LS Cable & System announced on the 13th that it has completed Africa’s first cable plant in Egypt.
In January 2020, LS Cable & System established a joint venture (LSMC: LS MAN Cable) with MAN, a local cable contractor, in the 10th of Ramadan City near Cairo. It mainly produces overhead transmission lines installed in steel towers between power plants and substations.
LSMC recently signed a cable supply contract with the Egyptian Electric Power Authority to build a power grid for a new city, and began mass production with the completion of the plant.
The Egyptian cable market is growing by an average of more than 5% every year due to new demand due to the construction of a new administrative capital and population growth and replacement demand due to aging of the existing power grid.
Roh-Hyun Myung, CEO of LS Cable & System, said, “Even though there is a high demand for power cables in Egypt and Africa, export barriers were high due to tariffs and logistics costs of about 20%.” , We will be able to settle the business as soon as possible.”
LS Cable & System plans to expand the market to East Africa and Middle East countries where Egypt has a Free Trade Agreement (FTA).
With the completion of the Egyptian subsidiary, LS Cable & System will operate a total of 11 overseas production subsidiaries in the US, China, Vietnam, and Poland.
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