"Let's Receive It Again This Year" On-Site Encouragement in October
Honored with the Fifth Export Tower Award
LS Electric received the '900 Million Dollar Export Tower' award in celebration of the 61st Trade Day this year. This achievement was made by the executives and employees who met the goal set by Koo Ja-kyun, CEO of LS Electric, who said, "Let's win the award again this year," following last year's 700 Million Dollar Export Tower award.
On the 5th, LS Electric announced that it received the 900 Million Dollar Export Tower award at the 61st Trade Day event hosted by the Korea International Trade Association held at COEX in Samseong-dong, Gangnam-gu, Seoul. Its subsidiary, LS Metal, also received the 100 Million Dollar Export Tower award.
The Export Tower award is given to companies that achieve export performance exceeding 1 million dollars (approximately 140 million KRW) and surpass their previous export records. The award is based on export performance from July 1 of the previous year to June 30 of the current year.
LS Electric recorded overseas sales of 907.68 million dollars (approximately 1.3 trillion KRW) from the second half of last year to the first half of this year. This represents an increase of about 18% compared to the same period last year (767.06 million dollars, approximately 1.1 trillion KRW). The proportion of overseas sales, which was 46.5% in the second half of last year, expanded to 50.3% in the first half of this year.
Starting from 2005 with 200 million dollars, LS Electric has received its fifth Export Tower award by surpassing 300 million dollars in 2007, 500 million dollars in 2013, 700 million dollars last year, and now 900 million dollars within one year.
Earlier, on October 2, CEO Koo unexpectedly appeared at the LS Electric PR exhibition hall on the 11th floor of LS Tower in Yongsan, Seoul, and instructed to narrow the spacing between the four Export Tower awards previously received to create a 'new place' for the latest award. Right after the 50th anniversary event of LS Electric on September 30, he conducted an on-site inspection and encouraged the members by saying, "Let's win the Export Tower award again this year."
The company explained that the increase in export performance of power infrastructure to North America, recognized as the world's largest market, enabled them to receive the Export Tower award. They stated that they are continuing to secure orders in North America based on their total solution competitiveness covering everything from power transmission to distribution. They are also actively expanding into the energy storage system (ESS) and renewable energy markets worldwide, not just in North America.
LS Electric reported that North American export performance accounted for half of the export tower recognized performance. This was the result of strong orders for power equipment projects following the establishment of local factories in the battery, electric vehicle, and semiconductor sectors, which are the main businesses of the LS Group.
With the increasing demand for ultra-high voltage power equipment, they achieved results by dealing with customers such as North American investor-owned utilities (IOUs), renewable energy, and data center markets. The ESS solution business performance also increased.
In Europe, the volume of power equipment distribution targeting the renewable energy market centered on Spain increased. Business opportunities are also being created in the power system market.
An LS Electric official said, "As a result of focusing on business expansion worldwide, including Southeast Asia, the Middle East, and Europe, along with the favorable North American power infrastructure market, we continue to achieve quantitative and qualitative growth in exports." He added, "We are actively expanding capacity through our own investment to respond to demand in the power transmission and transformation market." He further stated, "LS Electric also has strengths in the distribution market, which is expected to grow in the mid to long term, alongside the power transmission and transformation market. We will grow faster and longer in the global market."
Meanwhile, LS Metal, which manufactures copper and stainless steel pipes, expanded its business areas beyond the United States, which was limited before the COVID-19 pandemic, to India, Thailand, the Middle East, and Spain, achieving overseas sales of 103 million dollars (approximately 145 billion KRW) from the second half of last year to the first half of this year.
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