TCC Steel is not a mill but a specialist in surface-treated steel sheet, buying cold-rolled sheet and adding value by treating its surface. Its traditional mainstay, tin-plated sheet, goes into beverage, food, and aerosol cans, while nickel-plated sheet has been added as a growth axis whose results are linked to battery demand as it feeds into the outer cans of cylindrical secondary batteries. In May 2026 the company decided to issue convertible bonds and, after an amendment, disclosed the issuance result on May 20, and the Q1 report that same May showed revenue recovering +12.2% year on year, while in February it decided a ₩70 per-share dividend (about 0.5%) even amid losses. The strengths worth noting are a steady core of can-grade steel with a nickel-plated battery-can growth axis layered on top, and Q1 revenue swinging back to double-digit growth; on the other hand, whether the 2025 operating loss is temporary or structural is not yet confirmed, and a debt ratio of 234% plus potential share dilution from the convertible bonds remain a burden, so the pace of recovery and the balance sheet's absorptive capacity are the fork in the road.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 234.3%).
- The most recent full-year net result was a loss.
- Revenue rose 5.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 12.2% higher than a year earlier.
- ROE is -3.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -1.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2021-12-31
Largest shareholder Son Bong-rak 17.86% (individual)
Controlling bloc incl. related parties 32.12%
With the controlling bloc holding 32%, the ownership structure is stable.
🔎 In-depth analysis
- TCC Steel is not a mill that smelts iron ore into molten steel, but a specialist in 'surface-treated steel sheet,' buying cold-rolled sheet and adding value by treating its surface.
- Its traditional mainstay is tin-plated sheet (tinplate), used as the material for beverage, food, and aerosol cans.
- To this, nickel-plated sheet has been added: as it feeds into the outer cans of cylindrical secondary batteries, a structure has emerged in which its results are linked to demand for batteries used in electric vehicles, power tools, and energy storage systems (ESS).
- In other words, the root of revenue is can-grade steel, a stable consumer-goods material, while growth and share-price expectations come from the nickel-plated battery-can side.
- It stands on two legs.
- The latest close is ₩8,810 and the market cap is ₩230.9 billion.
- The price sits below the 20-day line (₩11,022) and the 60-day line (₩14,853).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 28.9, closer to oversold territory.
- The one-month change is -26.3%, the three-month change is -36.6%, and the position versus the 52-week high is -61.0%.
- Relative strength against the KOSPI is 3 (1-99, a weighting of the past year's return versus the index that gives more weight to recent performance; higher means stronger than the market), placing it in roughly the top 98% of all stocks by strength.
- Over the past three months it lagged the index by 52.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Because confirmed annual (2025) net profit was a loss, a trailing (last-12-months) P/E (how many times a year's earnings the price represents) cannot be calculated.
- The P/B (how many times net asset value per share the price represents) is 0.94x.
- What matters here, though, is that this company is at an 'inflection' zone where earnings turn from loss to profit.
- For inflection stocks, trailing metrics measured on the past year's numbers make the current business power look lower than it really is.
- So the true picture lies on the forward side (based on expected earnings over the coming year).
- The very fact that a stock whose losses meant no P/E at all can now be assigned a profit-based multiple lends weight to the possibility that last year's loss was the bottom.
- The P/B is also 1.05x on a forward basis, with no large gap from asset value.
- The debt ratio (debt to equity) is 234.3% and the current ratio (how far short-term assets cover debt due within a year) is 107.6%, so debt is not light, and it is worth watching whether the earnings recovery pulls the balance sheet up with it.
- Five-year revenue was ₩536.7 billion in 2021, ₩684.4 billion in 2022, ₩624.4 billion in 2023, ₩582.1 billion in 2024, and ₩611.5 billion in 2025, moving around the ₩600 billion mark, and in 2025 it rose +5.1% year on year, turning direction upward again.
- The more important signal is the most recent quarter.
- Q1 2026 revenue jumped to ₩174.7 billion, up +12.2% year on year.
- With the can-grade steel core providing support, revenue recovered to double digits as demand for nickel-plated battery-can sheet revived.
- Profit is still catching up.
- The 2025 operating profit turned to a loss of -₩10.9 billion, and Q1 operating profit was also a loss of -₩4.0 billion, but revenue turning first and utilization rising to pass through the zone that covers fixed costs, with profit recovering afterward, is the typical flow for surface-treated steel sheet.
- The basis for this year's forward earnings being set in the black is precisely this revenue recovery, the normalization of battery-can demand, and expectations for unit-price and margin recovery as utilization rises.
- Trailing metrics with last year's loss in the denominator do not show this recovery, but on a forward basis the earnings cycle is at the very start of turning up after passing a bottom.
- The center of the recent flow is funding and an earnings recovery.
- In May 2026 the company decided to issue convertible bonds (corporate bonds convertible into shares), and after an amendment disclosure the issuance result was disclosed on May 20.
- Convertible bonds are a means of securing operating and facility funds and could be used for growth such as expanding battery-can lines, but if later converted into shares the share count rises and existing shareholders' stakes can be diluted, so they should be viewed together with the financial structure.
- The Q1 2026 report released that same May confirmed alongside this that revenue recovered +12.2% year on year.
- Meanwhile, in February the company decided a ₩70 per-share cash dividend even amid losses (a dividend yield of about 0.5% at the current price), and the March regular general meeting saw a change of CEO.
- Starting with the strengths, it layered a nickel-plated battery-can growth axis on top of the steady core of can-grade steel, and Q1 2026 revenue swung back to double-digit growth.
- The share price has fallen to less than half the 52-week high, so the price may not yet have fully reflected the inflection from loss to profit.
- The forward P/E cannot be called cheap in absolute terms, but this is a multiple built on the premise that earnings return to the black, which is natural for a stock just emerging from losses in the early stage of recovery.
- There are clear cautions too.
- Whether the 2025 operating loss and the loss continuing into Q1 are temporary or structural is not yet confirmed, and a debt ratio of 234% plus potential share dilution from the convertible bonds remain a burden.
- In sum, this stock is strong when battery demand revives so that nickel-plated-sheet utilization and unit prices recover and revenue growth translates into profit, and weak when the battery cycle is slow or funding pressure outpaces results.
- The pace of recovery and the balance sheet's absorptive capacity are the fork in the road.
🔎 Valuation vs peers Inconclusive
TCC Steel is not a mill but a maker of surface-treated steel sheet for cans and battery cans. Within the same KSIC (steel/primary metals) code, peers close in business character were chosen, while accounting for the different business structure from an integrated steelmaker (POSCO Holdings). On-site figures were used.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Poongsan | 11.71x | 0.75x | 6.40% |
| Hyundai Steel | — | 0.19x | -0.04% |
| POSCO Holdings | 35.79x | 0.42x | 1.18% |
(a) Position versus peers: TCC Steel's P/B of 1.39x is clearly higher than peer steel names. General steel often trades cheaply relative to asset value (P/B below 1x), whereas TCC Steel is the opposite. (b) Premium/discount: this premium can be seen as expectations for the battery-material growth story being priced in ahead of time. (c) Limits of trailing and the forward basis: 2025 net profit was a loss, so a P/E comparison is impossible, and last year's trailing metrics alone make the business power hard to judge. On the forward side, no official company forecast is available, so only revenue approximated from the seasonality of DART confirmed results (about ₩738.7 billion) is noted for reference, and the timing of an earnings recovery is unknown. With losses and dilution factors remaining and future earnings unconfirmable, rather than declaring it undervalued or overvalued, it is left as inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩206.2 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩8,810 and the market capitalization is ₩230.9 billion. The price sits below its 20-day moving average (₩11,022) and below its 60-day moving average (₩14,853). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 28.9, near oversold territory. The one-month change is -26.3%, the three-month change is -36.6%, and the position relative to the 52-week high is -61.0%. Relative strength versus the KOSPI is 3 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 2% of all stocks. Over the past three months it lagged the index by 52.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -52.16% / 6M -60.72% / 12M -78.94%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.94x is above the sector median (0.50x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -3.0%, below the sector average (2.0%). The operating margin is -1.8%. The debt ratio is 234.3%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $413.8M | $385.8M | $405.3M | +5.06% ↑ faster |
| Operating profit | $7.5M | $8.1M | -$7.2M | -188.89% ↓ slower |
| Net profit | -$5.1M | $13.4M | -$4.9M | -136.92% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $355.7M | $453.6M | $413.8M | $385.8M | $405.3M |
| Operating profit | $17.0M | $29.2M | $7.5M | $8.1M | -$7.2M |
| Net profit | $19.1M | $19.4M | -$5.1M | $13.4M | -$4.9M |
| Revenue CAGR | 4-yr avg 3.32% | ||||
Revenue rose 5.1% year over year (2023 ₩624.4 billion → 2024 ₩582.1 billion → 2025 ₩611.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 188.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.3%. The two-year revenue CAGR is -1.0%. In the most recent quarter (Q1 2026), revenue was 12.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-20FilingResult of a rights offering or issuance of share-related bonds (voluntary disclosure) - a disclosure notifying that the previously decided convertible-bond issuance procedure has been completedIt means the funding was actually executed. Since new shares may be issued and the share count may rise upon future conversion requests, the possibility of dilution should be checked together with the financial structure. Source
- 2026-05-14FilingMaterial fact report (decision to issue convertible bonds) [attachment amended] - a disclosure deciding and amending the issuance of a corporate bond convertible into sharesA means of securing operating and facility funds, but if the share price exceeds the conversion price before maturity, conversion into shares increases the shares outstanding and can dilute existing shareholders' stakes. Source
- 2026-05-15EarningsQ1 2026 quarterly report - revenue ₩174.7 billion (+12.2% year on year), operating profit -₩4.0 billion, loss continuingRevenue recovered but profitability is still in the red. Whether revenue growth translates into profit is the key point to confirm. Source
- 2026-02-25DividendCash and in-kind dividend decision - ₩70 per share (dividend yield about 0.5% at the current price)It kept a small dividend even amid losses. That said, with a payout ratio that is negative (-24.6%), paying a dividend during losses should be viewed together with cash flow. Source
- 2026-03-18Filing2025 business report (consolidated) - annual revenue ₩611.5 billion, operating profit -₩10.9 billion (turned to a loss), net profit -₩7.4 billionA year in which profit bent into a loss atop a stable core business. Whether the cause of the loss is temporary or structural is a matter to confirm in subsequent quarters. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-20Paid-in capital increase
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Material-fact report (amended)
- 2026-05-12Material-fact report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-11Audit report
- 2026-03-04Disclosure
- 2026-03-04Shareholders' meeting notice
- 2026-02-25DividendCash/stock dividend decision
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.