Kim Myung-ja, chairperson of the board of directors of Hyosung Corp.

ESG is a must for the manufacturing industry of the 21st century so companies and the nation can advance, said Kim Myung-ja, chairperson of the board of directors of Hyosung Corp., the holding company of Hyosung Group.

In an interview with a vernacular economics daily, Chairperson Kim stressed ESG management to make a leap forward with growth engines in the post-COVID-19 pandemic era.

As for why Kim took office as board chairperson, she cited corporate survival. “For companies, the most significant thing is their survival, so it will enable good employment and welfare,” she said.

A health crisis has become a social crisis, as witnessed by the COVID-19 pandemic, she said. As risks swell, companies have to make integrated approaches to cope, and ESG management may be a solution, Chairperson Kim said. She replaced outgoing Chairman Park Tae-ho.

Chairperson Kim is the first female head of the board of directors of Hyosung Group, breaking the glass ceiling. Chairperson Kim joined the board of Hyosung Corp. as an outside director in March 2019.

Kim is a seasoned environment expert, as she had stints such as professor of Sookmyung Women’s University Chemical Department, environment minister and a lawmaker with the 17th National Assembly.

Busan Mayor Park Hyeong-joon, Hyosung TNC CEO Kim Yong-seup and Netspa CEO Chung Taek-soo pose after they signed an MOU to build a system for a virtuous cycle of resources by collecting and recycling waste fishing nets into eco-friendly fiber on May 11. (Photos: Hyosung)

Hyosung TNC Prioritizes ESG Management

Hyosung TNC, which had already been recycling transparent PET bottles, will produce the nylon fiber “Mipan Regen Ocean” recycled from waste fishing nets.

Hyosung TNC signed an MOU with the Busan Metropolitan Government and Netspa, an eco-friendly social venture enterprise, on May 11 to build a system for a virtuous cycle of resources by collecting and recycling waste fishing nets into eco-friendly fiber.

The signing ceremony was attended by Busan Mayor Park Heong-joon, Hyosung TNC CEO Kim Yong-seup and Netspa CEO Chung Taek-soo. The agreement was designed to contain pollution of marine ecosystem caused by discarded fishing nets and raise awareness of protecting marine environment.

Under the agreement, the Busan Metropolitan Government will work with local governments to establish a system that can separate and discharge waste fishing nets, while Netspa will be responsible for the pretreatment of shredding and washing the collected fishing nets.

Hyosung TNC will recycle the pretreated fishing nets to produce the nylon fiber “Mipan Regen Ocean.”

“Mipan Regen,” developed by Hyosung in 2007, is the world’s first fiber recycled from discarded fishing nets. It is a nylon version of ‘Regen’, a polyester fiber recycled from transparent PET bottles.

Until now, “Mipan Regen” has been made of nylon yarn or chips that were discarded during the production process because there were problems with the collection of waste fishing nets.

The agreement paves the way for a stable supply of waste fishing nets, and Hyosung is launching “Mipan Regen Ocean” and will be producing it in earnest.

Hyosung to Expand Depolymerization Facilities

On the occasion of the launch of ‘Mipan Regen Ocean,’ Hyosung TNC will be expanding its investment in depolymerization facilities.

The depolymerization facilities improve the purity of raw materials by removing impurities from fishing nets when Hyosung TNC produces “Mipan Regen” with its own technology.

Hyosung TNC plans to expand investment in depolymerization facilities by the end of this year to produce at least 150 tons of ‘Mipan Regen’ per month.

Hyosung Chairman Cho Hyun-joon said, “As an eco-friendly company, Hyosung, with a sense of responsibility, will continue to pay attention and make investment to build a system for a virtuous cycle of resources,” he added.