NI Steel: Earnings Below 2022-23 Peak, Shares Trade at Low Multiples and Below Book Value

Thesis

The data supports a picture of a small steel company with low valuation multiples, a 3.1% dividend yield and a modest balance sheet, with liabilities at 99.1% of equity. Trailing operating margin of 9.0% is healthy in absolute terms but well under the 18.5% to 19.1% seen in 2022 and 2023.

What the data does not support is a clear earnings recovery. Revenue fell 28.1% in 2024 and 9.9% in 2025, and ROE has dropped from 29.6% in 2022 to 8.4% on a trailing basis. The shares are down 7.7% over one year and 6.2% over one month, though up 6.9% over three months. No news headlines are available, so the data gives no explanation for recent moves.

Business overview

NI Steel is listed on KOSPI in the Steel & Materials sector. It was founded on 1972-12-14 and listed on 1975-06-28, with 28,600,117 listed shares. The CEO is listed as 이창환. Market cap is about ₩91.1B and enterprise value about ₩88.1B. Over the last five years annual revenue ranged from ₩247.9B (2025) to ₩382.9B (2023). The 52-week price range is ₩2,800 to ₩4,650, so the current price is nearer the low end.

Model estimate of fair value

Bear

₩0

-100%

Base

₩266

-91%

Bull

₩3,006

-0%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• Half-year report (Jun 2026)Aug 14, 2026
• Preliminary earningsJul 27, 2026
• Amended: Cash dividend decisionJul 20, 2026
• Cash dividend decisionJul 20, 2026
• Shareholder Register Closure for Cash/Stock Dividend (Record Date) DecisionJun 12, 2026
• Disclosure of Corporate Governance ReportJun 1, 2026
• Quarterly report (Mar 2026)May 15, 2026
• Preliminary earningsApr 27, 2026
• Annual general meeting resultsMar 20, 2026
• Audit report submittedMar 12, 2026
• Annual report (Dec 2025)Mar 12, 2026
• Insider shareholding reportMar 10, 2026
• Daily prices up to 2026-10-19
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 21, 2026Update noteModel fair value changeNI Steel: Model Fair Value Estimate Rises Sharply to ₩10,342 Base Case, Driven by a Lower Discount Rate
2. Oct 20, 2026InitiationStart of coverage (reader request)NI Steel: Earnings Below 2022-23 Peak, Shares Trade at Low Multiples and Below Book Value