GS Group Chairman Hur Chang-soo (Photos:GS Group)

GS Group Chairman Hur Chang-soo says his group will devote itself to exploring future businesses and strengthening its current business portfolios.

In his New Year’s message, GS Group Chairman Hur Chang-soo told his executives and staff to wisely overcome hard business conditions and make GS a sustainable company. He made the remarks at the 2016 GS New Year’s gathering to kick off the new business year, which attracted some 150 group executives and staff members, at the GS Tower in Nonhyeon-ro, southeastern Seoul, on Jan. 4.

To this end, Chairman Hur stressed thee management strategies — securing profitability and establishing a foundation for growth; exploring promising businesses and strengthening business portfolio; and establishing a corporate culture with a virtual cycle of attracting gifted manpower. 

“This year the global economy will maintain a low growth rate, and such external business conditions as expanded crude oil price and foreign exchange fluctuations are forecast to be volatile, while such uncertainties of the Korean market as rising household debts and weak consumer sentiment is on the rise,” he said.   

Chairman Hur first stressed the importance of securing profitability and establishing a foundation for sustainable growth. “A company earning a stable profit regardless of any business situation is the one with the right stuff and competitive edge,” said the chairman, adding, “To this end, we have to tide over external business changes and secure a capacity to manage a crisis.”

“We should offer new values to customers by grasping their changes and responding to them nimbly and swiftly,” the chairman said. He added that GS will have to push for innovation to raise unit price competitiveness and boost efficiency internally.

Chairman Hur also called for GS Group to explore promising businesses and strengthen its current business portfolio. He urged his executives and staff members to explore future businesses, targeting one or two decades and securing profitability. He also called for timely readjustments to the group‘s future direction by taking an in-depth look into future technologies, industrial trends and business environment changes. 

GS Caltex’s plant in Yeosu.

GS to Explore Composite Materials as Future Growth Engine

GS Group plans to ramp up the competitiveness of its mainstream businesses, including energy, distribution and construction this year as part of its efforts to rise to a “super world-class company” for more than 100 years.  

GS Caltex plans to anticipatorily cope with management environment changes amidst such uncertainties as the sagging global economy, drastic crude oil price fluctuations, and cut-throat market competition. It will promote sustainable growth by improving financial soundness by raising profits. 

GS Caltex plans to raise competitiveness and profitability in such key businesses as petroleum, petrochemical while exploring such R&D areas as biochemical and composite materials as a foundations for sustainable growth.