[Special Stock] CS Bearing, Emerging as World's Top Wind Power Bearing Company... Moon: "Growth Foundation through 'Green New Deal'"

[Asia Economy Reporter Hyungsoo Park] CS Bearing is showing strong performance. President Moon Jae-in once again emphasized the importance of the Green New Deal, which appears to be influencing the stock price.

At 9:22 a.m. on the 27th, CS Bearing was trading at 10,550 KRW, up 13.98% from the previous day.

Founded in 2007, CS Bearing produces key components for wind turbines, such as 'pitch bearings' and 'yaw bearings.' These are ultra-large bearings with diameters exceeding 2.5 meters, requiring advanced technology to withstand high pressure and loads.

The global wind power market is dominated by GE, Vestas, Siemens Gamesa, and Goldwind. CS Bearing has been recognized for its technology by supplying bearings to GE. As a key partner of GE, it jointly develops products from the design stage of wind turbines. CS Bearing supplies 40% of GE's total bearing demand. At the time of its listing at the end of last year, the company expressed its ambition to become a global wind bearing company by strengthening its core competitiveness in the future energy sector, particularly the wind power market.

At the beginning of this year, CS Bearing established a new factory in Vietnam to meet the increasing demand for bearings amid the growth phase of the wind market. After establishing a Vietnamese subsidiary in July last year, the company built a factory on a 50,000㎡ site. CS Bearing aims to produce about 3,000 bearings annually at the Vietnam factory starting this year. Combined with the approximately 7,500 bearings produced at the domestic factory in Ham-an, Gyeongnam, the total production is expected to exceed 10,000 units.

President Moon Jae-in stated at the '2020 National Fiscal Strategy Meeting' held at the Blue House the day before, "We must prepare the 'Korean New Deal' for a new leap forward in the 'post-COVID-19 era' alongside overcoming the economic crisis," adding, "We will lay the foundation for sustainable growth through the 'Green New Deal,' which creates environmentally friendly jobs."

Expectations are rising for the third supplementary budget requested by President Moon. As it is anticipated to be larger than the first and second supplementary budgets, some predict it will be a 'mammoth supplementary budget' amounting to up to '30 trillion KRW + α (alpha)'.

This content was produced with the assistance of AI translation services.