SEOUL, South Korea (May 27)—Hyosung Corp., is investing $70 million to expand and upgrade its spandex production facility in Guangdong, China. The expansion is to meet growing local demand for the urethane fibers, which currently is running at 60,000 metric tons annually. Hyosung's spandex project is part of a $345 million overseas investment plan launched May 23 by the South Korean group. The program is focused mainly on China and also includes a $30 million investment to build a tire cord plant in the country's Zhejiang province. Hyosung is the world's second largest spandex maker after DuPont.