LS Group posts record 2024 results, expanding rare-earth magnet plans in the U.S.
South Korea’s LS Group says 2024 was a record year for sales and operating profit, boosted by a global surge in power-infrastructure projects and AI data-center deployments. The group, which includes LS Cable & System, LS Electric, and LS MnM, reported that its major affiliates would post about 45.72 trillion won in revenue and 1.488 trillion won in operating profit for 2025, up from the previous year. The group also said it carried a backlog of more than 12 trillion won from orders in the United States and Europe, underscoring a strong mid- and long-term growth outlook.
Two core units, LS Cable & System and LS Electric, led the revenue growth by expanding orders in global power grids and AI data-center infrastructure. Their pipelines include high-voltage direct current cables, subsea cables, high-voltage transformers, distribution boards, and other transmission and distribution equipment, enabling end-to-end grid solutions for customers in North America and Europe.
LS MnM, the group’s materials unit, benefited from copper price gains, lifting sales, while profits rose on sulfuric acid and precious metals sales. Other key subsidiaries—LS Mtron, E1, and INVENI—also posted higher profitability from stronger performance in North American mold-press markets, improved LPG trading results, and expanded investment-focused earnings.
In a bid to diversify beyond traditional electrical components, LS is accelerating a battery-materials push. LS MnM and LS L&F Battery Solution are constructing facilities to produce battery precursors and nickel sulfate at Korea’s Saemangeum and Onsan national industrial complexes, helping to build Korea’s domestic battery-materials supply chain for electric vehicles and other energy-storage applications.
LS is also pursuing a strategic collaboration to establish a rare-earth permanent magnet plant in the United States, in partnership with Virginia. Permanent magnets are critical for electric motors in EVs, wind turbines, robotics, aerospace, and related high-tech sectors, making the project notable for U.S. supply chains and defense-related manufacturing.
Over the next five years, LS plans about 7 trillion won of domestic investment and 5 trillion won overseas, aiming to grow its asset base to about 50 trillion won by 2030 as part of its Vision 2030 plan. The company says the push will reinforce a future-oriented portfolio spanning power infrastructure, advanced materials, and high-value manufacturing.
LS also noted that current Middle East conflicts have not significantly affected its results, given the relatively small exposure of its business to that region. Still, executives said the company expects reconstruction opportunities to emerge after major wars end, potentially expanding demand for upgraded infrastructure and related services.
Why this matters to U.S. readers: LS Group’s expansion mirrors broader global trends in grid modernization, renewable energy deployment, and AI-driven data centers that are central to the U.S. economy. Their HVDC and submarine-cable work aligns with North American and European efforts to modernize power transmission and secure digital infrastructure. The push into battery materials and rare-earth magnets touches on crucial U.S. supply-chain interests for EVs, wind energy, defense, and aerospace, where Washington is signaling a focus on domestic production and diversified sources. Finally, the potential for joint ventures and manufacturing investments could shape technology and industrial partnerships between U.S. and Korean companies in critical areas like magnets, batteries, and grid hardware.