Moonbae Steel문배철강

Moonbae Steel is a small steel processor that has returned to a thin profit on trailing numbers, while its share price has fallen over the past year.

Moonbae Steel processes and distributes hot-rolled steel, mainly for domestic customers, with plants in Gwangyang and Siheung. On a trailing twelve-month basis to H1 2026 it reports revenue of ₩151.7B, operating income of ₩2.0B and net income of ₩8.3B, but its annual operating results were negative in 2023 to 2025. The shares closed at ₩1,935 on 27 October 2026, about 46% above the 52-week low of ₩1,880 and roughly 46% below the 52-week high of ₩3,580.

What stands out

• Trailing operating margin is 1.3%, compared with 10.1% in 2021, and annual operating losses were recorded in 2023, 2024 and 2025.
• Trailing net income of ₩8.3B is well above trailing operating income, so the profit figure relies on items other than core operations; the data does not explain the gap.
• Revenue has fallen in each year since 2021, with growth of -1.7% in 2025 after steeper declines in 2023 and 2024.
• Trailing borrowings of ₩4.6B exceed cash of ₩1.1B, though liabilities are only 23.8% of equity.
• The shares trade at a trailing P/E of 4.8 and P/B of 0.2, and pay no dividend in the data, while the stock is down 12.8% over one year.
• Recent filings include a corporate value-up plan (22 October 2026), a half-year report, and a cash dividend decision that was later amended, though the data does not show the dividend amount.

What to watch

• The value-up plan filed on 22 October 2026 is not described in the data, so its contents and timing are worth checking in the original filing.
• Next quarterly and annual results, to see whether operating income stays positive after the losses of 2023 to 2025.
• Steel demand and pricing in the domestic market, which the data does not cover but which bear on revenue, which has declined for several years.