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| LS Cable & System launches the GL2030 undersea cable-laying ship at Donghae Port in Gangwon Province, on April 21. Courtesy of LS C&S |
LS Cable & System (LS C&S) is stepping up its efforts to expand its business and investments in the global submarine cable market.
Carbon-neutral policies being introduced around the world have sped up development of the offshore wind power market, increasing the demand for high-quality undersea cables.
The company is pioneering new markets through its overseas bases, which is expected to help sustain its growth too.
Earlier this year, it signed a contract to supply 350 billion won ($267.7 million) worth of offshore wind power cables in North America. As U.S. President Joe Biden revealed his plan to invest 3 trillion won in vitalizing the green energy sector to fight the climate crisis, the company is expecting to win more bids there for submarine cables.
In April, LS C&S launched an undersea cable-laying ship called the GL2030, becoming the only company in Korea and one of the five in the world that can both manufacture undersea cables and specialize in related construction businesses.
The company also plans to invest an additional 260 billion won to build more production facilities, including the 172-meter-tall VCV Tower, the country's largest power cable production tower, in Donghae, Gangwon Province, by 2025.
When the fourth plant with the latest equipment is completed next April, LS C&S' production capacity for submarine cables will increase by more than 1.5 times.
"The growth of the undersea cable business is expected to continue as the world adopts carbon-neutral policies and seeks to expand renewable energy use. We will speed up the development of new markets based on our overseas hubs like LS C&S Asia," an LS C&S official said. (Advertorial)
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