Taihan Cable wins $82 million U.S power grid deal

Taihan Cable & Solution workers prepare for a power grid replacement in the United States. [YONHAP]

Taihan Cable & Solution, Korea's second-largest cable company, won its largest project in the United States with a $82 million power grid replacement deal.

With the latest order, Taihan Cable has already received $140 million worth of power grid contracts in the United States in the first three months of this year, the company said in a statement Friday.

The company's power grid deals in the United States marked a record $300 million in 2022 and slightly fell to $250 million last year.

This year, Taihan Cable expects to win further deals in the world's biggest economy as more than half of the country's decades-old power grid networks require replacement, the statement said.

Globally, demand for power grid replacement is on the rise as companies invest more in AI, semiconductors and renewable energy businesses.

For all of 2023, Taihan Cable's net profit more than tripled to 71.87 billion won ($53.3 million) from 21.83 billion won a year earlier, helped by overseas deals.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]