Hyosung Heavy Industries Shareholders' Meeting Rejects Articles of Association Amendment Proposal

Hyosung Heavy Industries' proposal to amend its articles of association, including changes to director qualification requirements, was rejected at the shareholders' meeting. Consequently, the appointment of Park Jong-bae as an outside director, which was linked to the amendment, was also shelved.

Woo Tae-hee, CEO of Hyosung Heavy Industries, announced plans to secure new growth engines through AI-based new business and product development. The company aims to enhance business competitiveness and improve operational efficiency by strengthening its enterprise-wide AI utilization capabilities and execution foundation.

Hyosung Heavy Industries held its 8th regular shareholders' meeting on March 19 at the Hyosung Building in Mapo-gu, Seoul. At the event that day, CEO Woo stated that the company would focus on increasing the stability of global production bases and supply chain operations, while strengthening quality standards and production management capabilities.

Last year, the power equipment division pursued expansion of its global market presence. CEO Woo explained that the company enhanced its timely supply capacity and quality competitiveness in response to increased power demand driven by the spread of artificial intelligence. In the construction sector, the company maintained business stability through risk management and selective order strategies amidst a challenging business environment including economic slowdowns both domestically and internationally, and rising costs. Considering the characteristics of long-term order-based industries, Hyosung Heavy Industries responded to environmental changes directly impacting profitability.