Hyundai Steel현대제철

Hyundai Steel is still loss-making on a trailing basis, with thin margins and a share price down sharply over the past year.

Hyundai Steel's trailing twelve-month revenue is about ₩23.1T, but operating income of ₩210B (0.9% margin) is small and net income is a loss of ₩18B as of H1 2026. The shares closed at ₩26,300 on 2026-10-26, about 48% below the 52-week high of ₩50,400 and down 23% over one year, and the company trades at about 0.2x book value with a 1.9% dividend yield.

What stands out

• Revenue has drifted down from ₩27.3T in 2022 to ₩22.7T in 2025, while operating margin fell from 5.9% to 1.0% over the same period.
• The company reported net losses in 2024 and 2025 and a trailing net loss through H1 2026, so P/E is not meaningful.
• Trailing free cash flow of about ₩730B is positive, but borrowings of ₩10.2T are well above cash of ₩2.2T, and liabilities are 75.6% of equity.
• Foreign ownership fell from 16.9% to 14.4% over about 60 days, while institutions were net sellers of about ₩41B over the last 20 trading days and retail net buyers of about ₩34B.
• Management publicly says the steel downturn has bottomed out and aims to regain ₩1T in operating profit for the first time in five years, but the data contains no forecast supporting this.

What to watch

• The next earnings release and whether operating income moves materially above the trailing ₩210B level.
• Filings on changes to the largest shareholder's holdings and 5%+ holding reports, which were filed in early October.
• Follow-up on the fatal workplace accident at the Dangjin plant reported on 2026-10-18, including any regulatory or operational effects.