[LG화학 PRS 명암]⑤ 둔화된 '현금창출력' 소외된 주주들

LG Chem's issuance of Preferred Redeemable Shares backed by LG Energy Solution stakes reveals deteriorating operational cash generation and raises serious questions about the company's financial sustainability. Rather than addressing fundamental business challenges through operational improvement, the company is resorting to financial engineering that echoes the shareholder value destruction seen after the battery spin-off. Both LG Chem shareholders face diminishing returns on their core growth asset, while LG Energy Solution investors confront overhang risks from potential future dilution.