LS Cable Value-Up Day Held on the 5th
Koo Bon-gyu: "Completed Portfolio in the US, Europe, and Asia"
LS Cable & System has declared its goal to achieve sales of 10 trillion KRW by 2030. The company plans to increase its sales, which reached over 6 trillion KRW last year, by nearly 1 trillion KRW annually. It aims to strengthen sales and profitability by focusing on submarine cables and data center (IDC) solutions as core growth engines. In particular, after completing a submarine cable factory in the United States by 2027, the company plans to surpass major competitors in Europe and Japan to strengthen its dominance in the global market.
Koo Bon-gyu, CEO of LS Cable & System, is delivering a welcome speech at the 'LS Cable & System Value-Up Day' event held on the 5th at the FKI Tower in Yeouido, Yeongdeungpo-gu, Seoul. [Photo by LS Cable & System]
On the 5th, LS Cable & System held a 'Value Up Day' event at the FKI Tower in Yeouido, Seoul, where it unveiled this growth strategy. The event was attended by key executives including CEO Koo Bon-gyu, as well as representatives from subsidiaries such as LS Eco Energy, LS Marine Solution, and LS Materials.
LS Cable & System's strategy is to grow into a top-tier global company by increasing the supply of high-voltage direct current (HVDC) systems used in long-distance power grids and offshore wind farms. Currently, there are only six major HVDC suppliers worldwide, including LS Cable & System and companies from Europe and Japan. Based on the U.S. factory scheduled for completion in 2027, LS Cable & System plans to become the largest submarine cable supplier in the United States.
As part of its HVDC business, LS Cable & System has been increasing orders and facility investments since securing a 2 trillion KRW contract last May from TenneT in the Netherlands to supply HVDC cables for offshore wind farms in the North Sea. Once the U.S. factory is completed, the company plans to become the largest submarine cable supplier in the U.S. market. This will accelerate its penetration into the U.S. and European markets, boosting company sales and profitability.
On this day, Ko Eegon, Senior Executive Vice President of the Submarine Global Sales Division, stated, "Our goal is to achieve 1 trillion KRW in sales from the submarine business alone by 2027, and 1.8 trillion KRW in sales by 2030 after the U.S. factory is completed. Through this, we aim to grow into a top-tier submarine cable company."
Not only LS Cable & System but also LS Marine Solution is accelerating its business to become a comprehensive submarine and underground cable construction company together with its subsidiary LS Buildwin. The company plans to diversify its business through the construction of the world's largest new ships and offshore wind power services. It intends to jointly pursue overseas market expansion with LS Cable & System.
LS Cable & System views superconducting cable systems as a critical technology to respond to the AI data center (AIDC) era. The company was the first in the world to commercialize superconducting cables. These cables do not generate electromagnetic waves and represent an innovative technology that can increase power supply without adding substations in urban areas.
Subsidiaries of LS Cable & System also revealed their value-up strategies. LS Marine Solution is intensifying efforts to become a comprehensive submarine and underground cable construction company together with its subsidiary LS Buildwin. The company plans to diversify its business through the construction of the world's largest new ships and offshore wind power services.
LS Materials plans to support the surge in power demand and stabilize renewable energy supply chains through next-generation secondary batteries, specifically ultra-capacitors (UC), and will also focus on supplying aluminum materials essential for lightweight electric vehicles. LS Eco Energy supplies bus ducts and communication cables to IDCs in Vietnam and is promoting the commercialization of superconducting cables in cooperation with research institutions of the Vietnam Electricity Corporation.
CEO Koo Bon-gyu of LS Cable & System said, "We will complete a global regional portfolio by establishing factories in Europe, Asia, and the Americas in cooperation with LS Eco Energy, and prepare 'turnkey' solutions with LS Marine Solution."
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