Offshore wind cable maker Nexans says it might turn US plant into export hub (updated)

Nexans SA

13/11/2024 12:58

(Adds quote in paragraph 4, industry background in paragraph 5)
       Nov 13 (Reuters) - Nexans  NEXS.PA  said on Wednesday it
would turn its U.S.-based plant into an export hub if the
offshore wind sector was challenged under Donald Trump's second
stint as president.
    The French power and data cable specialist's plant in
Charleston, South Carolina makes undersea cables used by the
U.S. offshore wind market.
    During its Capital Markets Day event, Nexans management said
it could redirect U.S.-made cables to Europe with little impact
on its margins.
    "I think we are risk-free when it comes to a worsening case,
Trump stopping any tendering U.S. offshore activity in the next
four years in the U.S.," said Jean-Christophe Juillard, Nexans'
deputy CEO and chief financial officer.
    The offshore wind industry is bracing for a U.S. impact,
with two of the world's biggest players in the sector, Siemens
Energy and RWE, warning of challenges and potential delays for
the technology slammed by the president-elect on Wednesday.

 (Reporting by Nathan Vifflin in Gdansk; editing by Milla Nissi)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))