‘LS Group Aims to Secure 50 Trillion Won in Assets, Two-Fold Growth by 2030’

LS Group Chairman Koo Ja-eun speaks at a New Year’s event and a ceremony to declare a new vision for the company at LS Tower in Anyang, Gyeonggi-do, on Jan. 2. (Photos: LS Group)

LS Group Chairman Koo Ja-eun delivered his New Year’s message in which he revealed a plan to raise the size of its assets to 50 trillion won by 2030.

At a New Year’s event and ceremony to declare a new vision for the company at LS Tower in Anyang, Gyeonggi-do, on Jan. 2, Chairman Koo said, “We’ll be reborn with a global market leader group with 50 trillion won in assets, two-fold growth, by 2030.”

To this end, he said LS Group will invest 20 trillion won over the next eight years. LS Group will concentrate on nurturing the carbon pollution-free electricity (CFE) sector.

Chairman Koo said, “The world’s common task for the next 30 years can be summed up as ‘net zero,’ and the core of net zero is CFE.”

Koo said, “The transition to an era of CFE will serve as an another opportunity for our LS, which has mainstay businesses such as electricity and energy industries.”

Chairman Koo selected six new growth engine businesses to lead the CFE sector: CFE power generation business (wind power, photovoltaic power and ESS); hydrogen value chain business (infrastructure, storage, and distribution); transmission/distribution solution business (undersea and super high voltage cable); CFE distribution business (virtual power plant, power demand management and RE100); data-based platform business (power infrastructure optimization management); and telecom solution business (communications cables).

Chairman Koo also spoke of the growth potential of the battery, EV and semiconductor sectors.

Koo said, “Let’s provide core technologies and solutions to customers in the secondary battery materials businesses, including nickel sulfate, precursor and recycling, EV parts and solution business and manufacturing automation and injection solution businesses.”

LS Group Chairman Koo Ja-eun looks at ‘Plus Spot’ service platform on display at the booth of LG Electronics at CES 2023 in Las Vegas on Jan. 6.

LS Group’s massive investment may be construed as the group’s bid to take the bull by the horns by making massive investments to overcome a crisis, unlike most companies which have entered a retrenchment mode.

The investment plan may be also interpreted as Chairman Koo’s signal to actualize in earnest his two-pronged management approach, including a focus on advanced technologies in conventional mainstay businesses, such as electricity and materials.

Business sources said LS Group is forecast to log the best-ever business performance last year. FnGuide reported that LS Corp., the holding company of LS Group, is predicted to post 17,124.3 billion won in sales and 687.3 billion won in operating profit last year.

The figures represent a 31 percent surge and a 44 percent jump, respectively.

LS Cable & System is the leader of the group’s subsidiaries, which have made outstanding achievements.