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Taihan’s Credit Rating Upgraded to ‘A’ by Korea Investors Service- Korea Investors Service upgrades Taihan’s credit rating from ‘A-’ to ‘A’, maintaining a Stable outlook- Upgrade follows NICE Investors Service’s reaffirmation of the same rating- Evaluation highlights improved profitability, business stability, and a strengthened financial structureTaihan has been upgraded to an ‘A’ Issuer Credit Rating (ICR) with a Stable outlook by Korea Investors Service (KIS), one of Korea’s leading credit rating agencies. This represents an improvement from the previous ‘A-/Stable’ rating issued in 2023, further validating the company’s external creditworthiness. KIS identified several factors for the upgrade, including: △A stable and diversified business foundation △Revenue growth and consistent profitability △An improved financial structure. In its report released on July 10, KIS stated, “Taihan has established a stable business base through a diversified product portfolio and is actively pursuing further diversification, particularly in high-value-added areas such as submarine and optical cables.” KIS further noted: “Despite the volatility in copper prices, Taihan has maintained relatively stable operating profit margins thanks to its vertically integrated production structure.” “Following its acquisition by Hoban Group, the company has improved its financial structure through capital injections and paid-in capital increases. It is expected to maintain financial stability with both these funds and cash flows from operations.” The agency also emphasized Taihan’s growing order backlog, citing increased new orders in international markets such as Singapore, the UK, and Sweden. “Consolidated net debt has improved substantially, decreasing from KRW 456.7 billion at the end of 2021 to negative KRW 126.1 billion as of March 2025.” Notably, this credit rating upgrade was implemented without a prior adjustment in the rating outlook, which is uncommon. While agencies typically revise the outlook to ‘Positive’ before upgrading a rating, KIS directly raised the credit rating while maintaining a ‘Stable’ outlook—signaling high external confidence in Taihan’s improved credit standing. Earlier in June, NICE Investors Service, another major Korean credit rating agency, also reaffirmed Taihan’s credit rating at ‘A (Stable)’, reflecting ongoing recognition of the company’s performance and financial soundness. As a result, Taihan now holds ‘A’ ratings from both of Korea’s top rating agencies. A company spokesperson stated, “This credit rating upgrade reflects external recognition of our strong profitability, financial stability, and competitiveness in high-value-added sectors. We believe the market’s growing trust in our submarine and HVDC cable solutions played a significant role.” The spokesperson added, “Through responsible management and continued business expansion, we will continue to strengthen our corporate value and lay the foundation for sustainable growth.” An Issuer Credit Rating (ICR) reflects a company’s overall business profitability and debt repayment capacity and is a key indicator of its external creditworthiness. Since joining Hoban Group, Taihan has built a solid financial and business foundation and continues these assessments to foster trust among clients and stakeholders. 

Photo 1. Taihan and SuperNode signed an MOU for the development of next-generation superconducting cables. (From left: Taihan Vice Chairman Song Jong-min, SuperNode CEO John Fitzgerald) Photo 2. Representatives from Taihan and SuperNode pose for a commemorative photo following the MOU signing. (Front row, from left: Taihan Vice Chairman Song Jong-min, SuperNode CEO John Fitzgerald)​   Taihan Signs MOU with SuperNode to Co-Develop Next-Generation Superconducting Cables, Advancing Future Grid Technologies- Partners with the Irish cable company SuperNode to develop high-performance superconducting cables through collaboration in design, manufacturing, and materials- Achieves significant improvements in efficiency and ease of installation compared to conventional superconducting cables- Vice Chairman Song Jong-min stated, “We will lead the global superconducting cable industry through technological advancement” Taihan has established a strategic partnership with the global superconducting cable company SuperNode to co-develop next-generation superconducting cables, thereby solidifying its position as a leader in future power infrastructure solutions. On June 17 (local time), Taihan signed a Memorandum of Understanding (MOU) with the Irish cable firm SuperNode in London, UK. The signing ceremony was attended by over 20 representatives from both companies, including SuperNode CEO John Fitzgerald, CTO Andrew Carlisle, Taihan Vice Chairman Song Jong-min, and Nam Jeong-se, Executive Director of the Global Energy Division. Headquartered in Dublin, SuperNode specializes in the development of superconducting cable systems for transmission, distribution, and data center applications. The company possesses proprietary design technology that significantly enhances efficiency and simplifies installation compared to traditional superconducting cables. By adopting innovative polymer-based materials instead of conventional stainless-steel corrugated sheaths, SuperNode’s technology reduces cooling losses and extends the installation interval of cooling systems by more than five times—improving operational efficiency and reducing costs. This MOU aims to establish a collaborative framework for the joint development and production of advanced superconducting cables. Taihan and SuperNode will collaborate closely across design, manufacturing, and materials, strengthening technological competitiveness through extensive technical exchanges, including the sharing of cable technology. Additionally, the companies will explore opportunities for joint participation in global superconducting cable projects. “We are very pleased to collaborate with Taihan in preparing for the large-scale production of next-generation superconducting cables,” said SuperNode CEO John Fitzgerald. “By combining Taihan’s over 80 years of manufacturing excellence with our innovative design technology, we anticipate accelerating the commercialization of high-capacity superconducting cables that will facilitate electrification in renewable energy and data center markets.” Vice Chairman Song Jong-min stated, “Through the integration of Taihan’s cable manufacturing expertise with SuperNode’s advanced superconducting design capabilities, we are confident in our ability to enhance our global competitiveness in the superconducting sector. We will continue to lead the growth of the global superconducting cable industry through technological advancements.” Superconducting cables utilize specialized materials that demonstrate zero electrical resistance when cooled below a specific temperature, serving as an alternative to traditional copper conductors. In comparison to copper or aluminum cables, superconducting cables provide significantly enhanced power transmission efficiency. Unlike conventional cables, which necessitate higher voltages to transport large currents, superconducting cables can transmit high-capacity currents at lower voltages, establishing them as a fundamental technology for next-generation power infrastructure.​

Taihan Initiates Comprehensive Expansion of Busduct Business to Enhance Production Capacity and Product Competitiveness- Expands dedicated busduct manufacturing facility to three times its original scale and installs advanced production equipment- Commences production of epoxy-insulated busducts to drive entry into the high-capacity power distribution market- Strengthens technological capabilities and diversifies product portfolio to address growing global demandTaihan has commenced a comprehensive expansion of its busduct business aimed at substantially enhancing production capacity and broadening its product portfolio. The company has expanded its dedicated busduct manufacturing facility within the Dangjin Cable Plant in Chungcheongnam-do to approximately three times its previous scale. This expansion was accompanied by the installation of advanced core equipment to significantly reinforce production capabilities. The facility expansion project, initiated in November of last year, was completed this month, with full-scale mass production officially commencing last Tuesday. To improve both production efficiency and product competitiveness, Taihan has expanded its existing PET (polyethylene terephthalate) insulation line and newly introduced epoxy insulation systems, which are known for their superior thermal resistance and high dielectric strength. Epoxy-insulated busducts are engineered to deliver stable performance in high-voltage and high-temperature environments, making them particularly well-suited for mission-critical infrastructure such as data centers, smart buildings, and semiconductor manufacturing facilities. This strategic investment is expected to accelerate Taihan’s entry into the expanding high-capacity power distribution market. A company spokesperson stated, “Recognizing the strong growth trajectory of the global busduct market, Taihan remains committed to advancing our technological competitiveness through continuous investment in R&D and product innovation.” The spokesperson added, “We have supplied our in-house developed busduct solutions to domestic and international clients with proven reliability, and this expansion will serve as a catalyst for securing new business opportunities.” Busducts are integrated power distribution systems used to supply stable electricity to large-scale buildings and industrial facilities. As global infrastructure scales up and energy consumption intensifies, demand for efficient and reliable power delivery systems continues to rise. According to industry sources, the global busduct market is projected to grow from KRW 14 trillion in 2022 to approximately KRW 23 trillion by 2028. 

South African Ambassador Visits Taihan's Plant to Discuss Business Expansion in South Africa​- Toured large-scale cable manufacturing plant and discussed South Africa's power industry.- Shared business plans for M-TEC, Taihan's South African production corporation.- Vice Chairman Song: “We will enhance M-TEC’s competitiveness to drive exports across Africa.”- Ambassador Mququ: “With South Africa's growing commitment to renewable energy, Taihan is expected to play a pivotal role.” Taihan reinforces its leadership in the African cable market. On April 19, Taihan (CEO Song Jong-min) announced that the South African Ambassador to Korea visited its Dangjin cable plant on April 18 to discuss strategies for expanding Taihan’s business in South Africa. The meeting was held at the plant to provide a comprehensive understanding of the cable production process and allow firsthand experience of Taihan’s large-scale manufacturing facilities. The visit was attended by H.E. Ms. Sindiswa Mququ, South African Ambassador to Korea; Mr. Thulane Nyembe, Counsellor Political; and Mr. Kwangsu Jin, Marketing Officer. Taihan was represented by Vice Chairman Song Jong-min and Executive Director Baek Seung, Head of Corporate Management. This marked Ambassador Mququ’s first corporate visit since assuming her post in October. During the visit, Ambassador Mququ toured the Dangjin cable plant and engaged in discussions with Vice Chairman Song regarding South Africa’s power development strategies. They reviewed the current status and future support plans for M-TEC, Taihan’s South African production corporation, including plans to expand its facilities. To enhance its production capacity, M-TEC will introduce new production lines for medium- and low-voltage (MV/LV) cables in the first half of this year, improving both volume and quality. Further discussions covered ongoing and upcoming projects with Eskom, South Africa’s state-owned power company. The parties also explored ways to strengthen local technical expertise through training programs and workforce exchange initiatives. Ambassador Mququ expressed appreciation for Taihan’s contributions to stabilizing South Africa’s power supply and creating jobs. She remarked, “With South Africa's growing commitment to renewable energy, including solar and offshore wind power, we expect Taihan to play a pivotal role in the sector.” Vice Chairman Song stated, “Africa presents vast opportunities for business expansion due to its rich natural resources and skilled workforce. South Africa, in particular, is a key market given its advanced economic and educational infrastructure.” He continued, “We will strengthen M-TEC’s competitiveness to drive revenue growth in South Africa and expand exports to neighboring African countries.” M-TEC, established in 2000 through Taihan's strategic investment, is a comprehensive cable manufacturer that supplies a wide range of power and communication cables. The company currently employs approximately 350 staff. 

Taihan announced on the 28th that its consolidated financial statements for Q3 provisionallyTaihan announced on the 28th that its consolidated financial statements for Q3 provisionally indicated sales amounting to KRW 804.4 billion with an operating profit of KRW 27.2 billion. Sales surged by 28% from the prior year’s KRW 630 billion, while operating profit marked a 56% growth, up from KRW 17.4 billion. Notably, this third-quarter operating profit stands as the largest on record since the adoption of the Korean International Financial Reporting Standards (K-IFRS) in 2010 for measuring consolidated quarterly performance. Total sales for the first three quarters amounted to KRW 2.4573 trillion, while operating profit reached KRW 93.4 billion, demonstrating respective year-over-year growths of 18% and 58% when compared to KRW 2.0883 trillion and KRW 59.1 billion during the same period last year. The cumulative operating profit for this year exceeds by over 17% the annual operating profit of KRW 79.8 billion achieved in 2023. Sales have also reached their peak in the last 13 years, marking the highest since 2010. The primary factor behind the boost in performance is identified as the steady generation of sales from high-profit products, leveraging a large backlog of orders. As of the end of the first half of the year, Taihan had amassed a record-high order backlog of KRW 2.0055 trillion, with orders steadily coming in from regions such as the United States, Europe, and the Middle East. As the company continues to win substantial project orders during the second half of the year, Taihan is expected to sustain its strong business performance. In fact, in the third quarter alone, the company managed to secure contracts worth KRW 280 billion in the United States, raising its total order volume for the year to KRW 610 billion. Earlier this month, Taihan secured a mega-project in Singapore worth KRW 840 billion, which is equivalent to 30% of last year’s annual revenue, thereby laying the groundwork for future sales growth. 

Taihan has successfully signed a massive contract estimated at KRW 190 billion in the United StatesTaihan Cable & Solution has announced that T.E.USA, its American sales subsidiary, has successfully signed a massive long-term contract estimated at KRW 190 billion in the eastern United States. This undertaking marks the largest project ever secured by Taihan within the United States, and it stands as one of their most significant international contracts. To address the rapidly growing power demand in the eastern United States, Taihan will furnish all necessary extra high voltage power grid components, such as 138 kV and 345 kV cables and accessories, for a project aimed at upgrading old power grids to new ones. With the addition of this contract, Taihan’s new orders from the U.S. this year amount to KRW 520 billion. Therefore, the company has, within half a year, surpassed the 2022 annual order intake of KRW 400 billion, the highest since its entry into the North American market, thereby setting a new record for orders in the U.S. 

Taihan announced the first quarter based on the consolidated financial statementsTaihan has formally disclosed its sales revenue of KRW 788.5 billion and operating profits of KRW 28.8 billion for the first quarter based on the consolidated financial statements. Compared to the same period for the previous year, this represents a 12% increase in sales revenue from KRW 703.9 billion and a 63% increase in operating profit from KRW 17.7 billion. By achieving nearly KRW 800 billion in sales this quarter, Taihan has reached its highest sales revenue since the second quarter of 2011. With operating profits of KRW 28.8 billion, the company has also accomplished its best performance in 54 quarters since the second quarter of 2010. The primary factor in this performance improvement is attributed to an increase in sales based on a substantial order backlog. With the rise in demand for power grids driven by advancements in artificial intelligence and the growing utilization of renewable energy sources as the need to replace outdated power grids becomes imminent, Taihan has broadened its order base by prioritizing high-profit product categories within its key markets including the United States, Europe, and the Middle East.​ 

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 provisional​ 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.