LS Cable & System struck a contract to supply super high-voltage undersea cables on a preferential basis with Ørsted, a Danish off-shore wind power developer, last Dec. 24. LS C&S officials talk with Ørsted officials via telemeeting. (Photos: LS C&S)

LS Group is redoubling efforts to expand its power infrastructure and smart energy businesses. To this end, the group is ramping up competitiveness through the supply of technologies and expanding investments.

The group said all of its subsidiaries are pursuing innovation in the supply of their core raw materials, parts and equipment as well as technologies, so as to focus on power infrastructure, smart energy and digital transformation.

In his New Year’s message, LS Group Chairman Christopher Koo called for LS Group’s overseas corporations to secure their own business capabilities by becoming more stabile and ramping up competitiveness.

LS Cable & System (LS C&S) dedicated a power cable plant in Egypt in January to raise its export competitiveness, partly by securing an edge in price through local production.

Last October, LS C&S expanded investments by dedicating an additional power, telecom cable and parts plant at its Indian production operation, a step to redouble its telecom parts production capacity.

The efforts by LS C&S have paid off. The company landed undersea cable orders worth more than 1 trillion won in places such as Taiwan, the United States and the Netherlands between 2019 and 2020.

LS C&S struck a five-year contract to supply super high-voltage undersea cables on a preferential basis with Ørsted, a Danish off-shore wind power developer, last December.

As core materials like aluminum are expected to take center stage in a race to lighten EVs, LS C&S signed MOUs to supply aluminum cables for EVs with Japanese companies and has started mass production.

LS LS C&S won a 100 billion order to supply electricity cables to Singapore last year. Employees with C&S’s plant in Gumi transport cables, to be shipped abroad.

LS ELECTRIC announced “Vision 2030” to expand its global business.

The plan calls for at least 10 percent annual growth in the next 10 years and raising the portion of the global business in its portfolio to more than 70 percent by 2030. New digital business should account for over 50 percent.

LS-Nikko Copper is pursuing innovation through smart factories, while LS Mtron, specializing in industrial machineries and advanced parts, is strengthening its overseas business capabilities by expanding networks and trading by making overseas branches business centers.

E1, an eco-friendly LPG company and an intermediate holding company of LS Group, established E1 Solar, a subsidiary specializing in the renewable energy generation business.

E1, which inaugurated a renewal energy private-sector power generation business team in early 2020, dedicated an 8MW photovoltaic power plant in Jeongseon, Gangwon-do, in June 2020.

E1 is expanding the photovoltaic power generation business using its LPG storage center and charging station sites.

E1 is expanding its renewable energy business portfolio through Yeongweol Eco Wind in which E1 has a 29 percent stake.

The step is designed to diversify its business portfolio from LPG-centered one to new businesses.
Senior Executive Vice President Koo Bon-hyuck of Yesco Holdings was promoted to president last December, a move to groom him as a third-generation heir-apparent.

He is the eldest son of the late LS Nikko-Copper chairman Koo Ja-myung.