Hanwha Compound Signs MOU on 'Resource Recycling Business' with Korea Resources Recycling Association

Stable Securing of Domestic Recycled Plastics
Full-Scale Production of 'Recycled Raw Materials'
CEO Imsangil: "Strengthening Eco-Friendly Recycled Raw Material Business
Contributing to Building a Circular Economy"

[Asia Economy Reporter Donghoon Jeong] Hanwha Compound is officially launching its recycled raw material business to establish a plastic circular economy.

Hanwha Compound, a subsidiary of Hanwha Solutions, announced on the 24th that it signed a Memorandum of Understanding (MOU) for resource recycling business with the Korea Resource Recycling Association (KORRA) in Cheongju, Chungbuk on the 23rd.

Through this MOU ceremony, Hanwha Compound plans to receive a stable supply of waste plastics made from polyethylene (PE), polypropylene (PP), and other materials from KORRA, which has about 2,000 members nationwide, and start producing high-quality recycled raw materials from the second half of the year.

The government announced the "Korean-style Circular Economy Implementation Plan" in December last year, which mandates plastic manufacturers to use more than 30% recycled raw materials by 2030. The aim is to increase the plastic recycling rate by making the use of recycled raw materials mandatory from the product manufacturing stage.

Lee Chang-yeon, chairman of KORRA, said, "Currently, domestic waste plastics are mostly composite plastic materials and heavily contaminated, making recycling difficult, so the reality is that we import and use them from overseas. We will strive to supply sufficient domestic waste plastics through systematic collection of recyclables."

Lim Sang-il, CEO of Hanwha Compound, stated, "We will strengthen ESG (Environmental, Social, and Governance) management through cooperation with KORRA," adding, "We will contribute to establishing a plastic circular economy by producing eco-friendly and high-quality recycled raw materials."

This content was produced with the assistance of AI translation services.