South Korean Government has called for restructuring of the petrochemicals industry to reduce oversupply and streamline businesses. The four products considered to be in oversupply are terephthalic acid, polystyrene, synthetic rubbers and PVC. In total 11 companies including LG Chem, Lotte Chemical and Hanwha Chemical are currently producing the concerned products. Trade, Industry and Energy Minister Joo Hyung-hwan on Wednesday urged local petrochemicals companies to voluntarily carry out business reorganization to deal with a supply glut. The supply glut in the products weighed heavily on Asia's fourth-largest economy as South Korea's exports have tumbled by 70% in past 5 years. The four products accounted for 12% of the country's petrochemical market.