NI SteelNI스틸

NI Steel's trailing profits have fallen sharply from 2023 peaks, though its shares trade at low valuation multiples.

NI Steel makes composite steel-concrete building products and leases or sells steel construction materials for Korean civil engineering and building projects. On a trailing twelve-month basis to H1 2026 it reported revenue of about ₩263.9B, operating income of ₩23.8B and net income of ₩22.4B, well below its 2022 and 2023 levels. The shares closed at ₩3,295 on 2026-10-28, roughly 29% below the 52-week high of ₩4,650.

What stands out

• Revenue fell 9.9% in 2025 to ₩247.9B, and operating margin slipped from 18.5% in 2023 to 12.1% in 2025.
• Trailing net margin is 8.5% and ROE is 8.4%, compared with 23.8% ROE in 2023.
• Borrowings are ₩210.7B against cash of ₩3.0B, and liabilities are 99.1% of equity, so leverage is significant.
• Trailing free cash flow is ₩1.7B, a thin cushion relative to the debt load.
• Filings show a preliminary earnings release on 2026-10-28 and a cash dividend decision in July 2026, with the company's valuation multiples (P/E 4.2, P/B 0.3) and a 3% dividend yield shown in the data; the data contains no analyst ratings or price targets.

What to watch

• The full results accompanying the 2026-10-28 preliminary earnings filing, to see whether profits hold up against the trailing figures.
• Debt levels and free cash flow, given borrowings well above cash and thin trailing free cash flow.
• The DCF fair value model in the data gives a base of ₩10,505 but a bear case of ₩1,177 and a bull case of ₩31,380, a very wide range; the model is not a forecast and the data notes no analyst views.