Lee Geon-jong, CEO of Hyosung Chemical: "Difficult Financial Environment a Major Crisis... Soundness Essential"

Emphasis on 'Business Restructuring'...
"Eliminating Inefficiencies"
Considering Sale of Film Business Unit and Transfer of Tank Terminal

Lee Geon-jong, CEO of Hyosung Chemical, stated, "Last year, we faced a major crisis amid continued losses and a high debt ratio, which made us keenly realize the need for change and improvement." Hyosung Chemical experienced capital erosion last year due to poor performance of its Vietnam subsidiary, resulting in a suspension of stock trading. Currently, the company has submitted documents to the exchange showing that the capital erosion has been resolved through the sale of its specialty gases business and is awaiting the resumption of trading.

Lee Geon-jong, CEO of Hyosung Chemical.

On the 31st, CEO Lee attended the regular shareholders' meeting held at the Hyosung Banpo Building conference room in Seocho-gu, Seoul, emphasizing the importance of a sound financial structure. In his opening remarks, he said, "Without a sound financial structure, securing a stable business structure is impossible," adding, "We have strived to focus on core businesses and eliminate inefficient elements through business restructuring." He also mentioned, "We have implemented cost reduction measures to stabilize cash flow." On the 28th, Hyosung Chemical transferred its Onsan Tank Terminal business unit to its holding company, Hyosung, for 150 billion KRW. The company is also pursuing the sale of its optical film and film business units.

CEO Lee said, "This year will be a very important year for Hyosung Chemical to take another leap forward," and announced, "To this end, all executives and employees have established the management policy of being a 'strong company united through change and innovation.'" He continued, "We will do our best to develop survival strategies for turning weaknesses into strengths by analyzing both, and we will focus all efforts on efficient fund management and strengthening the competitiveness of our products and services."

At the regular shareholders' meeting held that day, Hyosung Chemical will address the agenda items of ▲approval of the 7th financial statements ▲appointment of outside directors and audit committee members ▲approval of the directors' remuneration limit.

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