Shin Steel신스틸

Shin Steel's profits have shrunk sharply to thin margins, while the share price has swung widely over the past year.

Shin Steel is a Korean steel service centre that cuts and processes coated and galvanized steel for appliance makers, with subsidiaries in Thailand and Mexico. On trailing twelve-month figures to H1 2026 it earned revenue of ₩362B but only ₩2.3B operating income, a 0.6% operating margin, and its borrowings of ₩87B are well above its cash of ₩15B. The share price closed at ₩1,851 on 2026-10-26, down 15.1% over one month but up 22.9% over three months.

What stands out

• Operating margin fell from 4.2% in 2022 to 0.6% on a trailing basis, and 2025 revenue dropped 8.9% year on year.
• Liabilities are 183.8% of equity and borrowings are about ₩87B, so leverage is high relative to the thin profit.
• Trailing return on equity is 1.4%, and the data shows a P/E of 64.9 on depressed earnings, which makes the multiple less meaningful.
• Foreign ownership rose from 0.6% to 2.9% over about 60 days, while foreign investors were net sellers over the last 20 days.
• Recent filings include a rights offering decision (paid-in capital increase), a share acquisition in another company, a loan extension decision and the H1 2026 half-year report.

What to watch

• The rights offering (paid-in capital increase) and how it is priced and used, as the filing decision is already public.
• Next quarterly results and whether operating margin recovers from under 1%.
• Debt refinancing and loan extension terms given borrowings well above cash.