The provided text describes a recent event in the petrochemical industry in South Korea. On October 26, a gathering was held in Yeosu, where Kim Jeong-gwan, the Minister of Trade, Industry and Energy, met with representatives from petrochemical companies, including Lotte Chemical and HD Hyundai Chemical. During this meeting, the companies presented their plan to consolidate their manufacturing facilities at the Daesan plant. This decision is significant as it marks the first approved restructuring plan in response to government calls for strong structural adjustments in the petrochemical sector, which has been facing supply surplus issues. Kim emphasized the urgency of restructuring by indicating that if companies do not submit their restructuring plans by the end of the year, they may lose access to government support. This statement serves as a firm warning to industry players about the necessity of adapting to current market conditions.

The recent event in the South Korean petrochemical industry highlights a critical moment for companies facing a supply surplus. On October 26, Minister of Trade, Industry and Energy Kim Jeong-gwan convened with petrochemical representatives in Yeosu, where Lotte Chemical and HD Hyundai Chemical presented a plan to consolidate their operations at the Daesan plant. This proposal, which is the first restructuring plan approved since the government's call for significant adjustments in the sector, underscores the need for companies to respond to the current market challenges. Minister Kim's comments signal a pressing urgency for the industry, cautioning that those who do not finalize their restructuring plans by the year's end risk losing government support. This context emphasizes the importance for petrochemical firms to adapt strategically to remain competitive and align with government directives aimed at rectifying overcapacity in the sector.