In 2019, CalSTRS identified Hyosung Corporation as potentially having ties to Iran and began the review process. Hyosung Corporation reportedly has an agreement with
Iran's state-run National Petrochemical Company to establish a polypropylene plant in Iran.
"Earlier reports had suggested that access to RP801, a type of polypropylene used in production of prefillable three-part syringes, including insulin syringes, had become difficult for Iranian manufacturers after South Korea’s industrial conglomerate Hyosung stopped exporting the material to Iran under increasing pressure from the United States." (Fars News, 12/30/2019).
"Hyosung Corp., South Korea's leading chemical and textile company, is accelerating its foray into Iran, a country rich in natural gas and oil reserves and dubbed as the gateway to other markets in the Middle East, Europe and Africa. According to chemical industry sources on Sunday, Hyosung recently signed a memorandum of understanding (MoU) with Iran's state-run National Petrochemical Company in the business of polypropylene (PP), thermoplastic polymer used in making plastic products and home appliance, products. The Korean company said it has been in talks with its Iranian counterpart to determine the feasibility of its PP business in the country, but has not made any conclusion yet. Industry experts expect Hyosung looking to expand its offshore manufacturing network would set up a PP production base in Iran. The company has inked an agreement with Vietnamese government to build a PP plant at a cost of $336 million in February last year." (Pulse, "Korea's Hyosung Eyes Polypropylene Base In Iran," 4/10/17).
"Representatives of Hyosung Corporation, a South Korean industrial conglomerate, visited Iran’s southern Mahshahr Special Petrochemical Economic Zone in Khuzestan province. A delegation from Hyosung Corporation toured Fajr Petrochemical Company (FPC) on Saturday in a bid to explore business and investment opportunities in the economic zone, Shana news agency reported." (Tasnim, "S Korean Delegation Visits Iran’s Southern Petchem Economic Zone," 07/24/2016).