[New Year's Message] Gu Ja-yeol, Chairman of LS Group, "Seize Opportunities After Crisis, Leap to a Sustainable Growth Company"

"Return to Basics, All Members Must Actively Practice Social Values... Emphasizing 'Haehyeon Gyeongjang (解弦更張)'"

Koo Ja-yeol, Chairman of LS Group

[Asia Economy Reporter Ki-min Lee] Koo Ja-yeol, Chairman of LS Group, stated in his New Year's address on the 4th that we should do our best to seize opportunities after the COVID-19 crisis and leap forward as a company capable of sustainable growth.

In particular, he emphasized 'Haehyeon-gyeongjang (解弦更張)' with the intention of returning to basics and encouraging all members to actively practice social values. Haehyeon-gyeongjang is an idiom meaning to tighten the loosened strings of a geomungo again to restore its original sound.

LS Group usually holds a 'New Year's Greeting Ceremony' every year at the main auditorium of the LS Tower in Anyang, gathering the group chairman, presidents, and employees, but this year it was replaced by a video New Year's address from Chairman Koo Ja-yeol to prevent the spread of COVID-19.

Chairman Koo expressed gratitude for the dedication and efforts of all LS Group employees last year, saying, "Despite the unprecedented situation of the COVID-19 pandemic that made corporate activities very difficult, we achieved meaningful results both big and small thanks to the commitment of our employees."

However, he noted, "Last year, with restrictions on domestic and international travel and the global economy virtually at a standstill, our globally oriented activities faced limitations. Although there is hopeful news about the development and distribution of COVID vaccines this year, the current sluggish economy is unlikely to reverse in the short term."

Chairman Koo added, "Economic and financial risks may materialize, especially in emerging countries with weak finances, and due to excessive liquidity and future uncertainties, volatility in real assets and currencies is expected to reach its peak."

He identified four key goals for this year: ▲ generating cash to prepare for uncertainties and promote future-leading new businesses ▲ achieving visible results in future growth businesses such as renewable and eco-friendly energy ▲ securing independent business capabilities for overseas subsidiaries ▲ accelerating the transformation of operational systems through digital transition activities.

Furthermore, Chairman Koo said, "Recently, many companies are pursuing ESG management centered on environment, society, and governance as a sustainable strategy. As manufacturing is core to LS, each member must once again return to basics and actively practice these social values to secure LS's future and become a company respected and loved by all."

He concluded by emphasizing, "To this end, please encourage one another this year while remembering the phrase Haehyeon-gyeongjang, which means tightening the loosened geomungo strings again to restore the original sound."

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