LS Cable & System has won a contract for power cables worth a total of KRW 100 billion ($82 million approx.) from Singapore.
June 10, 2020
LS Cable & System will supply about 400km of transmission (HV) and distribution (LV) cables throughout Singapore by the end of 2021. It equals the round-trip distance between Seoul and Jeonju.
LS C&S won this order following an order it successfully fulfilled to replace antiquated HV cables of the SPPG (Singapore PowerGrid) in 2017, thus consolidating its status as the cable maker claiming the largest share of the Singaporean market.
Additionally, it advanced into the LV cable market, which was surrendered to a Chinese company in 2017 China. In just 3 years, proving that the company is second to none in terms of not only quality, but also price competitiveness.
There are constant demands for high-value-added products in Singapore as there are new demands and old cables are replaced due to industrialization and urbanization. As a result, major cable makers in Europe, Japan and China are competing fiercely with one another, but it is difficult to enter this market due to the stringent quality standards.
The company said that in the process of supplying cables during the past few years, it invested a great deal of effort in terms of transparency of operations and management combined with aggressive technical support. The trust that the LS C&S team built up as a result greatly affected its success at winning orders.
“To overcome global economic recession and the limited demands in the domestic market, we have been establishing a solid foothold as a global enterprise in overseas markets,” said President & CEO Roe-hyun Myung of LS C&S. “This contract is the valuable outcome resulting from the efforts we have made over the years particularly at a time when the market is shrinking due to COVID-19.”
