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Ulsan City (mayor: Song Cheol-ho) and Hyosung Advanced Materials (president: Hwang Jung-mo) announced that they signed an MOU for investment in the expansion of the latter’s Aramid factory on May 20, 2PM at the Ulsan City Hall.The MOU is said to be dealing with Hyosung’s contribution to Ulsan’s economic invigoration through investment in the expansion of the factory. For its part, Ulsan City will provide administrative support concerning the necessary authorizations and approvals.The Hyosung Group considered a site in Vietnam for the construction of a new factory but decided to expand the existing factory in Ulsan -- which provides favorable conditions for businesses -- considering the importance of promoting the domestic economy’s rapid recovery and the need to have the production base of core materials in the home country. Under the MOU, Hyosung plans to invest a total of KRW 61.3 billion in its Aramid factory in Ulsan, finish the expansion by the first half of 2021, and expand the factory’s production capacity from 1,200 tons to 3,700 tons a year.With said expansion, the Company expects to kill two birds with one stone -- securing higher competitiveness in cost and product quality and enhancing the world market share.“We are happy with Hyosung’s decision to expand said factory in addition to the KRW 300 billion investment by Hyosung-Linde Korea in its liquid hydrogen factory in Ulsan. We will spare no effort in providing administrative support for the development of these businesses,” Ulsan Mayor Song Cheol-ho said.For his part, President Hwang Jung-mo of Hyosung Advanced Materials said that the Company will strive to contribute to the economic invigoration of Ulsan by making a positive foray into markets for products with high added value like aramid and aim to be the No. 1 business in the world in the materials sector based on its quality and technical skills.Aramid fibers are fibers with excellent heat resistance and high strength. Extensive research and development efforts have been made for them over the past decades. They are divided into m-Aramid and p-Aramid. Hyosung started developing the fibers with its own technology in 2003 and launched ALKEXⓇ, which is a p-Aramid, in 2009.ALKEXⓇ is five times stronger than steel, with resistance to up to 500°C and good chemical resistance. The demand for the ALKEXⓇ is increasing continuously owing to such merits. ALKEXⓇ is used in the defense industry (bulletproof clothes and helmets). It is also used as materials reinforcing optical cable, in car belts/hoses and oil/gas markets, and as reinforcing material in the construction of houses. The demand for optical cable is rapidly increasing amid the application of the 5G communications network. Thus, the growth of the Aramid market is expected to lead to the development of related industries.
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The HYOSUNG Group provided a sum of KRW 20 million to the Mapo Scholarship Foundation on July 10. The fund is to be provided to 20-plus students with good grades, those from less-privileged households, and those with sporting abilities as in Mapo-gu, Seoul. This is part of the annual event held by HYOSUNG since 2015. So far, the Group has provided a total of KRW 120 million in scholarship funds to 120 students.“We are grateful that HYOSUNG has provided such financial aid for local students in Mapo as part of its activities aimed at sharing with the local community. We will see to it that the aid fund is spent as intended by HYOSUNG and strive to provide other types of aid to local students experiencing difficulties,” said President Park Hong-seop of the Mapo Scholarship Foundation during the event.
Hyosung visited the ROK 1 Corps (Gwanggaeto Corps) and delivered a contribution and provided care packages for them.Hyosung’s money contribution and care packages, which are worth about KRW 44,000,000, will be used to strengthen the soldiers’ physical strength and boost their morale while being in this hot weather.In 2010, Hyosung established a sisterhood relationship (one company for one barrack) with ROK 1 Corps, who are in charge of defending the northern part of the capital and also the western front. Since then, every year the company has continued to sponsor the soldiers through delivering money contribution and supporting their book café facility for the development of the Corps.Meanwhile, Hyosung has also supported the Eden Welfare Foundation, where about 100 people with severe disabilities are working while using KRW 20 million to improve its facility. Hyosung’s donation will be used to renovate the new facilities such as adding new printers and recuperators, and it will also improve the working environment for the employees with disabilities.
Ulsan City (mayor: Song Cheol-ho) and Hyosung Advanced Materials (president: Hwang Jung-mo) announced that they signed an MOU for investment in the expansion of the latter’s Aramid factory on May 20, 2PM at the Ulsan City Hall.The MOU is said to be dealing with Hyosung’s contribution to Ulsan’s economic invigoration through investment in the expansion of the factory. For its part, Ulsan City will provide administrative support concerning the necessary authorizations and approvals.The Hyosung Group considered a site in Vietnam for the construction of a new factory but decided to expand the existing factory in Ulsan -- which provides favorable conditions for businesses -- considering the importance of promoting the domestic economy’s rapid recovery and the need to have the production base of core materials in the home country. Under the MOU, Hyosung plans to invest a total of KRW 61.3 billion in its Aramid factory in Ulsan, finish the expansion by the first half of 2021, and expand the factory’s production capacity from 1,200 tons to 3,700 tons a year.With said expansion, the Company expects to kill two birds with one stone -- securing higher competitiveness in cost and product quality and enhancing the world market share.“We are happy with Hyosung’s decision to expand said factory in addition to the KRW 300 billion investment by Hyosung-Linde Korea in its liquid hydrogen factory in Ulsan. We will spare no effort in providing administrative support for the development of these businesses,” Ulsan Mayor Song Cheol-ho said.For his part, President Hwang Jung-mo of Hyosung Advanced Materials said that the Company will strive to contribute to the economic invigoration of Ulsan by making a positive foray into markets for products with high added value like aramid and aim to be the No. 1 business in the world in the materials sector based on its quality and technical skills.Aramid fibers are fibers with excellent heat resistance and high strength. Extensive research and development efforts have been made for them over the past decades. They are divided into m-Aramid and p-Aramid. Hyosung started developing the fibers with its own technology in 2003 and launched ALKEXⓇ, which is a p-Aramid, in 2009.ALKEXⓇ is five times stronger than steel, with resistance to up to 500°C and good chemical resistance. The demand for the ALKEXⓇ is increasing continuously owing to such merits. ALKEXⓇ is used in the defense industry (bulletproof clothes and helmets). It is also used as materials reinforcing optical cable, in car belts/hoses and oil/gas markets, and as reinforcing material in the construction of houses. The demand for optical cable is rapidly increasing amid the application of the 5G communications network. Thus, the growth of the Aramid market is expected to lead to the development of related industries.
Hyosung Chairman Hyun-Joon Cho has begun to activate the hydrogen economy by preparing to construct the world’s largest liquid hydrogen factory following a large-scale investment in carbon fiber last year. Hyosung joined hands with the Linde Group, a global chemical company specializing in industrial gas, to establish a value chain encompassing the production and transportation of liquid hydrogen and installation and operation of charging stations by investing KRW 300 billion in all by 2022. For this purpose, an MOU was signed by Hyosung Chairman Hyun-Joon Cho and Linde Korea Chairman Baek-Seok Seong on April 28 at the head office of Hyosung in Mapo, Seoul.□ To expand charging infrastructure by constructing a liquid hydrogen factory with annual production capacity of 13,000 tons in Yongyeon by 2022 As a start, the two companies will build a liquid hydrogen factory on a 30,000㎡ (about 10,000 pyeong)-plus site in the premises of the Ulsan Yongyeon factory of the Hyosung Group by investing KRW 150 billion. The factory will be the largest in the world as a single plant with annual production capacity of 13,000 tons (enough to fuel 100,000 passenger cars). A joint venture will be established by the end of this year to begin construction of the factory during the first quarter of the following year and complete the factory in 2022.The new factory will produce liquid hydrogen by applying the hydrogen liquefaction technology and equipment of the Linde Group to the byproduct hydrogen produced in the Yongyeon factory of Hyosung Chemical. The Linde Group has the best production technology in liquefying high-pressure hydrogen gas.The produced liquid hydrogen can be used not only for cars but also in various mobility areas including drone, vessel, and forklift. As such, it can contribute to the development of related industries.Once the factory is completed, the two companies will invest an additional KRW 150 billion to establish liquid hydrogen charging infrastructure. For the supply of liquid hydrogen, the two companies agreed to develop a cooperative partnership by expanding hydrogen stations to more than 120 (50 new stations, increasing the charging capacity of 70 stations) in major bases in the nation.Hyosung Heavy Industries advanced into the CNG charging system business in 2000, expanding hydrogen charging stations since 2008. Currently, the company has built 15 hydrogen stations nationwide, accounting for 40% of the market share as the No. 1 in the nation.According to Chairman Baek-Seok Seong of Linde Korea, the Linde Group has produced liquid hydrogen in the US and Europe for 30 years and developed various applications including liquid hydrogen station in the mobility area. “We look forward to a significant synergy effect by combining the advanced technology of Linde with Hyosung’s experience accumulated for a long time in Korea,” he said.□ Chairman Hyun-Joon Cho: “Our investment will play a huge role in the development of the liquid hydrogen business and activation of the hydrogen industry.”On this day, Chairman Hyun-Joon Cho said that hydrogen has unlimited potential as an environment-friendly energy that can change the existing economic structure centering on carbon. The core of the liquid hydrogen business being implemented by Hyosung is enabling the storage and transport of hydrogen in an efficient, safe way. “Our investment will play a huge role in the development of the liquid hydrogen business and activation of the hydrogen industry,” he added.□ Expected to play the role of locomotive in realizing the government’s “activation of hydrogen economy” The MOU has great significance since it will make Hyosung have a solid foundation for leading the activation of the hydrogen economy in the mobility area. It has something in common with the government’s “roadmap for the activation of hydrogen economy” announced in January when the government said it will propagate 6.2 million cars by 2040 and prepare 1,200 hydrogen stations.In August last year, Hyosung announced its plan to invest in carbon fiber for the activation of hydrogen economy in the presence of President Moon Jae-in in the Carbon Fiber factory in Jeonju. At that time, Chairman Hyun-Joon Cho said during the agreement signing ceremony that Hyosung will invest approximately 1 trillion won in Jeonju, Jeollabuk-do Province by 2028 and produce 24,000 tons of carbon fiber annually.Dubbed the “dream hi-tech material,” carbon fiber is 10 times stronger than iron while its weight is only one-fourth of iron. Carbon fiber is the core material of the fuel tank of hydrogen cars. Hyosung succeeded in developing carbon fiber in 2011 for the first time in Korea using its own technology, and it is currently putting spurs to the development and supply of carbon fiber for hydrogen fuel tank.□ Easy storage and transportation of liquid hydrogen to increase the operation efficiency of hydrogen stations remarkablyIt used to be pointed out that the Korean market is not very attractive due to the high cost of storage and transportation of hydrogen gas.Hydrogen is liquefied at minus 253 degrees, and liquid hydrogen can be stored and transported easily as its volume is only 1/800 of hydrogen gas. A tank lorry can transport up to 3,500kg of liquid hydrogen, which is 14 times the 250kg hydrogen gas. In addition, the low-pressure liquid hydrogen is safer than the high-pressure hydrogen gas. The operation efficiency of the charging station is also expected to be improved significantly. The time spent for charging a passenger car (5kg) will be shortened by 4 times from 12 minutes for hydrogen gas to 3 minutes for liquid hydrogen. Moreover, the reduced charging time will contribute to the expansion of hydrogen buses and trucks that need much hydrogen fuel (25kg).As liquid hydrogen can be stored in a space smaller than the storage facility for hydrogen gas, it is possible to build a charging station on just 30% of the land of a hydrogen gas storage facility. As a result, the storage facility for liquid hydrogen can be built in the downtown area; thus increasing the access of hydrogen-fueled cars.The business world believes that the bold investment of Hyosung in liquid hydrogen will lead the activation of the hydrogen economy amid the difficult economic situation caused by the coronavirus pandemic.Hyosung Heavy Industries has accumulated the technology and know-how in the area of gas charging for over 20 years after it advanced into the CNG charging system business in 2000. As the Linde Group has unparalleled technology in the areas of production, transportation, and charging of hydrogen, the two companies are expected to have synergy through cooperation.
Jeon-jin Park, manager of the Jeonju plant of Hyosung Advanced Materials was awarded a presidential citation for his role in reinvigorating the regional economy with relentless passion and dedication, in celebration of the 47th e-Business Day on Mar. 18, 2020. Throughout his twenty-seven years of service, Park (53) has contributed to the development of Korea’s carbon fiber technology as well as job creation, by making possible the first mass production of carbon fiber in Korea, securing production competitiveness through the creation of an integrated production system ranging from the processing of raw materials to the production of final carbon fiber, and attracting investments in facility expansion, based on increased productivity and enhanced quality.Park was presented the award in recognition of his efforts in making the carbon fiber one of the national strategic programs, developing the technology for domestic production of carbon fiber, a core growth engine that the city of Jeonju and Jeonbuk Province are working on, building a culture of future-oriented labor-management relations, and promoting shared growth with the local community. Seon-hong Lee, chairman of the Jeonju Chamber of Commerce and Industry, expressed his sincere congratulations to the entrepreneurs who were recognized with awards for their contributions to the development of the local economy. Lee also stressed that he would make every effort to create a business-friendly environment by ensuring that entrepreneurs are respected and by boosting their morale.
Hyosung announced on February 27, 2020 that the company recently donated KRW five hundred million and essential medical supplies to the Republic of Korea National Red Cross in order to overcome the COVID-19 (Coronavirus Disease 19) crisis in Korea.Along with the donation, Hyosung also decided to deliver the much-needed emergency medical supplies, including fifty thousand pairs of gloves for medical purposes and three thousand hand sanitizers, to aid organizations dealing with the COVID-19 crisis in Daegu and the Gyeongsangbuk-do area. The financial donation and medical supplies will be used to treat patients with COVID-19 and prevent the disease from spreading.Hyosung Chairman Hyun Joon Cho said, “Together with all our employees, I will strive to overcome the national COVID-19 crisis, which has taken us by surprise,” adding, “In particular, I would like to express my deep gratitude to all the medical personnel who are dedicated to halting the spread of the epidemic at a front-line site.”*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.
