SY Steel Tech에스와이스틸텍

SY Steel Tech is loss-making on a trailing basis, with revenue falling and the share price down sharply over the past year.

The company makes steel deck plates and related construction materials for building sites in Korea. For the twelve months to H1 2026, revenue was about ₩101B, but it recorded an operating loss of about ₩6.4B and a net loss of about ₩6.6B, with free cash flow of about -₩53.6B. The share price closed at ₩1,544 on 2026-10-21, roughly 57% lower over one year, and the data gives a DCF base-case fair value of ₩372, well below the current price.

What stands out

• Profitability has reversed: operating margin went from 12.2% in 2023 and 6.9% in 2024 to -2.7% in 2025 and -6.4% on a trailing basis to H1 2026.
• Revenue fell 16.8% in 2025 to about ₩97.4B, after a 2.3% decline in 2024, so the top line has shrunk for two years.
• Trailing free cash flow of about -₩53.6B is far larger than the trailing revenue and net loss, but the data does not explain the drivers.
• The filings list a major sales or supply contract (1 July 2026), but the data does not give its size or terms.
• Many recent filings are 5%+ holding reports, and foreign ownership eased from 4.8% to 4.5% over about 60 days; the data gives no reason for these changes.
• No recent news headlines are included in the data, and dividend yield is 0%.

What to watch

• The next quarterly or annual results, to see whether operating losses and negative free cash flow continue.
• Any further filings on the supply contract or changes in major shareholdings.
• The data does not include cash, borrowings or leverage figures, so the balance sheet position cannot be assessed from this pack.