November 22, 2024

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LS Cable & System CEO Koo Bon-kyu speaks at a press conference in Yeouido, Seoul, Thursday. (LS Cable & System)

LS Cable & System CEO Koo Bon-kyu has pledged to achieve 10 trillion won ($7.5 billion) in sales by 2030 by accelerating business expansion abroad. 

“Joining hands with (our subsidiary) LS Eco Energy, we will set up our global production bases in Europe, Asia and North America,” Koo said during a press conference in Yeouido, Seoul, Thursday. “With LS Marine Solution, the company aims to strengthen its business portfolio for cable supply, installation and maintenance using the turnkey solution.”

Seoul-based LS Eco Energy is one of the top cable manufacturers in Vietnam. LS Marine Solution is a subsidiary that produces submarine cables.

LS Cable & System plans to construct a submarine cable factory in the US in 2027 and reach 1 trillion won in cumulative sales in the all-important market in 2030. It is also looking into building production bases in the UK and Vietnam.

The company stressed that the global submarine cable market has vast potential, since the demand for HVDC, or high voltage direct current, is growing with the construction boom for long-distance electric power transmission and offshore wind power worldwide. LS Cable & System is one of just six suppliers for these cables, it said.

For another business strategy to hit the aggressive sales target for 2030, which is 60.8 percent higher than last year’s sales, the company added it would boost its cutting-edge cable solutions business including the superconducting cable systems for artificial intelligence-based data centers.

The superconducting cable, the first of its kind, does not generate electromagnetic waves and can supply maximum electric power for energy-consuming data centers, requiring no extra electrical substations in cities, according to LS Cable & System.

LS Eco Energy is already in talks with the Vietnamese Electric Power Authority’s research center to start commercial production of the superconducting cables. It is currently supplying bus ducts, devices that conduct electricity to power cables or cable buses, and communication cables to data centers in Vietnam.

LS Materials, LS Cable & System’s energy device manufacturer, will expand the supply of ultracapacitors -- long-lasting energy storage devices -- to tackle rising demand for electrical energy and stabilize the renewable energy supply chain. It plans to mass-produce aluminum, a key material for lightweight electric vehicles.

Koo also hinted at the cable-maker’s plans to go public. Without disclosing further details, LS Cable & System’s spokesperson said the company aims to make its market debut after achieving its highest valuation upon improving sales and financial performance.

By Byun Hye-jin (hyejin2@heraldcorp.com)