GS Group Chairman Heo Tae-soo (pictured) said in his 2025 New Year’s address, “The business environment, including the domestic and international economy, is expected to become more difficult,” and emphasized, “All GS members must develop capabilities to respond to rapid changes and strengthen their internal stability.” .
GS Group announced that it held a GS New Year executive meeting at GS Tower in Yeoksam-dong on the morning of the 3rd, and that Chairman Huh personally gave a presentation on the new year’s management policy. The announcement on this day was disseminated to all group companies online.
Chairman Huh began by saying, “This year will be a more difficult year than last year due to the global economic downturn, geopolitical risks, threats from the petrochemical industry, exchange rate fluctuations, and inflation.”
He presented various indicators showing a gentle downward curve after the brief boom during the pandemic, saying, “Although low margins are expected to continue for the time being, GS Group has been preparing for difficult times with a longer period of time,” adding, “At the same time, we are solidifying our internal stability.” “We must boldly take on future business and M&A (merger and acquisition) opportunities,” he said.
Chairman Huh said, “Our group’s affiliates have been actively responding to changes in the business environment and increasing their competitiveness.” GS Caltex noted that despite falling refining margins, it sought to improve process efficiency and promoted new businesses such as low-carbon and biofuels, while GS Energy strengthened its competitiveness in the energy sector by securing LNG and hydrogen energy resources. In addition, power generation companies such as GS EPS and GS E&R are responding quickly to changes in the electricity market, contributing to the country’s stable power supply and demand, and actively working to switch to eco-friendly fuels.
Chairman Heo continued, “GS Retail has implemented a customer-centered strategy by utilizing convenience stores, supermarkets, and home shopping channels in the increasingly competitive distribution market, while GS Engineering & Construction has developed its core capabilities by focusing on safety and customer experience.” He added, “Parnas Hotel “We are securing future growth engines through workplace remodeling and preparation for new businesses,” he said.
He emphasized that we should speed up the eco-friendly, digital transformation (DX) that is spreading across the group companies. He said, “We are creating eco-friendly and digital-oriented businesses such as GS Entech’s offshore wind power infrastructure business and GS Wind Power’s power generation forecasting system,” adding, “Furthermore, we are developing industrial bio, EV (electric vehicle) charging, VPP (virtual power plant), and circular economy.” “Please accelerate the materialization of new businesses based on technologies accumulated in the fields of renewable energy, new energy, and CCUS (carbon capture, utilization, and storage).”
He diagnosed that digital transformation (DX) and open innovation are creating positive changes in the field. Chairman Huh said, “In the new year, we look forward to exploring new business opportunities with digital ideas discovered in the field, and to creating innovative businesses that can create strong synergies through collaboration between various affiliates.”
Lastly, Chairman Heo said emphatically, “There are crises and difficulties ahead of us, but this is also an opportunity for good investment.” He emphasized, “If we build capabilities for growth in existing businesses and boldly take on opportunities amid change, we will be able to happily welcome the coming boom.”
Reporter Oh Hyun-seung hsoh@segye.com
Source: www.segyebiz.com
