Chairman Koo Ja-kyun announces strategic shift at shareholder meeting aiming to lead global power market with advanced solutions
Chairman Koo Ja-kyun of LS ELECTRIC is presiding over the 52nd regular general meeting of shareholders at LS Tower in Anyang on the 26th. (Photo, provided by LS ELECTRIC)
Chairman Koo Ja-kyun of LS ELECTRIC stated on March 26, “We will seize leadership in the ‘hyper super-cycle’ era and use it as an opportunity to make a quantum jump to become the global No. 1 company.”
At the 52nd regular general meeting of shareholders held at LS Tower in Anyang, Gyeonggi Province, on the same day, Koo said, “LS ELECTRIC has already secured world-class power distribution technology and a business foundation,” and added, “We are evolving beyond a company that simply supplies power equipment into a platform company that takes responsibility for the entirety of power operations.”
LS ELECTRIC posted record results last year with sales of 4.9658 trillion won (approximately $3.3 billion) and operating profit of 426.4 billion won. North American sales surpassed 1 trillion won. The company has secured an order backlog of more than 5 trillion won, and expectations for long-term growth are rising through sustainable profit generation.
The industry sees the power market as entering a hyper super-cycle phase, as the distribution market expands beyond the traditional transmission-and-substation-centered cycle due to the growth of data centers and distributed energy resources.
In the distribution field, LS ELECTRIC is rapidly expanding its global market leadership by leveraging differentiated competitiveness.
Koo emphasized, “With the rise of artificial intelligence (AI) data centers, industrial electrification, and the spread of distributed energy resources, distribution is moving to the center of the power industry,” and added, “By expanding our scope from equipment to solutions and platforms, LS ELECTRIC will establish itself as a company that leads the market.”
He identified the United States as a core strategic market globally. LS ELECTRIC plans to foster the Texas ‘Bastrop Campus’ as an integrated base for production, technology, and services, and to strengthen its local production base by promoting an expansion of production facilities for power distribution panel solutions at Utah’s MCM Engineering II.
To strengthen its responsiveness in the North American market, LS ELECTRIC has finalized mid- to long-term investment plans and is focusing on expanding production capacity and supply chains. The company aims to further solidify its market leadership by building an end-to-end system that spans design, production, delivery, and operation.
Koo also presented market-tailored global strategies. The company plans to expand its business in Europe and the Middle East centered on demand for extra-high voltage and renewable interconnections. In Asia, it will focus on transforming the region from a sales market into a global production and supply base, accelerating market expansion through a ‘global multi-axis strategy.’
He cited conversion to direct current (DC) as a key axis that will reshape the future power market. The trend toward higher power in AI data centers and the expansion of renewable energy are accelerating the shift to DC-based power architectures, and industry discussions on standardizing DC distribution are also gaining momentum.
The company is also accelerating efforts to secure market leadership in the high-voltage direct current (HVDC) field. Leveraging the technical capabilities and project execution experience accumulated as a current-source HVDC operator, LS ELECTRIC is establishing itself as a key player in building the “West Coast energy highway.”
Koo stressed, “Starting with the West Coast energy highway, we will also secure leadership in the global HVDC market,” and added, “We will secure voltage-source HVDC technology as well and leap forward as a market-leading operator.
Jung Suk-yee
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