J Steel Company Holdings제이스코홀딩스

J Steel is still loss-making, with heavy borrowings and a share price down about 63% over the past year.

J Steel Company Holdings makes wire rod and rebar for construction and civil engineering from its Ansan plant, mostly selling to domestic secondary processors. For the trailing twelve months to H1 2026 it reported revenue of ₩49.0B, an operating loss of ₩5.4B and a net loss of ₩26.1B, with borrowings of ₩40.7B against cash of only ₩0.2B. The shares closed at ₩521, with a market capitalisation of about ₩47.0B.

What stands out

• Revenue has swung sharply: ₩41.1B in 2025 after ₩28.4B in 2024, and ₩84.1B in 2021, so the business has shrunk considerably from its earlier scale.
• Losses have persisted every year from 2022 to 2025 at the net level, and the 2025 operating margin was -20.6%.
• Liabilities are 109.4% of equity and free cash flow over the trailing period was -₩4.7B, so the balance sheet is under pressure.
• The filings list a 6th series convertible bond issue (July 2026), several largest-shareholder change amendments, and a semi-annual audit notice that refers to capital impairment of 50% or more or equity under ₩1B.
• Price data shows a 52-week range of ₩0 to ₩1,550, a 1-year return of -62.8%, and a 1-month and 3-month return of 0%. Foreign ownership is 1.5%. The data contains no analyst ratings or price targets.

What to watch

• The August 2026 audit notice on capital impairment and equity: the data does not say whether the company has taken any remedial steps or what the outcome will be.
• Follow-up filings on the 6th series convertible bond and any further changes to the largest shareholder, which could affect dilution and control.
• Future results and cash position, since borrowings far exceed cash and the trailing free cash flow is negative; no news headlines are included in the data.