Histeel하이스틸

Histeel's trailing results have swung to losses on flat-to-lower revenue, and the shares have fallen 21% over the past year.

Histeel makes steel pipes for energy, construction, automotive and shipbuilding customers, with main plants in Incheon, Dangjin and Haman. On trailing twelve-month figures to H1 2026 it reported revenue of about ₩263B, an operating loss of about ₩0.5B and a net loss of about ₩0.7B, with free cash flow of about -₩4.5B. The share price is ₩3,410, roughly 47% above its 52-week low of ₩2,355 but well below its high of ₩5,680.

What stands out

• Revenue rose 4.2% in 2025 to about ₩257B, but the company swung to an operating loss of about ₩3.3B and a net loss of about ₩4.6B that year, after profits in 2021 to 2023.
• Trailing free cash flow is negative at about -₩4.5B, and borrowings of about ₩75B are larger than cash of about ₩22B.
• Liabilities are about 99% of equity, and the stock trades near 0.5 times book value, with no P/E available because earnings are negative.
• The fair value model gives a base value of ₩9,283, but the bear case is ₩2,910, so the outcome range is very wide; this is a model output, not a forecast.
• Recent filings are mostly routine: a May 2026 major sales or supply contract, and an amended H1 2026 half-year report filed in October. No news headlines were included in the data.

What to watch

• The amended H1 2026 half-year report filed on 1 October 2026 and any further corrections to the figures.
• Whether the company returns to operating profit, and whether free cash flow turns positive, in upcoming quarterly reports.
• Debt levels relative to cash, and the value and terms of the May 2026 supply contract, which the data does not detail.