYB continues to invest heavily in sustainability, beginning with the decarbonization of assets. Additionally, he emphasized LYB’s goal to become a leader in circular products.

He introduced the recently established joint ventures [’JV’] by LYB, emphasized the significant role JV plays in LYB’s Core Business, expressed gratitude and respect for the efforts and achievements of PolyMirae and UPP as well as their continuous innovation through their Value Enhancement Program [‘VEP’], and wished for PolyMirae's continued success through its differentiation strategy despite challenging market conditions.

During the town hall meeting, PolyMirae CEO Mitchell Killeen emphasized that LYB, as a leader in the technology business with a diverse technology portfolio, holds significant value, and while many limitations exist, he highlighted the need for efforts to better understand and share with each other, expressing his hope for collaboration and synergy between LYB and PolyMirae through sharing not only differentiated strategies and technologies but also manufacturing aspects.

On May 28, PolyMirae, in collaboration with ICIS (Independent Commodity Intelligence Services), held 2024 ICIS workshop at the IFC in Seoul, inviting over 80 guests such as CEOs and key stakeholders from about 30 companies and organizations, including domestic shareholder DL Chemical, major affiliates such as UPP and YNCC, and domestic customers.

During the workshop, John Richardson, senior consultant at ICIS, presented on "Global Challenges and Opportunities in the South Korea Context," addressing the challenges and opportunities for Korean petrochemical companies in the rapidly changing global market.

Also, Itaru Kudose, business solution group consultant at ICIS delivered a presentation on "Japanese Chemical Companies' Activities Toward CN2050 Goals," addressing the status of decarbonization (lower carbon) strategies in the Japanese petrochemical industry and the impact and implications for Korean companies. Following the presentations, Mitchell Killeen, CEO of PolyMirae, along with ICIS experts, had a panel discussion and Q&A session with the participants.

Mitchell Killeen, CEO of PolyMirae, thanked the participants, saying that PolyMirae as a major polypropylene producer is committed to play a key role for the Korean industry as a value adder for propylene supplied from our partners and propylene suppliers, YNCC and SKA. Polymirae is proud to deliver value-added, high-quality PP products to our many valued domestic and export customers.

PolyMirae has prepared this opportunity to support our key stakeholders as we face a challenging and uncertain market together. PolyMirae, who is ISCC Plus certified, is committed to show leadership to Partner for Sustainability in circular and low carbon solutions with all of our partners and customers in attendance.

PolyMirae will continue collaborating with stakeholders to achieve Sustainable Growth through Profitable Innovation in the Korean propylene/polypropylene value chain.

PolyMirae, Shaping a better future!

On May 23, 2024, PolyMirae organized a mural painting volunteer activity in Ssangbong-dong, Yeosu, to create “Fairy Tale Street” and fulfill our commitment to social responsibility by engaging with the local community. This was our second mural project, following last year’s initiative, with the goal of bringing art closer to residents in their daily lives and creating a vibrant atmosphere in the neighborhood.

CEO Mitchell Killeen, who participated in this year’s activity, shared his sentiments: “I am delighted to join again this year in our efforts to contribute to the local community. We will continue to actively engage in various initiatives to fulfill our corporate social responsibilities and contribute to the area.” Alongside PolyMirae employees, Yeosu’s Vice Mayor Choi Jeong-gi and representatives from Ssangbong-dong joined the event, adding to its significance. Vice Mayor Choi expressed gratitude for PolyMirae’s ongoing support for the community and requested continued efforts to foster regional growth.

Moving forward, PolyMirae remains committed to growing with the local community through diverse volunteer activities. We will strive to contribute to the development of the community, strengthen our bond with local residents, and lead the way in building a culture where businesses and communities progress together.

On April 15, 2024, Patrick Rooney [Vice President of Strategy & Corporate Development] of LyondellBasell, conducted a town hall meeting with PolyMirae staff during his visit to Korea. During the town hall meeting, Patrick Rooney, who brings nearly 40 years of experience and business insights, delivered a presentation on Global Macroeconomic Trends, Geopolitics, Energy & Markets, and Value Chain dynamics within the petrochemical industry, alongside sharing LYB's strategies to address these Mega Trends and engaging in open communication with employees regarding PolyMirae's strategic direction.

Through this town hall meeting, it was a good opportunity to reaffirm the need for constant efforts to continue sustainable growth by taking lessons from the last Global Cycle in the market downturn due to various external factors.

On April 15, 2024, SY Kim [Director of Strategy & Planning] of DL Chemical, visited PolyMirae and conducted a town hall meeting with PolyMirae staff.

During the town hall meeting, SY Kim shared DL Chemical's core values, business portfolio, value chain, and various efforts towards sustainability and ESG initiatives. He emphasized the importance of passionate efforts and innovative thinking from PolyMirae staff to ensure sustainable growth through organic collaboration between PolyMirae and DL Chemical in the future.

Moreover, he expressed hope for expanded opportunities to create technical/organic synergy for the development of specialty products through interactions between the 2 companies through various channels in the future.

PolyMirae staff showed a lot of interest in DL Chemical's business structure and DL Chemical's Value Chain, which was diversified through the recent acquisitions of Kraton and Cariflex, and sought DL Chemical's support as an excellent shareholder.

On February 7, Jean Gadbois (SVP Manufacturing O&P EAI), George Bai (Director O&P China JV and Program Management), Jimmy Schop (Director Business Finance O&P EAI), and Jach He (JV Director O&P Asia) from LyondellBasell visited Korea to attend an offline board meeting and they conducted a town hall meeting with PolyMirae staff.

Jean Gadbois and the directors hosted the meeting, discussing topics related to LYB's DEI (Diversity/Equity/Inclusivity) moment, New Purpose, Commitments and Values, Safety, and Sustainability in a relaxed atmosphere of communication with PolyMirae staff.

Particularly, PolyMirae staff discussed LYB's efforts to improve its DEI and the direction of profitability improvement along with deep interest in the Recycling Business during this town hall meeting.

Additionally, CEO Mitchell Killeen emphasized the importance of Sustainability and the Circular economy, saying: "With LYB's support, PolyMirae looks forward to seizing the leading opportunities in Decarbonization and Circularity fields in the East Asia region."