Elpowertech CEO Seonggyu Choi and others receive the Order of Merit > Press release

61-Year-Old Trade Day Event, Power Equipment Companies Win Most This Year

HD Hyundai Electric and LS Electric Win $1 Billion and $900 Million Export Towers, Respectively

Elpowertech CEO Choi Seong-gyu Receives Bronze Tower Medal, Recognition of Many Electrical Workers' Merit

At the 61st Trade Day ceremony held on the 5th, Prime Minister Han Duck-soo (third from the right in the front row), Minister of Trade, Industry and Energy Ahn Deok-geun (second from the right in the front row), and Korea International Trade Association Chairman Yoon Jin-sik (fourth from the right in the front row) and other key figures are applauding and congratulating businesspeople who received export towers and medals. [Photo = Korea International Trade Association]

At the 61st Trade Day ceremony held on the 5th, HD Hyundai Electric received the $1 billion Export Tower Award and LS Electric received the $900 million Export Tower Award.

In addition, CEO Choi Seong-gyu of Elpowertech, a transformer specialist, received the Bronze Tower Order of Industrial Service Merit, showing that the power equipment industry achieved the most fruitful results in the 60-year history of domestic exports this year.

On this day, the government held the 61st Trade Day ceremony at COEX in Gangnam-gu, Seoul and awarded awards to those who contributed to the promotion of trade. This year, in order to encourage traders who achieved the best export performance ever, a total of 597 government awards were awarded.

In addition, the Export Tower Award was given to a total of 1,545 companies (20 large companies, 92 medium-sized companies, and 1,433 small and medium-sized companies) with good export performance.

The ‘Export Tower’ was first awarded in 1973 to commemorate the first company to achieve $100 million in exports (Hanil Synthetic Fibers), and this year, the highest tower, the $25 billion tower, was awarded to Kia.

This year, many companies in the power infrastructure sector in particular received the Export Tower and awards, reflecting the reality of unprecedented export boom. This is the first time in the 60-year history of exports that so many companies in the electric and energy sectors have been named as Export Tower and award recipients at a Trade Day event.

Domestic power infrastructure large and small companies have significantly increased their overseas exports thanks to the replacement of aging power grids in North America, expansion of new and renewable energy in the global market, and expansion of business in the Middle East and Southeast Asia.

Accordingly, HD Hyundai Electric was the first domestic power equipment company to receive the $1 billion Export Tower. From July 1 last year to June 30 this year, exports totaled $1.2451 billion, a 45.6% increase from the same period last year.

This is thanks to the continued solid growth in the North American and Middle Eastern markets, which recorded 113.2% and 98.1%, respectively, compared to last year's annual market sales through the third quarter of this year.

 Prime Minister Han Duck-soo is giving a congratulatory ceremony at the Trade Day ceremony held at COEX in Gangnam-gu, Seoul on the 5th. [Photo = Yonhap News]

In particular, with the completion of expansion of the Alabama production corporation (HD Hyundai Power Transformers USA) in July, the company is expected to further accelerate its conquest of the U.S. market, where demand for power equipment is rapidly increasing due to replacement of aging power grids and increased investment in data center facilities.