Daehan Electric Wire Secures Large Orders in US Market from Early Year

$32 Million in 4 Weeks
Record This Year Likely to Be Broken

Daehan Electric Wire & Cable is achieving order successes in the U.S. market from the beginning of the year. In just four weeks, it secured more than 10% of its total 2022 performance. The year 2022 was when Daehan Electric Wire & Cable set its U.S. order record at $300 million (approximately 402 billion KRW).

On the 26th, Daehan Electric Wire & Cable announced that it recorded $32 million (about 43 billion KRW) in U.S. orders over the past four weeks since the beginning of the year. This is more than 10% compared to 2022. Given the rapidly increasing demand for power infrastructure in the U.S., Daehan Electric Wire & Cable expects to break records again this year.

Daehan Electric Wire & Cable reported that it is securing orders evenly from the U.S. East Coast in New York, the West Coast in California, and Arizona. It said it achieved results across various product lines including extra high voltage (EHV) cables for transmission, medium and low voltage (MV·LV) cables for distribution, and overhead lines.

The U.S. is implementing policies to expand new and renewable energy. The timing also coincides with the replacement of aging power grids. Accordingly, large-scale investments are being promoted across power generation, transmission, and distribution projects in the U.S.

Through the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA), $15 billion (about 20 trillion KRW) in funding has been secured to expand power grids and modernize aging power networks.

Daehan Electric Wire & Cable is laying ultra-high voltage cables in the United States.
[Photo by Daehan Electric Wire & Cable]

Daehan Electric Wire & Cable is expanding orders in the U.S. based on its portfolio of extra high voltage, medium and low voltage cables, and overhead lines. Starting this year, it plans to actively pursue market expansion and orders for strategic products such as submarine cables and high voltage direct current (HVDC) cables.

A Daehan Electric Wire & Cable official said, "The power generation and transmission industry in the U.S. is being reorganized around new and renewable energy, and many large-scale bids are underway. Having built trust as a major power grid supplier in North America for several years, we expect to continue delivering results."

Daehan Electric Wire & Cable entered the U.S. market in 2001 by establishing a sales corporation in New York. Subsequently, it established a West Coast branch in Los Angeles in 2013 and an East Coast branch in New Jersey in 2017.

A Daehan Electric Wire & Cable official said, "To strengthen our order competitiveness, we are actively considering acquiring local cable factories or corporations in the U.S."

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