POSCO Steeleon포스코스틸리온

POSCO Steeleon is barely profitable on thin margins, and its shares have fallen sharply over the past month despite a new US appliance supply approval.

Trailing twelve-month revenue is about ₩1.14T with operating income of ₩23B and net income of ₩18B as of H1 2026, a thin margin for a steel coating business. The share price closed at ₩3,880 on 30 October 2026, down 16.5% over one month but roughly flat over one year, and it trades near its 52-week low of ₩3,585. The company's own fair value model gives a base case of ₩7,162, but that is a model output, not a forecast.

What stands out

• Revenue fell 7% in 2025 to about ₩1.13T, and operating margin dropped from 4.3% in 2024 to 2.2%.
• TTM net income of about ₩18B gives a net margin of 1.5% and ROE of 4.6%, both well below the 2021 peak when ROE was 31.8%.
• Balance sheet looks moderate: cash of ₩71B against borrowings of ₩13B, and liabilities at 33.4% of equity.
• Valuation metrics are low (P/E 13.2, P/B 0.6, EV/EBITDA 4.8), but the company pays no dividend.
• Recent filings include preliminary and half-year earnings, and news on 21 October 2026 reported approval to supply color-coated steel for GE Appliances in the US.

What to watch

• The next quarterly results and whether margins recover from the current low levels.
• Flows: foreign ownership rose from 2.4% to 3.6% over 60 days, while retail and institutional investors were net sellers over the last 20 days.
• Whether the GE supply approval translates into visible revenue growth in future filings.