LS Cable & System Asia to Change Name to LS Eco Energy, Pursue New Businesses

Photograph) Panorama of LS Cable & System Asia’s Vietnamese production corporation LSCV

■ Second wave of growth momentum with launch of new businesses in submarine cables and rare-earth elements
■ Expansion of the submarine business and supply of rare-earth oxides such as neodymium domestically and overseas

LS Cable & System Asia (CEO Sang-ho Lee) will be preparing for its second wave of growth momentum by pursuing new businesses in submarine cables and rare-earth elements.

LS Cable & System Asia is also planning to change its name to LS Eco Energy ahead of its expansion into these new businesses.

The change in company name comes from the expansion of the existing power and communication cable-focused business into the submarine cable and rare-earth element sectors as the company makes the leap to become an eco-friendly energy enterprise.

LS Cable & System Asia recently signed an MOU for a submarine business partnership with PTSC, a subsidiary of the Vietnamese national petroleum gas enterprise Petrovietnam, as the company pursues its expansion into the submarine businesses.

The company will also be pursuing a rare-earth oxide business. LS Cable & System Asia is planning to supply neodymium and other rare-earth elements refined overseas to domestic and overseas general trading companies and permanent magnet manufacturers.

Neodymium is an essential raw material for the permanent magnets used in electric vehicles, wind power generators, robots, etc. Over 90% of the world supply comes from China and most companies in Korea also import it in a finished-product form from China. 

CEO of LS Cable & System Asia Sang-ho Lee stated, “We will establish a second wave of growth momentum through our new businesses and contribute towards the national policy of improving the rare-earth element supply chain.”

LS Cable & System Asia is planning to call a vote on the proposal to change the articles of association, including the aforementioned details, at the extraordinary meeting of shareholders to be held on December 12.