LS Group Looks to Secure Future Growth Engines Ahead of Others in CFE Era

Chairman Koo Ja-eun of LS Group sticks a badge on the chest of one of the year 2023 freshmen employees at LS Future Institute in Anseong City, Gyeonggi-do, on Jan. 19. Chmn. Koo has been managing “LS Futurists” to achieve the “Vison 2030.” (Photos: LS)

LS Group is accelerating efforts to explore new growth engines in an era of carbon-free electricity (CFE).

The business group is ramping up the competitiveness of mainstay businesses, such as electricity, electronics, material and energy sectors while exploring and nurturing new business with high future growth potential.

LS Group is also trying to communicate with partners, shareholders, customers and markets while endeavoring to grow and develop ESG management with society.

In particular, the business group, recognizing its own business opportunities to brace for the launch of the electrification era, has established strategies to treat ESG as a perspective of eco-friendliness, not simply risk management.

Each subsidiary of LS Group plans to explore and implement new business opportunities in the renewable energy and EV sectors by making the most of electricity infrastructure and comprehensive energy solutions sectors the business group has been engaged for a long period of time.

Koh Eui-gon, head of the Undersea Global Business Division at LS Cable & System (LS C&S) poses with Felipe Montero, project director of Hai Long Offshore Wind Power, after they struck a 150 million euro contract to supply undersea cables at LS Yongsan Tower last Dec. 9.

LS Cable & System (LS C&S) has recently landed large-sized projects to supply undersea cables in succession.

LS C&S announced a 400 billion won deal to supply HVDC cables to wind farm complexes in Vanguard, the North Sea of UK, last December.

The company has struck all agreements on HVDC undersea cable projects worth a combined 800 billion won, including a 200 billion won deal in Taiwan.

The value of all orders LS C&S won from North America, Europe and Asia in 2022 stood at about 1.2 trillion won.

The company is a vertical continuous vulcanizer (VCV), a 172-meter super high-rise cable production tower, at a plant in Donghae, Gangwon-do by investing about 260 billion won by 2025.

If the cable tower is dedicated in April, it will see its undersea cable production capacity surge 1.5 times compared to now.

LS ELECTRIC had won overseas orders in the electricity equipment, infrastructure buildup and automation sectors in success, including a 20 billion won signal system project related to a double-tracked railway line in Thailand the company landed last December.

LS e-Mobility Solution, an EV automotive subsidiary of LS ELECTRIC, is establishing a second production center in Mexico, after one was established in China last July.

The step is designed to make inroads into the North American EV market.

LS e-Mobility Solution will dedicate a plant with a floor area of 35,000 sq. meters in Durango this year, which is to build up lines of mass-producing core EV parts, such as EV relays and battery disconnect units by 2024.

The dedication of the Mexico plant, which will have an annual capacity of 9 million EV relays and 2 million BDUs by 2030, is expected to reap about 700 billion won in annual sales from the North American market.

LS MnM, the former ferrous metal company LS Nikko Copper of LS Group, held a name-changing ceremony and announced future growth strategies last Oct. 6.

As LS Corp. acquired a 100 percent stake in LS MnM, the latter became a subsidiary, fully owned by LS Group.

LS MnM is expected to have business synergetic effects with the business group’s subsidiaries using electrolytic copper as a major material.

LS MnM plans to have differentiation competitiveness by aggressively exploring material sectors, such as EV battery materials and photovoltaic power cell materials.