LS Group celebrated its 20th anniversary Nov. 11.
The business group aims to grow into a company that will see assets soar to 50 trillion won by 2030. It aims to achieve that by hitting the gas to explore new businesses, such as the battery, EV and semiconductor sectors.
In his message on the LS Group’s official YouTube channel, “LS TV,” on Nov. 10, Chairman Koo Ja-eun said, “LS is now a 20-year-old youth in the most dynamic and challenging age, and let us overcome the current hard conditions and go for achieving the vision.”
“If LS focuses on future opportunities, aided by the challenges the group overcame for the past 20 years, any rough crisis will be overcome,” Chairman Koo said.
He said, “LS Vision 2030, calling for growing a core partner that will lead carbon-free electricity (CFE), will be a guide that will take us to the sustainability of the future.”
Early this year, Chairman Koo revealed the Vision 2030, calling for nurturing new businesses, such as the battery, EV and semiconductor sectors by investing a combined 20 trillion won by 2030 and growing into a company with assets more than 50 trillion won.
The new growth engine businesses, selected by LS Group for spearheading CFE, include eco-friendly power generation, such as wind power and photovoltaic power, transmission and distribution solutions, such as undersea super-voltage cables, and CFE distribution business.
LS Group plans to concentrate on materials businesses, such as nickel sulfate, precursor and battery recycling, as well as EV parts solutions and manufacturing automation businesses.
Chairman Koo Ja-eun took office in January 2022 following the footsteps of former chairman Koo Ja-hong and ex-Chairman Christopher Koo.
Incumbent Chairman Koo has been hitting the gas to pursue dexterous management - implementing the conventional mainstay businesses, such as electric, power and materials while maximizing synergetic effects of future new businesses,
LS Group recently acquired the underseas construction company KT Submarine, currently LS Marine Solution.
The group decided to pour 1.84 trillion won into the Saemangeum Industrial Complex to implement the secondary battery business project.
Notables, including LS MnM Vice Chairman Doh Suk-goo and Ulsan Mayor Kim Doo-gyeom, attend a ceremony to strike an MOU in which LS MnM agreed with Ulsan City to invest into a new facility to produce high-purity metal compounds for use in secondary batteries on Nov. 23.
LS Group is accelerating efforts to realize the future vision by establishing LS-L&F, a joint-venture battery solution company with L&F. LS Group saw assets surge to 29.5 trillion won in 2022, a six-fold jump from 5.1 trillion won in 2003 when the group was inaugurated.
The number of the group’s subsidiaries jumped from 12 to 59 during the same period. LS Group saw the number of overseas operations jump to 100 from 16 when it was established.
The business group’s financial business performance was outstanding.
The business group saw sales surge to 36.3 trillion won in 2022, a 491 percent jump from 7.4 trillion won in 2003 and operating profit snowball to 1,198.8 billion won in 2022, a 344 percent surge from 348 billion won during the same period.
Combined capitalization of the business group’s eight subsidiaries, including LS Corp., soared to 7.6 trillion won, a nine-fold jump from 800 billion won in early 2003.