LS Eco Energy (LS Cable & System rare earths)

A KOSPI-listed LS Cable & System subsidiary with cable plants in Vietnam that is adding rare-earth metal making (samarium first, then NdPr, Dy and Tb) from Lynas oxide in Ho Chi Minh City, to feed LS Cable's planned magnet plants in Korea and Virginia.

Points to check

Facts from the sources on this page that a reader should weigh before relying on the company's own figures.

The definitive long-term Lynas metal processing agreement had not been announced as of the July 2026 binding convertible-instrument deal; volumes, pricing and duration were undisclosed (Kalkine, 27 Jul 2026; Lynas FY26 presentation).
Only samarium metal has a disclosed capacity (~240 t/yr); NdPr, Dy and Tb metal have no published capacity or dates (SEDaily, 30 Sep 2026).
GSHM equity payment falls due only after Vietnamese enterprise registration, and the filing says terms may change with licensing; a corrected filing was lodged 15 Oct 2026 (DART copy, chickstockfi).
Korea Motion Works has no published capacity, confirmed site or production date (KED Global, Hankyung, g-enews, 30 Sep-1 Oct 2026).
No public update on the 2024 LS Eco Advanced Materials-VAC 1,000 t/yr magnet JV was found; VAC agreed on 23 Jun 2026 to be acquired by Energy Fuels, with closing expected early 2027 (Pulse 2.0).

At a glance

Founded

Not established in public sources — LS Eco Energy is the KOSPI-listed LS Cable & System subsidiary that holds the group's Vietnamese cable plants (LS-VINA and LSCV). LS Eco Advanced Materials was renamed from LS EVC in January 2024 and makes motor windings. Korea Motion Works was set up in September 2026, wholly owned by LS Cable & System, to make and sell rare-earth permanent magnets.

Headquarters

South Korea (LS Eco Energy is KRX-listed); rare-earth metal plant at subsidiary LSCV, Ho Chi Minh City, Vietnam; Korean magnet plant reported for Gumi, North Gyeongsang

Ownership

LS Eco Energy: public, KRX (KOSPI): 229640; largest shareholder LS Cable & System (Hankyung, Dec 2025); LS Cable & System is part of the LS group (LS Corp, KRX: 006260). Lynas Rare Earths holds a KRW 30bn zero-coupon convertible bond (618,556 shares at KRW 48,500, convertible Aug 2029 to Jul 2031). Korea Motion Works: 100% LS Cable & System. GSHM (Vietnam): 58% LS Eco Energy, remainder reportedly financial investors.

Stage

LS Cable & System — Korea magnet plant: Early stage. A KRW 150 billion investment into a new magnet subsidiary was announced in September 2026; no capacity, construction start or production date has been published.
LS Cable & System (US, Virginia): Early stage. LS's own disclosures describe the Virginia magnet plant as under review, and its timeline has moved twice.
LS Eco Energy + Lynas (Vietnam): Developing. A samarium metal line of about 240 t/yr inside the existing Ho Chi Minh City plant, funded in September 2026, with trial production targeted for December 2026.

Listing

KRX: 006260
Listed through its parent or partner. Korea Motion Works is wholly owned by LS Cable & System, a subsidiary of LS Corp.
KRX (KOSPI): 006260
Listed through its parent or partner. LS Cable & System is unlisted; parent LS Corp is listed.
KRX: 229640

Revenue

KRW 350.3bn revenue; KRW 25.3bn operating profit
Reported, Q2 2026 (consolidated).
Source

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

What	Figure	Status	As of
Samarium metal, GSHM line at LSCV, Ho Chi Minh City	~240 t/yr Sm metal (design capacity); company estimate: feed for ~700-1,000 t/yr SmCo magnets	Under construction	Sep 2026
Samarium metal (defense), Vietnam - broker figure	~300 t/yr targeted by 2027 (Shinhan Investment, broker note as reported)	Announced	Aug 2026
Total rare-earth metals (Sm + NdPr), Vietnam - press figure	~2,500 t/yr metals, said to supply >10,000 t of magnets (Electimes; not in any filing found)	Announced	Apr 2026
NdPr, Dy and Tb metal, Vietnam	No capacity disclosed; planned after samarium	Announced	Sep 2026
Permanent magnets, Korea Motion Works, Gumi	No capacity disclosed; KRW 150bn investment	Announced	Sep 2026
NdFeB magnets, LS Eco Advanced Materials-VAC JV (2024 plan)	1,000 t/yr magnets from 2027 (announcement figure, Feb 2024)	Announced	Feb 2024

Narrative

LS Eco Energy (KRX KOSPI: 229640) is the LS Cable & System subsidiary that holds the group's Vietnamese cable plants, LS-VINA and LSCV. In February 2024, sister company LS Eco Advanced Materials announced a plan with Germany's VAC for a neodymium magnet venture targeting 1,000 t/yr of magnets by 2027; reports described it variously as a joint venture, a letter of intent or an MoU, and no later update has been published. In July 2024 LS Eco Energy reported a rare-earth oxide supply contract with Vietnam's Hung Thinh Mineral. On December 17, 2025, its board approved about KRW 28.5 billion for rare-earth metallization at the LSCV site in Ho Chi Minh City. In March 2026 it signed a non-binding framework agreement with Lynas Rare Earths to work toward a long-term processing arrangement in which Lynas oxide is converted to metal in Vietnam, with samarium metal first and NdPr and selected heavy rare earths later. On July 27, 2026 the two signed binding agreements to cross-subscribe zero-coupon, five-year convertible instruments of about KRW 30 billion (about A$29 million) each; the definitive processing agreement, with volumes, pricing and term, had not been announced as of mid-October 2026. On September 30, 2026 LS Eco Energy approved KRW 11.6 billion for a 58% stake in a new Vietnamese company, Global SHRE Metal, to run a samarium metal line at LSCV with a design capacity of about 240 t/yr and trial production targeted for December 2026; no commercial-operation date or capacity for NdPr, Dy or Tb metal has been disclosed. The same day, LS Cable & System disclosed a KRW 150 billion equity injection, paid October to December 2026, into Korea Motion Works, a wholly owned company formed to make rare-earth permanent magnets, with Gumi reported as the site; no capacity or schedule has been published. LS Cable & System also plans sintered magnet production in Chesapeake, Virginia, within a US$689 million complex expected to be fully operational in 2029 or 2030. LS Eco Energy reported Q2 2026 revenue of KRW 350.3 billion, almost entirely from cables, and no rare-earth revenue.

Where public sources disagree

Samarium metal capacity: ~240 t/yr design (SEDaily, Khan, Money Today, theinvestor.vn, 30 Sep 2026) vs ~300 t/yr by 2027 (Shinhan Investment note reported by eToday, 6 Aug 2026) vs 297 t/yr (subtitle of SEDaily Korean article, 4 Oct 2026, whose body says 240 t).
Total metal capacity: ~2,500 t/yr of Sm and NdPr metals (Electimes, 6 Apr 2026) vs only 240 t/yr Sm metal with no NdPr/Dy/Tb capacity in the Sep 2026 disclosure coverage.
Timing of the Lynas convertible bonds: Electimes (6 Apr 2026) and SEDaily (14 Apr 2026) describe the CB exchange as done in March 2026; Lynas FY26 presentation (26 Aug 2026) and LS Eco Energy's CB disclosure (MarketScreener) date the binding cross-subscription to July 2026, with March being only the framework.
Counterparty of the CB swap: eToday (30 Sep 2026) says LS Cable and LS Eco Energy exchanged CBs; Lynas, MarketScreener, Kalkine and SEDaily name Lynas and LS Eco Energy.
Nature of the 2024 VAC deal: Korea Herald (16 Feb 2024) reports a JV signing event; rawmaterials.net (14 Feb 2024) says a letter of intent; Financial News (24 Mar 2024) says an MoU to establish a JV.
GSHM board date: theinvestor.vn says board approval on 16 Oct 2026; the DART filing copy (chickstockfi) gives board resolution 30 Sep 2026 and expected acquisition 16 Oct 2026.
2024 oxide supplier: CEO Score Daily (16 Jul 2024) and rawmaterials.net name Vietnam's Hung Thinh Mineral; Financial News (24 Mar 2024) refers to 'China's Hungtin Minerals'.

Sources

LS Cable invests KRW 161.6bn in RE magnet chain (Korea Motion Works, GSHM) — Seoul Economic Daily (2026-09-30)
Lynas quarterly to 31 Mar 2026 (LS Eco Energy framework) — Lynas Rare Earths / ASX (2026-04-21)
LS Eco Energy DART filing: GSHM 58% acquisition — DART (via chickstockfi) (2026-09-30)
LS Eco Energy CB to Lynas, KRW 30bn terms — MarketScreener (2026-07-26)
Lynas FY26 results presentation — Lynas Rare Earths / ASX (2026-08-26)
LS Eco Energy sets up Vietnam samarium entity (GSHM) — The Investor (Vietnam) (2026-09-30)
Lynas-LS Eco Energy binding CB agreements — Kalkine (2026-07-27)
Korea Motion Works KRW 150bn, 100%, installments — Global Economic (g-enews) (2026-10-01)
LS Cable to establish RE production bases in Vietnam and Gumi — Kyunghyang Shinmun (English) (2026-09-30)
LS Cable Gumi magnet plant (KRW 150bn) — Hankyung (2026-09-30)
LS Cable $147M Gumi magnet plant — KED Global (2026-09-30)
LS Eco Energy to produce defense rare-earth metal in Vietnam — Seoul Economic Daily (2026-09-30)
Lynas framework with LS Eco Energy (Mar 2026) — TNGlobal (2026-03-26)
LS Eco Energy KRW 28.5bn metallization investment — Hankyung Business (2025-12-17)
Shinhan note: Q2 2026 results, Sm ~300 t/yr by 2027 — eToday (2026-08-06)
LS Eco Energy record Q1 2026 — Seoul Economic Daily (2026-04-14)
LS Eco Energy-LS Eco Advanced Materials motor value chain MoU — Seoul Economic Daily (2026-04-10)
LS group release on LS Eco AM MoU — LS Holdings (2026-04-09)
LS Eco Energy as advanced-materials pivot (2,500 t claim) — Electimes (2026-04-06)
LS Cable Greenbrier complex incl. magnets, 2029-2030 — WTKR (2026-09-02)
VEDP: LS Cable US$689M Chesapeake incl. sintered magnets — Virginia Economic Development Partnership (2025-12-12)
LS Cable considers US magnet plant in Virginia — Korea Herald (2025-12-15)
LS Cable, VAC team up for EV magnets — Korea Herald (2024-02-16)
VAC and LS Eco Advanced Material magnet plan — electrive (2024-02-14)
LS Cable and VAC JV (letter of intent) — RAWMATERIALS.net (2024-02-14)
LS Cable subsidiary restructuring; LS Eco AM renamed from LS EVC — Financial News (2024-03-24)
Hung Thinh Mineral oxide contract — CEO Score Daily (2024-07-16)
Energy Fuels to acquire VAC — Pulse 2.0 (2026-06-23)
Lynas-Meteoric deal and LS chain (Caldeira) — Seoul Economic Daily (Korean) (2026-10-04)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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