Hyosung Chairman Cho Hyun-joon catches attention by leading record-high performance

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Mar 21, 2022, 10:00 ET

SEOUL, South Korea, March 21, 2022 /PRNewswire/ -- All companies under Hyosung, the leading materials group of South Korea, showed high performance despite the difficult economic circumstances last year. Hyosung marked the highest performance after the spin-off of the holding company, with gross sales of KRW 21.28 trillion and an operating profit of 2.77 trillion in 2021.

Chairman Cho Hyun-joon reached the peak of his business management in 2021, five years after his inauguration as the chairman in 2017.

Hyosung Chairman Cho Hyun-joon catches attention by leading record-high performance

Cho paid attention to the fact that changes caused by COVID-19 can turn into opportunities where demand is created for new markets and materials. Cho made a winning move by stressing that companies need to quickly understand and supply what customers want by listening to their voices.

Based on the world-class products and source technologies of Hyosung, Cho carried out proactive and contrarian investments while making global production networks respond to customer requests from the nearest point.

Hyosung TNC exceeded an operating profit of KRW 1 trillion for the first time as a single company since the group's foundation. With the increasing demand for Spandex creora®, which is maintaining a global market share exceeding 33%, and Spandex eco-friendly fiber regen®, Hyosung TNC will reach KRW 1.4 trillion by the 4th quarter.

The keys to success were expanding the scope of working from home and home training and growing the sustainability awareness of customers.

Hyosung Advanced Materials has about 50% of the global market for polyester tire cords and marked an operating profit of KRW 450 billion in 2021. Commercial trucks are replacing tires more frequently due to the increase in transport volumes caused by COVID-19. With the prolongation of COVID-19, more travelers go on domestic trips instead of traveling overseas. The demand of automotive makers for tire cords increased and had positive effects on the company's performance.

Hyosung Heavy Industries tried to overcome the economic crisis by receiving orders for renewable energy devices and hydrogen charging stations. Hyosung Heavy Industries showed an operating profit of KRW 100 billion last year. In particular, its electric power sector took increased orders because of the demand for power infrastructure replacements in developed countries like the United States and Europe. In addition, after the large-scale blackout that occurred in Texas, the company started making profits with the energy storage system (ESS) business storing electricity for emergency uses.

In North America, Europe, and the Middle East, Hyosung Chemical resumed investments in production facilities, which had been stopped by COVID-19. With the increased demand for construction polypropylene (PP) pipes and vaccine syringe PP, Hyosung Chemical showed an operating profit of KRW 190 billion last year. The demand for semiconductor cleaning gas (nitrogen trifluoride, NF₃) and TAC films used in display products increased because of a growing shift toward contact-free meetings. These products also had a positive impact on the company's business.

About Hyosung

Hyosung is a comprehensive fibre manufacturer that produces world-class products, providing innovation and solutions to the textile industry. Hyosung's creora® elastane is the world's largest spandex brand, supplying the broadest range of stretch fibre offerings supported by exceptional technology and quality. Mipan® nylon and specialty polyester provide functional and sustainable fibre solutions that are essential to today's dynamic textile market. Visit our website at www.hyosungtnc.com and http://www.creora.com for all the latest trend, event and product updates.

Media Contact

Hyosung TNC
Nari Kim
[email protected]

SOURCE Hyosung TNC