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Taihan has won orders in the U.S. since the beginning of the year... Over $32 million - Expansion of power infrastructure investment due to demand for renewable and replacement of old power networks- Evenly ordered from the east/west, diverse product portfolio such as EHV cable, MV/LV cable- Competitive as a major power network supplier, bright prospects for orders in 2024 Taihan is producing good results in the U.S. market since the beginning of the year. Taihan announced on the 26th that the cumulative order amount in the United States as of the 4th week of January has exceeded $32 million. Since the beginning of the year, orders have continued in the U.S., which is more than 10% of the annual cumulative orders ($300 million) in 2022, which was the best performance since entering the U.S. As the demand for power infrastructure in the United States is greatly expanding, record-breaking orders are expected this year. The order areas are evenly distributed in major cities in the eastern and western United States, such as New York in the east, California, Arizona, etc., and achieved results in various product groups such as EHV (ultra-high voltage) cables for transmission, MV/LV (medium/low voltage) cables for distribution, and processed wires. 

Taihan announced its tentative consolidated financial results for 2023On the 23rd, Taihan announced its tentative consolidated financial results for 2023, achieving sales of KRW 2,845 billion and an operating profit of KRW 78.4 billion. This represents a 16% increase in sales from KRW 2,450 billion in 2022 and a 63% growth in operating profit from KRW 48.2 billion. The net profit for the year stood at KRW 67.0 billion, marking a substantial 207% expansion from the previous year's KRW 21.8 billion. Last year's operating profit and net profit marked the highest performance in 15 years since 2008. Additionally, the sales reached the highest figure in 12 years since 2011. The backdrop of the outstanding performance can be attributed to the expansion of orders in key global markets such as the United States, Europe, and the Middle East. Since its integration into Hoban Group in 2021, Taihan has been able to create a stable management environment, allowing a focus on its core business. The company has been actively pursuing strategies to penetrate global markets.​​

Taihan has secured a contract for a 380kV EHV power network project from Germany's TenneTTaihan Cable & Solution has secured a contract for a 380kV Extra High Voltage (EHV) power network project from Germany's TenneT, valued at 60 billion won.  This project involves the construction of 380kV underground cables in Germany to expand the transmission network necessary for environmentally friendly wind power generation. Taihan will supply all materials including EHV cables and cable accessories, and will handle everything from power network design to cable laying, connection, and testing. Last year, Taihan had successfully won two projects in Germany worth a total of 70 billion won, marking its entry into the German high-voltage market. With this latest large-scale project, Taihan has further reinforced its competitiveness in the German market.  

<Taihan’s newly acquired cable laying vessel > Offshore Wind Power Business Sailing SmoothlyTaihan Acquired “Korea’s Only Cable Laying Vessel for Offshore Wind Power”- A 6,200-ton CLV specialized for submarine cables, capable of self-propulsion and dynamic positioning- Future-proofing business and securing revenue sources amid expected shortages of cable ships- Emerging as a total solution provider covering both underwater cable production and installationTaihan Cable & Solution is gearing up to leap forward as a total solution provider capable of laying submarine cables. On December 20th, , led by CEO Song Jong-min, announced the acquisition of a 6,200-ton cable laying vessel, or CLV. Korea’s only CLV designed for offshore wind power, is equipped with advanced features such as self-propulsion and a dynamic positioning system (DP2). The vessel can load up to 4,400 tons of submarine cables at once.  This acquisition positions Taihan competitively in turn-key projects that span from submarine cable production to laying. As there are only a few cable manufacturers with cable-laying capabilities, Taihan is set to lead in the burgeoning offshore wind power industry globally. Furthermore, the increasing demand for submarine cables is likely to cause a shortage of cable layers, leading to higher charter rates for such vessels. Owning this vessel positions Taihan favorably to undertake projects steadily and tap into new revenue sources. A cable laying vessel is specifically designed for submarine cables. Therefore, it outperforms cable laying barges, or CLB, converted barges originally used for carrying cargo.  Capable of sailing at 9 knots on average under its own power, the CLV can transport and lay cables much faster that CLBs, which mostly rely on tugboats. This efficiency is especially beneficial for distant projects in regions like Europe and the Americas. The vessel also boasts high stability in rough seas and resistance to severe weather conditions.  In addition, a dynamic positioning system (DP2) mounted on the vessel automatically maintains its designated position for hours, allowing for precise cable installation and stable navigation.   Taihan is planning to make full use of this vessel first for the Yeonggwang Nakwol Offshore Wind Power Project it recently won, and later, the Anma Offshore Wind Power Project. In January next year, the company will collect suggestions from its employees in naming the vessel. A company official said, “As this CLV meets the global standard for the European offshore wind power market, it opens up various business opportunities in the global market.” The official added, “We will work to leap forward as a total solution provider in the global submarine cable market through aggressive investments, including the construction of a second submarine cable plant for HVDC and export cables, and expanding our sales network both in Korea and internationally.”  

Taihan won the contract for the supply of submarine cables for the Yeonggwang Nakwol ProjectWinning the bid for a submarine cable project, Taihan is set to sharpen its competitive edge. Taihan Cable & Solution won the contract for the supply of submarine cables for the Yeonggwang Nakwol Offshore Wind Power Project worth 100.3 billion won. Under this contract, Taihan is responsible for supplying inter-array submarine cables that connect wind power generators, and submarine cables connecting the wind farm with a new substation on Songi Island. The cables will be produced in the 1st stage facility of Submarine Cable Plant 1 in Dangjin, which will begin operations early next year. The completion of the 2nd stage facility of Submarine Cable Plant 1 as well as Submarine Cable Plant 2 is expected to make the company more competitive in future bids. 

Taihan met with Saudi Arabia's Minister of Industry and Mineral ResourcesTaihan Cable & Solution met with Saudi Arabia's Minister of Industry and Mineral Resources​at a hotel in Seoul on December 15th to discuss cooperation plans, including investment in a cable factory. The meeting was organized to discuss investment and business cooperation in Saudi Arabia during the Saudi minister’s visit to Korea. The attendees shared the current status of an extra-high-voltage cable factory in Saudi Arabia that Taihan is promoting and discussed future plans in detail.  

Catalyzing Growth: Aggressive InvestmentAmid Global Power Grid UpswingTaihan raises KRW 520 Billion to "Build Submarine Cable Plant 2"- Capital to be raised through underwriting of forfeited shares following the rights offering, with the majority shareholder Hoban E&C participating in the offering- KRW 470 billion investment in Submarine Cable Plant 2 to “fully meet the demand for HVDC submarine cables”- Strengthening competitiveness by securing production bases in expanding infrastructure investment areas like the U.S. and Europe.- Positioning to be a global leader in all power grid areas, including underground and submarine. Taihan seeks to secure future growth engines amid the surging global power grid infrastructure.  Taihan Cable & Solution (CEO Song Jong-min) announced on Thursday that it has decided to undertake a rights issue by approximately KRW 520 billion to build the Submarine Cable Plant 2. The strategy involves constructing additional plants for submarine cables to target the offshore wind power market, where demand is growing due to the expansion of renewable energy. Additionally, the company aims to enhance global competitiveness by establishing production bases in regions where investment in electricity infrastructure is accelerating, such as the United States and Europe. The rights issue will will take the form of underwriting forfeited shares following the rights offering. Taihan plans to allocate approximately 0.5 new shares for each share held to existing shareholders (as of January 18) and will initiate a subscription offer for existing shareholders from February 27 to 28. An oversubscription privilege is granted within the range of 20% of the allocated shares. Hoban E&C the majority shareholder (40.1%), is set to participate in the rights issue.  □ Investment of KRW 470 billion in Submarine Cable Plant 2, "Securing the Growth Engine of HVDC Submarine Cable"Taihan is set to invest approximately KRW 470 billion in the construction of the second submarine cable plant, referred to as "Submarine Plant 2," utilizing financial resources secured through the rights offering. Following the ongoing construction of Submarine Plant 1 at the Go-dae Pier at Dangjin Port, Chungcheongnam-do, Taihan plans to expedite the construction of Plant 2 to proactively meet the expanding global demand for submarine cables. The Submarine Plant 2 will be a specialized facility capable of producing 525kV-class HVDC (High-Voltage Direct Current) submarine cables and 345kV-class export cables. The plant is expected to be completed in 2026 and operational in the first half of 2027. Featuring cutting-edge equipment, including a VCV (Vertical Continuous Vulcanizing) tower—a pivotal component for extra-high voltage cable production—the second plant will boast approximately five times the production capacity of the first submarine plant. □ "Securing Production Bases" in Regions with Expanding Infrastructure Investment, Such as the U.S. and EuropeTaihan will also invest in securing production bases in regions with active infrastructure investment. Approximately 50 billion won, raised through the rights offering, will be strategically allocated to regions including the U.S., Europe, and the Middle East.  Specifically, in the U.S., the company aim to enhance competitiveness in orders, aligning with its Buy American policy by establishing local production facilities in areas where Taihan’s orders and sales are increasing annually. In Europe, the expansion of infrastructure investment, driven by the transition to renewable energy and the construction of new power grids, will be capitalized upon as the company extends its influence through the establishment of local production bases. "As we find ourselves amidst a global super cycle, witnessing a surge in demand for renewable energy generation and power grids, we intend to capitalize on this opportunity and sustain our growth," stated an official from Taihan. "Through proactive and aggressive investments, our aim is to emerge as a global leader, showcasing unparalleled competitiveness across all power grid sectors, encompassing both underground and submarine cables." 

Taihan moved its technology research institute to Gangnam District in Seoul​To boost capabilities and work better with headquarters, Taihan Cable & Solution moved its technology research institute to Gangnam District in Seoul. The move from the Dangjin factory in South Chungcheong to Hoban Park in Gangnam was completed, marked by a ceremony on November 13th. This shift aims to get more skilled researchers, expand the institute's functions, and create teams to help new business areas and support tech needs for departments, improving cooperation with other teams.​ 

Taihan​shared its third-quarter financials​On November 14th, Taihan Cable & Solution shared its third-quarter financials, reporting a revenue of 630 billion won and an operating profit of 17.4 billion won. This is an increase of 11% and 531%, respectively, compared to Q3 of 2022. The cumulative third-quarter revenue reached 2.0883 trillion won, with an operating profit of 59.1 billion won. With a positive trend from the first half of the year, Taihan's cumulative operating profit for the third quarter is more than 22% higher than last year's annual operating profit of 48.2 billion won. Considering the nature of the wire industry, which tends to improve performance towards the second half of the year, it's expected Taihan will continue its good financial performance until the end of the year.​ 

​Taihanhas signed aMOU with Balfour Beatty​​Taihan Cable & Solution announced on November 24 that it has signed a memorandum of understanding(MOU) with Balfour Beatty, a global infrastructure group based in the United Kingdom, to establish a partnership in the underground power transmission and distribution business. The two companies will jointly participate in various power transmission and distribution projects in the UK totaling more than £220 million until 2030. They also plan to collaborate further in technology sharing and business support.​