Major Business Groups to Tackle Crises through Qualitative Growth

Many of the New Year’s addresses of major business groups for this year revolved around the awareness of crises and determination to beat them, reflecting the harsh business conditions of last year. They focused on their goals to further globalize themselves as well, while declaring the pursuit of both qualitative and quantitative growth at the same time, in order to be resistant to challenges from without. 

The SK Group held a kick-off meeting on January 2 and expressed its commitment to reach 300 trillion won (US$285 billion) in enterprise value this year. “Last year, we achieved business results that were on the face comparable to the previous year’s, but most of the subsidiaries had a sluggish year with the only exception of the semiconductor arm,” said Kim Chang-keun, head of the SK SUPEX Committee. He continued, “Under the circumstances, each of them will have to shore up autonomous and responsible management to create greater values and reach 300 trillion won in enterprise value.”

LG Group Chairman Koo Bon-moo, in the meantime, asked his employees to accomplish more with market-leading products and accelerate the growth of new businesses to be the global number one. LG Electronics Vice Chairman Koo Bon-joon echoed by saying, “This year is a critical juncture for us. We need to tide over the crisis and continue our growth by means of the maximization of structural efficiency, a stronger initiative, and our own way of working.” LG Chem Vice Chairman Park Jin-soo added, “Let’s offer our customers and clients with differentiated values based on advanced technology and perfect product quality, and continue leading the market.”

POSCO Chairman Chung Joon-yang delivered his New Year’s address on that day, too. “This year, we will concentrate on business that guarantees higher profitability, while making more efforts to manage global business risks, promoting the growth of our core businesses and redoubling our soft competitiveness in step with the opening of the era of the creative economy,” he mentioned. 

Chairman Heo Chang-soo of the GS Group stressed the importance of the preparation for future growth through corporate innovation. “We have been engaged in various activities to be resistant to harsh global business conditions and achieved significant quantitative growth,” he said, continuing, “We have ensured new growth drivers by deciding to acquire STX Energy and so on, and now all of the subsidiaries in the group will create synergy through organic cooperation.”

Hanjin Group Chairman Jo Yang-ho suggested “one mind” as his key words for this year. “Let’s stick together and arm ourselves with one mind to tackle the current crisis,” he said. Hanjin Shipping Chairman Choi Eun-yeong added, “Last year, we could get over the liquidity crisis and bring our business back to normal by dint of multifaceted self-help plans and financial support. We cannot deny that the long-lasting recession has weakened our fundamentals at least to some extent, but we, as a team, will turn the crisis into an opportunity this year.”