LS Group Posts Record Revenue, Profit on Power-Sector Rebound; Expands Into Battery Materials

LS Group reported its strongest year ever for revenue and operating profit last year, aided by a rebound in the power sector. The group said sales reached about 45.07 trillion won and operating profit totaled about 1.49 trillion won, up 9.1% and 23.1% from the previous year, respectively.

The company said the results represent the highest revenue and operating profit since the group’s formation, underscoring a favorable cycle in its core businesses.

Officials attributed the gains to solid performance from its flagship units, LS Cable & System and LS Electric, which benefited from a global upswing in demand for power and electrical infrastructure.

To sustain growth, LS Group is expanding beyond its traditional power-infrastructure businesses into new areas. It is pursuing ventures in key mineral materials for batteries and electronics, including battery precursors and nickel sulfate, as well as rare-earth permanent magnets.

LS Group’s flagship affiliates include LS Cable & System, a global producer of cables and systems, LS Electric, which provides electrical equipment and automation solutions, and LS MnM, a group member involved in related activities. The company has signaled a broader push into core minerals and materials essential to energy transition technologies.

For U.S. readers, the report matters because American automakers and manufacturers rely on foreign suppliers for critical components of EVs and renewable energy systems. Korean firms like LS are key players in cables, electrical equipment, and now battery materials, which can influence supply chains, pricing, and timelines for U.S. production and procurement.

The move into battery materials such as precursors, nickel sulfate, and rare-earth magnets places LS in areas tightly linked to the global race to secure critical minerals and maintain robust EV and clean-energy supply chains. How quickly LS scales these new ventures could affect competition and investment in related U.S. markets.