Lee Will Oversee Korean Steel Holding’s Endeavors In Groundbreaking Wind Power Agreements
SEOUL, South Korea, Feb. 14, 2022 (GLOBE NEWSWIRE) — Korean steel conglomerate SeAH Group (KRX: 003030.KS), one of the largest Korean steel pipe manufacturer, is proud to announce Lee Joo-sung as its new President & CEO, effective Jan. 02, 2022. Previously, Lee served as Senior Executive Vice President, overseeing strategic planning, new business development, human resource development, finance and production. Known as a clear-headed and transparent manager with a keen grasp of future opportunities, Lee helped guide the company to record earnings in 2021, positioning him to lead SeAH Steel Holdings.
After high school in Switzerland and education in the United States at the University of Chicago and Colombia University, where he obtained his MBA, Lee’s competency took him to Accenture and Merrill Lynch, where he further developed his expertise in M&A transactions, management consulting and strategy.
As Senior Vice President, Lee has combined his experience in financial institutions with his deep understanding of the steel industry, working to increase SeAH Steel’s competitive advantage in a global age. Known for his excellent insights on market environment, Lee continuously benchmarks global market analysis and global corporate cases to guide his decision-making. Lee is a trusted and effective manager, praised for his humble, caring attitude, and commitment to accountability and responsibility. SeAH Steel employees value and respect his initiative to work transparently and reasonably, and his time as Senior Executive Vice President is marked by clear decisions based on insights, fast execution and flexible organizational operation.
In 2020 and 2021, Lee led the company’s MOU and investment of 400 billion won to build the world’s largest monopile production facility for wind power in the United Kingdom. The facility in Able Marine Energy Park, located south of the Humber River in North Lincolnshire, will handle 160,000 tons of monopile production annually. The company expects to deliver concrete business results from this investment, made through SeAH Wind, a wholly-owned subsidiary of SeAH Steel Holdings, and will break ground on the plant in early 2023.
As a result of the UK investment, SeAH Wind signed a multi-million pound agreement to supply monopiles for Hornsea 3, an offshore windfarm, through technology exchanges with Denmark’s Ørsted, the world’s No. 1 offshore wind power generator. By 2030, offshore wind will be generating more than a third of the UK’s electricity, and SeAH will be positioned as a top player in the global market thanks to Lee’s foresight.
SeAH Steel was well positioned to lead this groundbreaking partnership after Lee identified offshore wind substructures as a crucial area of growth. The company has had a successful track record of supplying foundation structures for offshore wind substructures to Taiwan and other countries since 2017.
Lee also led the successful 2018 demerger of SeAH Steel Corp. The split, which divided the parent company into SeAH Steel Holdings to oversee investments and SeAH Steel to run manufacturing, improved the expertise and efficiency of domestic and foreign affiliates and increased management transparency by separating investment, management and manufacturing functions. Most importantly, this move, helmed by Lee, was a crucial move in strengthening the business’s global competitiveness by upgrading global strategic functions and establishing a more nimble structure that can make agile decisions.
Sunggyu (Billy) Lee
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