LS C&S Chairman Koo Cha-yup delivers a celebratory speech at the Vision 2030 Declaration Ceremony held at LS Tower in Anyang, Gyeonggi Province on Jan. 3.

LS Cable & System (LS C&S) unveiled “2030 Vision” on Jan. 3, calling for the company to make concerted efforts to become a global cable solution leader. LS C&S envisages itself as a power & telecom cable solution provider, not just a cable maker, by shoring up its position as a full-fledged global leader going beyond Asia.

LS C&S Chairman Koo Cha-yup said, “2030 Vision is a compass to guide LS C&S for a new decade, and thorough preparations needs to be made based on a corporate culture complete with activeness and autonomy o make changes successful.” Each country is scrambling to ramp up steps to protect its own companies in the cable industry.

Technology gaps between front-runners and newcomers are getting narrower, prompting a fierce price completion.

On the other hand, the development of new and renewable energies, the 4th Industrial Revolution, 5G network buildup, industrialization of developing countries, and the expansion of telecom infrastructure, incurred by urbanization, are emerging as growth opportunities. In this regard, LS C&S said the company announced the vision for change and challenges.

LS C&S plans to pursue balanced growth over across the globe, departing from the current business structure in which Asia and the Middle East make up an over 90 percent of sales.

To this end, the cable maker will expand investments with a focus on Europe, North America, Africa, and Central and South America and will redouble the number of overseas operations, including production and sales operations from 23 to about 40.

The company strives to reinvent business models with a focus on value-added services. The cable maker plans to provide engineering, construction, O&M, consulting and total services for the building of power and telecom networks, not just selling cables.

LS C&S will continue efforts to nurture new industries such as EV parts and consider entering new and renewable energies such as wind power and photovoltaic power.

The company strives to improve productivity based on digital transformation on every business.
LS C&S plans to cut short the time to develop digital platforms while offering services tailored to meet customers’ needs by analyzing consumers’s use patterns. LS C&S plans to reinvent its corporate culture.

Each headquarters will be allowed to make fast site-oriented decision-making and translate it into action by establishing an independent, responsibility management regime.

The company also plans to devote itself to conducting social contribution activities as a corporate citizen through fair corporate management and continued social contribution activities.

LS C&S Asia Logs Best-Ever Business Performance

LS Cable & System Asia chalked up the best-ever annual business performance last year. LS Cable & System Asia said on Jan. 17 the company raked in 520.3 billion won in cumulative sales and 26 billion won in operating profit last year, according to provisional figures.

The results represent the best-ever business performance - an 18 percent rise and a 44 percent jump year-on-year, respectively.

Last year’s Q4 sales declined 8 percent year-on-year to 125.8 billion won, reflecting a trend of seasonal drop compared to the previous quarter.

Profitability improved by reflecting value-added PJT to renew a record high of 6.9 billion won in operating profit, a 9 percent surge compared to the previous quarter’s best-ever business.