Chairman Cho Suk-rae of Hyosung Group.

Hyosung Group is urging its officers and staff to practice responsible management in order to maintain stability, particularly with an uncertain business outlook next year both at home and abroad.

The group will continue to build its global production network and find new customers, along with new core technologies for continued growth.

Hyosung Group’s sales for the year through the third quarter were 922.2 billion won and operating profit was 754.6 billion won. Operating profit for the year is expected to surpass 1 trillion won. 

This year’s smooth sailing is the result of the entire group’s adherence to responsible management throughout the year, with all of its key operation sectors, including textiles, industrial materials and heavy industry, being profitable.

Next year, too, the group will try to stabilize its operation in all sectors. It will strengthen key sectors as spandex, tire cords, core threads for seat belts and the material for airbags, among others, which are already tops in their respective markets around the world.

The group plans to go after new businesses such as polyketone, carbon textiles and other new growth engines, to foster even more growth.

Hyosung will also try to expand the production of competitive products in the sector of power distribution equipment with new technologies and knowhow, along with HVDC, STATCOM, ESS and other future energy businesses, so that it will be able to become a “total energy solution” company.

Creora, the brand name for the yarn used in high-value-added spandex, maintained its position as the top brand-name in its field in the world. Hyosung will try to continue to maintain the position based on its exclusive technology and global production and supply network.

The global market for spandex, however, remains gloomy due to excess production of the product in China and the slowdown in demand for the product in Russia, with the price of crude oil falling by more than half in the past 18 months. But Hyosung has been able to sell all of its increased spandex output from its expanded plant in China through incisive marketing and tailor-made services for customers.

Hyosung also has been able to maintain its leading position in the global market for polyester tire cord, which stands at 45 percent. The product needs extensive quality checks, as safety is a key element in the product, as it safeguards tires. The company has been supplying the product to major auto tire makers in the world with their trust in the quality of the product intact for years.

“Since the establishment of Hyosung’s spandex business in 1992, Creora, which is committed to excellence in quality, service, and value, is consistently developing innovative new products with diverse functions to meet the needs of customers to open new horizons in the textile industry,” the company said. “Creora provides excellence in terms of uniformity and productivity to the customers and also, has distinguished its brand through executing differentiated global marketing activities.”

“Striving for excellence in all that we do is how we approach each and every day. We are never satisfied. We are constantly searching for new ways to create better value and to continue supplying you with qualified spandex/elastane product available,” the company added.

A view of the booth of Hyosung Group showing Its Creora brand of yarn for spandex.(Photos:Hyosung Group)