SK Group of South Korea is scheduled to hold a two-day strategy meeting starting this Friday, aimed at reviewing and streamlining its business structure, while concentrating resources on developing key technology areas such as artificial intelligence, chips, and batteries. This move reflects the strategic adjustments made by the group to cope with increasingly fierce market competition and constantly changing industry trends.

SK Group, as the second largest enterprise group in South Korea, has a wide range of business scope, but has also faced some challenges in recent years. According to data from the Korea Fair Trade Commission, as of May, SK Group has 219 companies, ranking first among 88 Korean enterprise groups. However, this extensive business layout also brings management challenges, especially in some non core business areas where losses have occurred, such as the electric vehicle battery department.

At the end of last year, SK Group experienced a series of high-level changes, with four senior executives resigning one after another, which prompted the group to start reassessing its business strategy. Especially SK Hynix, the company with the strongest profitability under its umbrella, suffered severe losses last year, further exacerbating the financial pressure on the group.

To address these challenges, SK Group plans to clarify its future development direction through strategy meetings. It is reported that the meeting will focus on discussing how to streamline business and concentrate resources on developing key technology areas such as artificial intelligence, chips, and batteries. These areas are seen as important driving forces for future economic growth and are also crucial for SK Group to achieve long-term sustainable development.

In the field of batteries, SK Group owns SK On, the largest refinery and battery manufacturer in the country. In order to support the development of SK On, SK Group is considering merging its parent company SK Innovation with natural gas related company SK E&S. This measure is expected to provide SK On with more resources and support, helping it improve its financial situation and enhance competitiveness. However, SK Group has not yet made a final decision on the merger matter.

In addition, SK Group may also carry out other business integrations. According to the Korean Economic Daily, the group is considering merging the industrial gas departments of builders SK EcoPlant and SK Materials. This measure aims to optimize resource allocation, improve operational efficiency, and enhance the competitiveness of related businesses.

Faust Technology focuses on the field of power devices, providing customers with power devices such as IGBT and IPM modules, as well as MCU and touch chips. It is an electronic component supplier and solution provider with core technology.