LS Cable Asia Changes Name to LS Eco Energy... Launching New Businesses Including Rare Earths

Second Growth Momentum
Expansion of Undersea Business and Promotion of Domestic and International Supply of Rare Earth Oxides such as Neodymium

LS Cable Asia is preparing a second growth momentum by promoting new businesses such as submarine cables and rare earth elements.

LS Cable Asia announced on the 27th that it will change its company name to LS Eco Energy in line with its entry into new businesses. This signifies its intention to expand its existing power and communication cable-centered business to submarine cables and rare earth elements, aiming to become an eco-friendly energy company.

LS Cable Asia Vietnam manufacturing subsidiary LSCV exterior.
[Photo by LS Cable Asia]

LS Cable Asia is currently promoting the expansion of its submarine business, including signing an MOU for submarine business cooperation with PTSC, a subsidiary of PetroVietnam, the Vietnamese state-owned oil and gas company.

It is also advancing a rare earth oxide business. The company plans to supply neodymium and other materials, refined overseas, to domestic and international general trading companies and permanent magnet manufacturers. Neodymium is an essential raw material for permanent magnets used in electric vehicles, wind turbines, and robots. Over 90% of the global supply is produced in China, and South Korea mostly imports finished products from China.

Lee Sang-ho, CEO of LS Cable Asia, said, "We will establish a second growth momentum through new businesses and contribute to the national policy of strengthening the rare earth supply chain."

LS Cable Asia plans to hold an extraordinary general meeting of shareholders on the 12th of next month to approve the amendment of its articles of incorporation reflecting these changes.

This content was produced with the assistance of AI translation services.