In 2018 the U.S. state of Ohio listed LS Industrial Systems Co., Ltd. on its list of entities determined to be engaged in prohibited activities in Iran rendering LS Industrial Systems Co., Ltd. ineligible for investment and/or state contracting.
"A group of top Korean business tycoons -- including SK Group chairman Chey Tae-won, GS Group chairman Huh Chang-soo and LS Group chairman Koo Cha-yol -- flocked to the promising Iran market Monday in an attempt to explore new business opportunities in many sectors ranging from energy to infrastructure construction. They landed in Teheran, capital of the oil-rich Middle Eastern country, with the Korean economic delegation composed of representatives from 236 companies and institutions. The delegation is accompanying President Park Geun-hye who is on a three-day state visit to Iran until Tuesday… LS Group, a global leading power cable supplier, said the group head has an interest in exploring power-related infrastructure restoration and construction projects. In contrast with the cautious approach of corporates about striking business deals in a new market full of uncertainties, the Korean government was confident that trade and investment with Iran will be lifted to the pre-sanction levels. 'The two heads of state agreed on cooperation and exchanges both in economic and noneconomic areas,' Cheong Wa Dae said in a statement released after the historic summit meeting between President Park and her Iranian counterpart Hassan Rouhani. In the economic sector, private and public corporate delegation members are expected to sign memoranda of understanding for 66 infrastructure-related construction projects ranging from rails to power plants to hospitals. In return for hiring Korean contactors, Seoul has a plan to increase its daily crude imports from Iran to around 280,000 barrels from 115,000 barrels last year." (The Korea Herald, “Tycoons in search of growth in Iran,” 5/2/2016)