Ajusteel아주스틸

Ajusteel's sales hold near ₩1.1T, but losses have persisted and debt is high relative to equity.

Ajusteel makes color-coated steel sheets for appliances, building materials and automotive parts, with Samsung Electronics and LG Electronics among its named major customers. Over the trailing twelve months to H1 2026 it reported revenue of about ₩1.09T but an operating loss of about ₩13.8B and a net loss of about ₩36.5B. The share price is ₩2,145, down 35.8% over one year and well below its 52-week high of ₩4,545.

What stands out

• Revenue has been roughly ₩0.93T to ₩1.09T across 2021 to H1 2026, while operating income has swung from a ₩55.3B profit in 2021 to losses in 2023, 2024 and 2025.
• Net losses were ₩41.2B in 2025 and ₩108.2B in 2024, and the trailing twelve-month return on equity is -29.2%.
• Borrowings are about ₩609B against cash of about ₩36B, and liabilities are 709.9% of equity.
• Free cash flow over the trailing twelve months was negative at about -₩10.1B.
• The stock trades at 0.6 times book value with no dividend yield, while P/E is not meaningful because earnings are negative.
• Recent filings include a half-year report for June 2026, a debt guarantee decision in May, a short-term borrowing increase in June, and early acquisition of bonds with warrants in July. No recent news headlines were provided.

What to watch

• Upcoming quarterly and annual results, to see whether operating losses narrow from the trailing figures.
• Debt levels and short-term borrowing, given the high liabilities-to-equity ratio and the negative free cash flow.
• Further filings on bond, warrant or conversion price adjustments, and any debt guarantees for other parties.