LS (006260) Vice Chairman Myung Roh-hyun visited major business sites across North America in succession, directly overseeing strategy for the power and energy infrastructure market. The move aims to position the North American market—where the expansion of artificial intelligence (AI) data centers, replacement of aging power grids, and growth of renewable energy infrastructure converge—as a key growth stage for LS Group and to accelerate local investment and business expansion.
According to LS on Tuesday, Myung said after completing a 10-day US business trip beginning June 17 that "the North American market is a land of opportunity, where growth is expected for decades to come driven by the expansion of AI data centers, replacement of aging power grids, and growth of renewable energy infrastructure." He added, "We will concentrate the group's capabilities on 17 business bases in the US, including the Virginia submarine cable plant, to secure leadership in the global power and energy industry."
The trip was undertaken to boost the North American competitiveness of LS Group's power and energy business, its core growth axis, as the restructuring of global supply chains accelerates around the US. Myung personally inspected local business sites while meeting with US political and government officials to discuss investment support measures.
On June 18, Myung attended the 'Korea-US Strategic Industry and Security Forum' held in Washington, D.C., before visiting the construction site of the LS GreenLink submarine cable plant in Virginia. He then met with the heads of US subsidiaries including LS Electric, LS Mtron, and Superior Essex to review North American business strategy and local execution plans.
LS Group operates business bases at 17 locations across nine US states. Over the next five years, it plans to invest a total of 3 billion dollars (about 4.6 trillion won) in projects including LS GreenLink's submarine cable plant and LS Electric's Utah power equipment plant. During the trip, Myung met with Kang Kyung-wha, South Korean Ambassador to the US, a senior director of the White House National Security Council (NSC), and Rick West, mayor of Chesapeake, Virginia, to explain LS's US investment status and request expanded tax credits and flexible tariff measures.
Meanwhile, Gaon Cable (000500), a key subsidiary of LS Cable & System, said Tuesday that its US subsidiary LSCUS signed a busduct supply contract worth about 40 million dollars (about 62 billion won) with Tesla. This marks the first time Gaon Cable has supplied Tesla with busducts, distribution equipment that stably delivers large currents of electricity.
After signing a 5 trillion won long-term busduct supply contract with major US tech companies, Gaon Cable has now added its name as a Tesla supplier. The possibility remains open for additional busduct supplies to other companies led by Elon Musk, such as SpaceX and xAI.
"We are also discussing additional supplies, and we expect this year's supply volume to exceed 100 million dollars," Gaon Cable CEO Jung Hyun said.
