LS C&S Chairman Koo Chayup (Photo:LS C&S)

Some 500 executives and staff members of LS Cable & System (LS C&S) participated in the LS C&S Way Festival to share and remind of the company’s vision and core values.

Executives from all divisions, including marketing, production and R&D teamed up with their staff and participated in a contest by expressing the vision and core values via diverse performances and user-created contents (UCC). The quality division of the Gumi worksite grabbed the grand prize by performing the musical “LS C&S’s Dream” in the contest. Eleven teams, which advanced from the preliminary round at each worksite, vied for the final round. Each participating team was given a cash award of 20 million won. 

The event was designed to encourage LS C&S executives and staff members to translate into action the “LS Cable & System Way,” which the company declared in January. The “LS Cable & System Way” contains the vision “Enable the Cable World,” which means making the world brighter and affluent through energy and information, as well as a code of conduct designed to translate into action the vision — customer first, respect and cooperation for the interest of the whole, abiding by principles and basics, and expertise. 

Delivering a speech at the event, LS C&S Chairman Koo Chayup called for his executives and staff members to not let the LS C&S Way end up being a void statement. He called for it to be translated it into action and performances. “The LS C&S Way is a guideline for carrying out jobs, and if words and actions are internalized, it will build up as a corporate culture and values.

Prior to the performances, Chairman Koo presented LS C&S Awards to exemplary staff members in recognition of their translating into action the LS C&S Way. Four employees, including a staff member who succeeded in building up a specialized cable production system, and another, who was praised for reducing unit prices and improving a system to respond to customers’ requests, were awarded cash rewards and special promotions. 

Despite the global economic downturn, LS C&S chalked up 974.6 billion won in sales and 24.2 billion won in operating profit in the first quarter of the year, representing a 5.6 percent rise, and a 100 percent jump over the previous quarter, respectively. The company saw net profit turn around to12.5 billion won from a deficit.  

Since his inauguration as LS C&S chairman in 2013, Chairman Koo has restructured business portfolios with a focus on added-value products and efforts to collaborate with overseas operations in Vietnam and China. His strategies have begun to pay off. 

Founded in 1962, LS Cable & System has been contributing to power and communications network implementation not only in Korea, but also throughout the world. It secured a foundation for industrial development by supplying a wide range of industrial specialty cables. 

As an ideal partner advancing with its customers, LS Cable & System is preparing for a new growth phase by building up its competencies to innovate business models, develop eco-friendly products and solidify partnerships with its stakeholders. 

LS Cable & System Wins Extra High Voltage Cable Turn-key Contract from Singapore

LS C&S announced on June 3 that it had won a $45 million underground cable contract from Singapore PowerGrid. Through this turn-key contract, which covers everything from cable supply to construction, LS C&S will install the cables in Jurong, the largest petrochemical complex in Southeast Asia. 

In Singapore, industrialization and urbanization have led to a continuous demand for power cables. In particular, Singapore had been a difficult market for Korean companies to enter due to fierce price competition, as well as quality competition among advanced companies to win contracts for value-added products and power network establishment deploying only extra-high voltage cables underground rather than hanging from transmission towers. 

LS C&S has secured both quality and price competitiveness since 2010 by utilizing its subsidiary in Vietnam, so the company has been able to position itself as a key supplier in the Singaporean power cable market with a market share of over 35 percent. 

Unlike general consumer goods, cross-selling is difficult for power cables. This is because the facilities used for manufacturing products, and the country in which the products are manufactured, serve as important factors in the bidding as product durability, safety and reliability are considered important. 

“Singapore PowerGrid, which is conservative and demands high quality, selected our product manufactured in Vietnam because they have confidence in our quality, which has been demonstrated through numerous projects implemented in the past,” said Heon-Sang Lee, Director of the Global Sales & Marketing Division of LS C&S. “Since its founding in 1996, the Vietnamese subsidiary has achieved technological stabilization through continuous facility investments and technology transfers.” 

Located in Haiphong in northern Vietnam, LS-VINA is the first-ranking cable company in that country, recording a market share of 30 percent based on a stable demand from Electricity of Vietnam. Recently, through cooperation with the head office in Korea, the company has been expanding exports to Southeast Asia, Europe and America.