SeAH Steel Holdings세아제강지주

SeAH Steel Holdings has swung to a trailing net loss of about ₩117B on thin operating margins, while its shares have fallen 30% over the past year.

The holding company's trailing twelve-month revenue to H1 2026 was ₩3.95T, but operating income fell to ₩31.6B and net income was negative at ₩-117B, after a profit of ₩63B in 2025. The stock trades at ₩100,500, near the lower half of its 52-week range of ₩94,200 to ₩260,000, with a price-to-book ratio of 0.2 and a 1.8% dividend yield. Borrowings of ₩2.86T are large relative to cash of ₩767B, and free cash flow was negative at ₩-232B over the same period.

What stands out

• Revenue has held roughly steady at about ₩3.7T to ₩4.0T across 2021 to H1 2026, but operating margin has compressed from 14-15% in 2022-2023 to 0.8% on a trailing basis.
• Liabilities are 144% of equity and borrowings are much larger than cash, so balance-sheet leverage is a key point in the data.
• The price-to-book ratio of 0.2 is well below peers such as SK Square at 1.9 and SK at 0.9, but the data gives a net-asset fair value model range of ₩17,281 to ₩36,289 per share with a base of ₩25,921, which is far below the current price and is a model output, not a forecast.
• Institutions were net buyers over the last 20 trading days, while foreign and retail investors were net sellers, and foreign ownership slipped from 8.6% to 8.2%.
• Recent filings include a value-up plan dated 30 September 2026, a half-year report, and several largest-shareholder holding changes.

What to watch

• The next results release and whether operating income and net income recover from the trailing losses.
• Progress on the corporate value-up plan and any further detail on debt reduction, given borrowings of about ₩2.86T.
• Follow-up on the largest shareholder holding change and the 5%+ holding report filed in October 2026, as these may affect the share register.