CHESAPEAKE, VIRGINIA — LS Cable & System Ltd., the largest cable manufacturer in South Korea, announced on Wednesday its plans to invest over $680 million to establish a new submarine power cable plant in Chesapeake, Virginia by 2027. This initiative is aimed at expanding the company’s production capacity to meet the surging demand for submarine power cables in the U.S. market.
According to Yonhap News Agency, the new facility will enhance the company’s ability to serve growing global demands and cement its leadership in the submarine power cable industry. The U.S. market for these cables is expected to grow by more than 30 percent annually over the next decade. LS Cable operates 11 domestic and 11 international manufacturing sites across eight countries, positioning it as a key player in the global cable industry with this expansion.