Gubongyu Koo's First Official Appearance: "LS Cable IPO Is Not a Distant Future" (Comprehensive)

On the 5th, 'LS Cable Value-Up Day'
Regarding allegations of technology theft from DaeHan Cable, "Appropriate measures will be taken if issues are confirmed"
"US will not repeal IRA"
"Optimistic about Samsung and SK semiconductor new factory 'busduct' supply"

Koo Bon-gyu, CEO of LS Cable & System, declared at his first press conference since taking office that he will make the United States a "second domestic market." He expressed his ambition to become the largest submarine cable operator in the U.S. after completing the Virginia plant in 2028. Regarding the possibility of repealing the Inflation Reduction Act (IRA) depending on the outcome of the U.S. presidential election this November (local time), he dismissed concerns by saying, "I am not greatly worried." On the technical dispute with DaeHan Cable, he stated, "If it is confirmed that there are intellectual property-related issues, we will have no choice but to take appropriate measures."

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]

CEO Koo made these remarks on the 5th at the LS Cable & System 'Value Up Day' event held at the FKI Tower in Yeouido, Yeongdeungpo-gu, Seoul.

He said, "It will be difficult to completely undo policies that have already been implemented, and since the U.S. is a federal country, the next president will also have to consider state governments," adding, "They may be mindful of votes, but the current policy direction will continue, so there will be no major issues for our business going forward." He continued, "Virginia is also a Republican-led state, but it approved the LS Cable plant construction considering the state's workforce and capital attraction," and said, "We are not greatly worried about the risk of IRA repeal." Based on this, he also mentioned, "We will make the U.S. a second domestic market."

CEO Koo stated, "A few months ago, I met with members of the U.S. Congress and explained why LS Cable is beneficial to the U.S., and how it helps the federal government, states, and cities," emphasizing, "We are steadily building a 'wide-net' network not only with the White House but also with the federal government, state governments, and local communities."

He was reserved regarding the submarine cable technology dispute with DaeHan Cable. Regarding allegations that DaeHan Cable stole LS Cable’s design drawings, he said, "At this point, we cannot make a definitive statement," but added, "If it is confirmed that there were issues related to our intellectual property, we will have no choice but to take appropriate measures."

CEO Koo emphasized that there is a clear plan to list LS Cable on the stock market in the future. When asked about the listing plan, he said, "We will consider listing when we can clearly demonstrate LS Cable’s strengths and secure solid future growth potential in line with the 'energy electrification' trend," adding, "I do not think it is a very distant future."

LS Cable expressed optimism about continuing to supply busduct systems to factories of Samsung Electronics, SK Hynix, and LG Electronics. Shin Young-sik, Vice President of LS Cable’s Strategic Task Force (TF), stated that the company is currently supplying its busducts to Samsung Electronics, SK Hynix, and LG Electronics.

When asked whether they are in talks to supply busducts for new buildings such as the Samsung Electronics and SK Hynix semiconductor clusters in Yongin, Vice President Shin said, "Since we have been supplying busducts to Samsung and SK semiconductors, we believe we will naturally be included in new plants," adding, "In addition to Samsung, SK, and LG, there is growing demand from global big tech AI data centers, and we intend to enter that market."

At the event, LS Cable declared its goal to achieve KRW 10 trillion in sales by 2030. The plan is to increase sales by nearly KRW 1 trillion annually from last year’s sales of about KRW 6 trillion. The company aims to strengthen sales and profitability by focusing on submarine cables and data center (IDC) solutions as core growth engines. In particular, after completing the submarine cable plant in the U.S. in 2027, the strategy is to surpass major competitors in Europe and Japan and strengthen global market dominance.

CEO Koo 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 Solutions."