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The image shows an overview of LS Cable & System's Dangjin plant. (Photo credit: LS Cable & System) |
[Alpha Biz= Reporter Kim Sangjin] LS Cable & System (대한전선) is set to build a new subsea cable factory in Dangjin, South Korea, with a 1 trillion KRW investment.
This announcement was made on the 18th of November, following a Memorandum of Understanding (MOU) signed by Kim Tae-heum, Governor of Chungcheongnam-do, along with Kim Sun-kyu, Chairman of Hoban Group (LS Cable & System's parent company), Song Jong-min, CEO of LS Cable & System, and Oh Seong-hwan, Mayor of Dangjin.
The new subsea cable factories, which will be located in the Asan National Industrial Complex, are scheduled to be completed by 2027. LS Cable & System, founded in 1941 as South Korea's first cable manufacturer, already operates three plants in Dangjin, including one for subsea cables.
The new plants will focus on the production of high-voltage direct current (HVDC) subsea cables, designed for long-distance transmission. LS Cable & System anticipates that the global subsea cable market will surpass the high-voltage underground cable market next year and reach a market size of 33 trillion KRW by 2030.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
