Lotte Group is accelerating a wide-ranging business restructuring effort aimed at optimizing its portfolio and reinforcing financial stability. The effort also seeks to foster growth in future-oriented sectors such as biopharmaceuticals and hydrogen energy, the group said Tuesday. Lotte’s restructuring strategy includes refining its petrochemical operations, expanding high-value specialty materials and divesting noncore businesses to reallocate capital toward strategic growth drivers. Of the group’s subsidiaries, Lotte Chemical is leading the effort within the petrochemical division to shift away from commoditized products toward higher-margin specialty materials as part of a broader industry overhaul. In a bid to adapt to Korea’s rapidly changing petrochemical sector, Lotte Chemical submitted the first restructuring proposal ahead of the government’s deadline, aiming to integrate its Daesan plant with HD Hyundai Chemical. Under the plan, the company said it aims to reduce redundant capacity and improve operational efficiency amid sluggish global demand and oversupply. “Market o