Various stories of activities brought to you by Hyosung Heavy Industries
Hyosung is taking a big step to become a global top three carbon fiber company through large-scale investment.□ Plans to increase its annual output to 24,000 tons by 2028 with a total investment of KRW 1 trillion by 2028Hyosung laid out this vision at an “agreement ceremony for a new investment in carbon fiber” at the carbon fiber plant of Hyosung Advanced Materials in Jeonju on August 20.Under the agreement, Hyosung will invest a total of KRW 1 trillion in the carbon fiber business by 2028 and expand its annual production capacity from the current 2,000 tons (1 line) to 24,000 tons (10 lines). This would be the largest capacity of a single plant in the world. With the first expansion underway, the company plans to complete a carbon fiber plant with an annual capacity of 2,000 tons in January 2020 and begin full-scale production in February.When the addition of 10 lines is completed by 2028, Hyosung’s global market share will rise from 11th (2 %) as of 2019 to 3rd (10 %) in the world. Employment is also expected to increase significantly from the current 400 to more than 2,300 new jobs by 2028.The event included △ an “agreement ceremony for facility expansion and investment support” between Hyosung and the government and local municipalities, including Jeollabuk-do and Jeonju and △ an “alliance MOU ceremony” aimed at strengthening cooperation including joint testing between the Ministry of Trade, Industry and Energy, Hyosung, and relevant companies, such as Iljin Materials, and Korea Aerospace Industries (KAI).□ Carbon fiber, which is lighter but 10 times stronger than steel, is a “staple of future industries”Carbon fiber is a “new dream material” that can be applied to all industries where iron is used, from internal and external materials for automobiles and building reinforcements to sports and leisure sectors and advanced future industries such as space aviation. Carbon fiber weighs one-fourth the weight of steel but is 10 times stronger and 7 times more elastic. It is called a “staple of future industries” because of its superior corrosion resistance, conductivity and heat resistance.As a strategic material used in aviation, space, and defense, it is difficult to transfer technology as well as develop it independently, which is why only a few countries have such technology. Hyosung became the first Korean company to develop carbon fiber "TANSOME®" based on its own technology in collaboration with Jeollabuk-do, Jeonju and the Korea Institute of Carbon Convergence Technology in 2011 and has been manufacturing products since 2013. It marked the world's fourth development after Japan, the U.S., and Germany.□ Infinite expandability of upstream industries including the hydrogen sectorCarbon fiber is also regarded as a key material in the hydrogen economy.The government announced a roadmap to revitalize the hydrogen economy in January and said that it will use hydrogen, which has wide-ranging economic and industrial impacts, as its future growth engine.To this end, the company plans to expand the number of hydrogen cars from around 1,800 in 2018 to about 81,000 by 2022 and around 6.2 million by 2040. Hydrogen cars are gaining attention as future eco-friendly vehicles that reduce carbon dioxide emissions thanks to their lightweight.Carbon fiber is a key material for hydrogen vehicle's fuel tanks and is essential for the safe storage, transportation and utilization of hydrogen energy. The hydrogen fuel tank is a cylindrical container made of plastic, which is wrapped with carbon fiber to increase its strength and stability. Carbon fiber is a core material for hydrogen fuel tanks that are light but must withstand hundreds of times higher pressure than normal air.The carbon fiber market for hydrogen fuel tanks is expected to grow more than 120 times by 2030.□ Chairman Hyun-Joon Cho said, “We will play a pivotal role in making Korea a ‘material powerhouse’ by growing carbon fiber”Chairman Hyun-Joon Cho said during the event, “We took note of the future value of carbon fiber and started to develop our own technology. The potential for the upstream industry of carbon fiber is limitless. As the hydrogen economy has opened a new market of carbon fiber, we will play a pivotal role in making Korea a ‘material powerhouse’.”“We were able to become the world’s No.1 in many areas including spandex and tire cords because we were fully committed to staying ahead of our competitors by developing our own technologies from material to production. We will continue our challenges to plant seeds for another material business.” stressed the chairman.*About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
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Hyosung will participate in K-Fair (The World's No.1 Trade Fair for Plastics and Rubber) 2019 in Dusseldorf, Germany. K-Fair is the world's largest plastic and rubber exhibition, founded in 1952 and held every three years, in which Hyosung participates for the first time. Hyosung plans to step up its forays into the European market with its global No.1 polypropylene (PP) products.In this exhibition, Hyosung will actively promote “R200P” for PP-R pipes in the global plastic market centered on Europe and carry out marketing activities to expand the PP material market for pipes for cold and hot water pipes and transparent containers.Hyosung has established a consistent system to produce raw materials from propane to PP through its proprietary dehydrogenation (DH) process, enabling stable supply. Since 1998, Hyosung has been supplying R200P, Asia’s first product for PP-R pipes, to overseas leading pipe manufacturers. In 2006, it was recognized as a world-class product by Korea’s Ministry of Trade, Industry and Energy. In addition, Hyosung’s PP for transparent containers has high transparency and strong durability, which allows for checking contents and freshness, and is expected to draw the attention of visitors as it is phthalate-free and also obtained food contact safety certification.Hyosung Chairman Hyun-Joon Cho, who stressed the importance of direct contacts with customers, including listening to the Voice of Customer (VOC), said, “We always need to contemplate whether we are effectively conveying the message of our products to the global market and how well we are reflecting the needs of customers. We will continue to actively expand our contact points with customers in many places, including exhibitions.”Meanwhile, according to Trade Map, international trade statistics of the International Trade Center (ITC) under the World Trade Organization (WTO), Germany’s imports of polypropylene raw materials amounted to 1.89 million tons (approximately USD 3.3 billion) in 2018. Germany is the world’s second-largest PP importer after China (about 5.02 million tons, USD 7 billion) and Europe’s biggest. *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
As part of its support for cultural and arts, Hyosung will sponsor the creation and exhibition expenses for artists at Art Space Jamsil Seoul Foundation for Arts and Culture (SFAC).Hyosung delivered a donation of KRW 50 million at the opening of “mumu,” a special exhibition held at the Platform-L Contemporary Art Center in Gangnam-gu, Seoul on October 16.The exhibition featuring about 70 works of 12 artists of Art Space Jamsil, including paintings, photographs, installation arts, and crafts will be held for two weeks from October 16 to 30. The theme of this exhibition is various “barrier free ” exhibition environments.The donation will be used for material purchases and exhibition costs of 12 artists at Art Space Jamsil. Hyosung has provided support since 2018, and last year, artworks were displayed through the special exhibition “Flowing Flow.”Art Space Jamsil is the only creative space for artists with disabilities in the visual arts sector operated by the SFAC. Each year, 12 artists with disabilities in the visual arts are selected and provided with a space in the studio, and more than 120 talented artists have been selected.Meanwhile, Hyosung has sponsored "Onnuri Sarang Chamber," an orchestra composed of disadvantaged children and adolescents since 2014 and has continued its mecenat activities designed for vulnerable groups to enjoy culture, such as hosting “Purme Little Concert”, which invites disabled children and their families since 2015. Barrier-free (culture and arts) is a measure to solve the problem that people with disabilities or the elderly cannot enjoy artworks due to physical limitations*About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung held “Family Trip of Love with Hyosung and the Purme Foundation” together with families of disabled children and youth in Buyeo and Gongju, Chungcheongnam-do for 3 days from September 20 to 22."Family Trip of Love" is part of Hyosung and the Purme Foundation's rehabilitation program for children and youth with disabilities. On this trip, 10 families of Hyosung employees and 10 families of children and youth with disabilities participated in various activities in pairs, such as making soft tofu and candles.On the 20th, the first day, participants enjoyed water sports at Lotte Resort Buyeo, and on the next day, they visited the roof tile village in Buyeo where they engaged in the hands-on experience of making candles and soft tofu as well as recreational activities. On the 22nd, the last day, the families visited Chicken University in Icheon and cooked fried chicken and pizza.This event provided a rare family outing opportunity to families with children with disabilities who did not have the luxury of going on a family trip because they usually have to go back and forth between home and the treatment facility. The families of Hyosung employees also had a time of healing where they had a better understanding of each other and learned the importance of harmonious society while spending time with families of disabled children.“Since my child has a disability, it was not easy to travel with other families. I am happy to see that not only children but also all families became friends through this trip. My kid is already asking for another trip next year," said the mother of a disabled child who participated in the family trip.One Hyosung employee said, “I take part in Family Trip of Love every year. Since this year’s trip took place for 3 days and 2 nights, we had more time to have in-depth conversations with our partner family. We had a good time and made precious memories.”Together with the Purme Foundation, Hyosung has sponsored a medical rehabilitation fund for children with disabilities who have difficulty receiving rehabilitation treatment and their families and provided various programs for 7 years since 2013.This year, the company increased the sponsorship amount to 150 million won and is offering psychotherapy or special education programs for disabled children’s siblings who could feel neglected while parents take care of their disabled child. Hyosung is expanding its support programs including a summer outing in July which invited some 20 non-disabled siblings of disabled children to provide comfort. *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung has been running the “Future Technology Talent Cultivation” program for natural sciences or engineering students of Korea’s top universities for 9 years.Hyosung announced on September 18 that it opened an industry-academic cooperation course for 110 undergraduate, graduate, and doctoral students of the Chemical and Biological Engineering Department at Korea University for the second semester of 2019.The industry-academic cooperation course is a project Hyosung has been carrying out since 2011 to foster future technology talent. So far, more than 1,000 undergraduate, graduate, and doctoral students in science and engineering at Korea’s top universities, including Seoul National University, KAIST, Yonsei University, and Sungkyunkwan University, have taken the course.This program follows the philosophy of technological management of Chairman Hyun-Joon Cho. Chairman Cho has emphasized that “in order for Korea to become a materials powerhouse, we should expand investment in R&D as well as secure professionals with expertise.”In this semester, for the Knowledge Management course of the Chemical and Biological Engineering Department at Korea University, 20 executives and team leaders in charge of research in high-performance fiber, petrochemical, optical film, and environmental energy materials at Hyosung R&DB Labs, including Doo-won Jang, head of the Chemical and Biological Hyosung R&DB Labs, will lecture on technology trends and outlooks in the industrial field.In particular, students will gain a better understanding of Hyosung's global No.1 products, such as spandex and tire cords, and at the same time, learn the latest technology and trends related to new-generation materials based on the global market, such as carbon fiber which is called the "staple of future industries and a new dream material."Hyosung plans to select outstanding students as industry-academic scholarship beneficiaries in an effort to nurture them into new materials experts with professional knowledge and practical skills. Selected students will be granted scholarships as well as employment for their stable study.Professor Hyun Wook Jung of the Chemical and Biological Engineering Department of Korea University said, “We expect students to grow into tailored R&D talent that will provide practical help to companies as they experience the theories that become basis of the technological competitiveness of enterprises.” *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Chairman Hyun-Joon Cho is emphasizing that the company should also “hear the voice of competitors” beyond the Voice of Customers (VOC), which is needed for customer-oriented management. Since May of this year, Hyosung has teamed up with the global consulting firm A.T. Kearney for the “C-Cube Project” which establishes the digital VOC platform and operating system. Hyosung plans to finish the project by February next year and apply it to the entire company. The C-Cube project will establish a customer response process based on big data with the aim to listen to the Voice of Customers (VOC), the Voice of Customer`s Customer (VOCC), and the Voice of Competitors (VOCO).First, Hyosung has built a digital VOC platform in four performance units, such as spandex and tire cord, and began its operation on September 2. Hyosung, which is now able to check the VOC, including market and technical information as well as customer complaints and response status, in real-time, is expected to maximize synergies such as profitability improvement and new sales increase.Seung-yong Cho, the CEO of A.T. Kearney who is in charge of this project, said, “This is the first case in the industry that a B2B company like Hyosung reflects customer insights into the overall management for innovation using a digital VOC platform. I firmly believe that the customer-centered management philosophy of Chairman Hyun-Joon Cho, who aims to satisfy end users beyond the company’s customers, will lead to profit generation and enhanced competitiveness.”Meanwhile, Chairman Cho, who stressed in his New Year’s address that “The answer lies in customers. The VOC is the starting point for everything,” is spearheading Hyosung’s VOC efforts, such as attending the Interfiliere Paris exhibition held in Paris, France, in July. *Cho Hyun-Joon is born in Seoul in 1968 and graduated from Saint Paul’s School in the U.S. He studied in the School of Political Science at Yale University and graduated with a master degree at Keio University, Graduate School of Law in Japan. He worked at Mitsubishi Corporation in Tokyo and Morgan Stanley Tokyo branch. In 1997, he joined Hyosung and was inaugurated as the Chairman of Hyosung Group in 2017.
Co-organized by Hyosung and the Ministry of Culture, Sports and Tourism, the “Culture Connects: DMZ Peace Concert” was held at Dorasan Station inside the demilitarized zone (DMZ) in Paju on the afternoon of September 9.The DMZ Peace Concert was held as part of Hyosung's mecenat activity called “Yo-Yo Ma Bach Project.” The Bach Project consists of the “Park Concert” held on the 8th and the DMZ Peace Concert (9th) held as a “Day of Action.” Yo-Yo Ma has previously addressed immigration policy, local community culture, and homeless issues through Day of Action events in Mexico, the United States, and Greece.At the DMZ Peace Concert, Yo-Yo Ma delivered the message of peace on the Korean Peninsula by playing with Okdal, Korean traditional musicians Kim Deok-soo and Ahn Suk-seon, and North Korean pianist Kim Cheol-woong. Yo-Yo Ma prayed for peace on the Korean Peninsula by performing with two young North Korean musicians as well as playing “Bach’s unaccompanied cello suites,” which were presented at the Park Concert. The event was also attended by diplomats such as Park Yang-woo, Minister of Culture, Sports and Tourism, Foreign Minister Kang Kyung-hwa, Vice Minister of Unification Seo Ho, Paju Mayor Choi Jong-hwan, and British Ambassador to South Korea Simon Smith. Attendees and citizens alike wished to heal the broken wounds of the two Koreas through a ribbon-tying ceremony.In his opening speech, Yo-Yo Ma introduced the Bach Project, through which he has played Bach’s unaccompanied cello suites in 36 cities on six continents since August last year, and explained the purpose of this visit, “I wanted to play like the same moon that families in the South and the North look at, and my old friend Cho Hyun-sang, Hyosung’s president, gladly responded to my desire to play Bach at the border between the two Koreas. I would like to express my sincere gratitude to the Ministry of Culture, Sports and Tourism and Hyosung for jointly organizing and sponsoring the Bach Project successfully.”The Bach Project and the DMZ Concert were held as the Ministry of Culture, Sports and Tourism and Hyosung sympathized with Yo-Yo Ma’s commitment to peace and played an active role in making them happen. A Hyosung official said, “I am pleased to sponsor these meaningful events. I believe that the DMZ concert held as a Day of Action will contribute to the peace, harmony, and coexistence of mankind. I pray that the warmth of peace will also widely spread on the Korean Peninsula.”Meanwhile, Hyosung has performed various activities in the fields of culture, arts, and sports, including the “Hyosung Culture Series,” which has supported the socially marginalized since 2010, with the proposal by President Cho, who has actively engaged in many activities for the socially underprivileged. In particular, some of the members of the “Onnuri Love Chamber,” a disabled children’s orchestra who were taught at the “Yo-Yo Ma Teaching Class,” entering a musical university made headlines. In addition, Hyosung is carrying out various cultural and art social contribution activities such as supporting artists with disabilities, palace restoration projects, sponsoring theater troupes at Daehangno, Changdeokgung Palace clean-up activities, and supporting barrier-free film production.