Call for Continued Globalization

Hyosung Group Chairman Cho points to responsible management as key to upgrading the group's global status

Chairman Cho Suk-rae of Hyosung Group, through a speech read by the vice chairman at a New Year's ceremony Jan. 2, said responsible management is the direction of change the group must pursue after outlining various problems Hyosung might face in the new year.
Pointing to the present crisis that the business community faces, he said he hoped that everyone would work to expand the capacity of Hyosung and secure a base for further growth, stepping up its role as a global concern by practicing value management through reform and by meeting challenges head on.
Cho, speaking through Vice Chairman Lee Sang-woon, stressed that everyone should be responsible for his or her given area of responsibility in order to beat the competition, which grows more intense day by day, and make strive for stronger teamwork and steadfast communications.
Cho said Hyosung employees should think about their purposes and intentions and then think again before starting work on them.
Ceremonies took place at all Hyosung work units across the country, where employees pledged to work for the group's continuous development and do their best in the new year.
Hyosung's technology for the production process of PEN raw material has been named among the top 10 new technologies for 2007 chosen by the Ministry of Commerce, Industry and Energy. Hyosung has been able to develop the production process technology for very pure NDA refinement, the raw material for PEN fiber. The production process technology, developed by Hyosung, is significant in that it has secured a new technology in the chemical raw material industry.
The company was awarded the silver medal from the government at the ceremony for the winners of the Korea Top 10 Technology Award. The technology award is presented every year to companies and organizations that develop new technologies in recognition of the benefits that those technological achievements bring to the industry. A total of 37 companies won awards and citations for their new technologies. Hyosung also succeeded in developing the 1100Kv gas insulated switchgear (GIS). The 1100Kv GIS is the highest power pressure product with a superb break capability and is a highly dependable high-value-added product. It earned a judicious confirmation of its capacity by the Korea Electrical Research Institute (KERI) in recognition of its completeness.
The product's advantages include that it can be tailor-made according to customer needs.
The 1100Kv GIS is used in sending super-pressure power over long distances of several thousand km, although it has yet to be put into commercial use. However, countries like India, China, Russia and South Africa, with vast expanses of land and a rising demand for power due to their rapid economic development, can use it effectively in distributing power.
Hyosung plans to provide the product to India and China, where demand for power has been growing rapidly. The company projects China's market for such a product would amount to some 6 trillion won in the next 15 years. The company also expects to have a sizeable market for the product in India.
The company succeeded in commercializing the super pressure GIS, showing the world its technological prowess, and followed it up with the development of the 1100Kv GIS, once again showing the world its expertise in the super pressure GIS sector.
The company plans to play the global power market extensively in the future by developing next generation super pressure transformers. nw

Chairman S. R. Cho of Hyosung Group delivers a new year's speech at the group's new year's ceremony Jan. 2.