Hyundai Steel: Thin Margins and a Near-Zero Net Result as the Share Price Falls 17.6% in a Month

Thesis

The data supports a picture of a large steelmaker whose profitability has shrunk sharply since 2021. Operating margin fell from 10.7% in 2021 to 1.0% in 2025 and 0.9% on a trailing basis, and net income has been slightly negative in 2024, 2025 and the trailing period. Free cash flow is positive at ₩730.1B, and the price-to-book ratio of 0.2 is low. These points show that the market values the company well below its book value, but the data does not show why, and it does not show whether earnings will recover. Recent news includes a headline saying Q3 operating profit is expected to miss consensus, which fits the weak share price over the past month. Investor flows, foreign ownership and short balance data are not available, so we cannot say who has been buying or selling.

Business overview

Hyundai Steel (004020) is listed on KOSPI in the Steel & Materials sector. It was founded on 1953-06-10 and listed on 1987-05-23. The CEO is listed as 이보룡. Market capitalization is about ₩3.7T on 133,445,785 listed shares, and enterprise value is about ₩6.2T. Revenue was ₩22.8T in 2021 and peaked at ₩27.3T in 2022. It has since declined to ₩25.9T in 2023, ₩23.2T in 2024 and ₩22.7T in 2025. A news headline says the company launched an integrated H-beam brand called 'H ONE'. The data gives no further product or segment detail.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 30, 2026Update noteEarningsHyundai Steel Q3 Preliminary Earnings: Operating Profit Down 73.9% Year on Year on Flat Revenue
2. Oct 13, 2026InitiationHyundai Steel: Thin Margins and a Near-Zero Net Result as the Share Price Falls 17.6% in a Month