POSCO Steeleon (058430) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
POSCO Steeleon buys hot- and cold-rolled steel sheet and processes it into coated steel (plated with zinc or aluminum) and color-coated steel (given color and pattern), which it sells as home-appliance exteriors, building interior and exterior materials, and automotive and industrial materials - a steel-sheet processing company. In February it carried out a 10-for-1 stock split to increase float and declared a dividend of ₩1,085 per share (the company's official dividend yield of 2.6%), and after a weak 2025 (operating profit -52.9%), Q1 2026 operating profit of ₩6.3 billion rebounded roughly threefold, showing it passing through the earnings trough. What stands out recently is that its stable balance sheet (debt ratio 31%, current ratio 294%), a P/B of 0.80x, and a forward P/E of 12.95x reflecting the recovery are appealing, while a thin operating margin of 2.2% means profit could wobble again if demand from downstream appliances and construction slows or tariff pressure persists, and the roughly 19% dividend yield shown on-screen is a split illusion that should instead be read as the actual dividend yield of 2.6%.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Steel & Metals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Steel and metals swing hard with raw-material prices and downstream demand, so profits balloon in upturns and can flip to losses in downturns. Because earnings are so volatile, price-to-book (P/B) — the share price against the value of plant and assets — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 7.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.8% higher than a year earlier.
- ROE is 3.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 1.7%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder POSCO 56.87% (corporate)
Controlling bloc incl. related parties 56.87%
With the controlling bloc holding 57%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
POSCO Steeleon is a 'steel-sheet processing' company that buys hot- and cold-rolled steel sheet and adds value by coating its surface. Its main products are coated steel (steel plated with zinc, aluminum, and the like to prevent rust) and color-coated steel (steel given color and pattern by painting or laminating film on top), sold as home-appliance exteriors, building interior and exterior materials (roof and wall panels), and automotive and industrial materials. Annual revenue is on the order of ₩1.1 trillion, and because it is supplied with steel-sheet raw material from the POSCO Group (largest shareholder POSCO Holdings) and processes it, its results are driven by raw-material prices and demand from downstream industries (appliances and construction). In other words, it is more accurate to view this as a 'processing and plate' business that coats steel sheet and resells it, rather than 'steelmaking that melts iron directly'.
The latest close is ₩4,615 and the market capitalization is ₩276.9 billion. The price sits above its 20-day moving average (₩4,422) and below its 60-day moving average (₩5,310). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 44.5, a neutral level. The one-month change is -6.8%, the three-month change is -40.7%, and the position relative to the 52-week high is -90.5%. Relative strength versus the KOSPI is 1 (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 1% of all stocks. Over the past three months it lagged the index by 32.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed annual basis (2025), the P/E ratio (how many times one year's net profit the price represents) is 16.25x and the P/B (how many times net assets the price represents) is 0.72x. A P/B of 0.80x means the price is set cheaper than the company's net assets (equity) - a discounted zone in terms of asset value. The balance sheet is also solid: the debt ratio (debt versus equity) is low at 31.3%, the current ratio is 294% so short-term liquidity is ample, and with a payout ratio of 38% it returns a substantial share of profit to shareholders. The ROE (how much is earned in a year on equity) is 4.4% and the operating margin is 2.2%, showing the thin margin characteristic of a processing and plate business. One point to note is that the trailing P/E of 17.96x is calculated from 'last year's profit'. In 2025 profit was temporarily low so the denominator was small, so the forward P/E reflecting this year's profit recovery comes down to 14.22x, hard to view as heavier than the same steel-sheet processing sector. In short, it is a combination of discounted on assets, stable on the balance sheet, and ordinary on profitability.
Over five years revenue declined gently from ₩1.3 trillion in 2021 to ₩1.1 trillion in 2025, and profit swings are larger than revenue. On 2025 operating profit falling 52.9% year over year, the company cited 'tariff issues and a delayed recovery in downstream demand industries' in DART. The important change is the recovery signal from the bottom. The immediately prior quarter (Q4 2025) was a trough where operating profit of ₩2.1 billion and net profit of about ₩0.1 billion fell to virtually breakeven, while the most recent quarter, Q1 2026, saw revenue of ₩279.3 billion (+0.8% year over year) and operating profit of ₩6.3 billion, a roughly threefold rebound versus the prior quarter. It means quarterly revenue has begun to rise again and processing margins have passed the trough and turned toward recovery. Assuming this recovery trend continues through the year, the forward P/E comes down to 14.22x, below the confirmed prior-year figure (17.96x). That is, the trailing metrics shown on-screen capture the period when profit was most suppressed, and the actual picture is improving beyond that. However, given the thin-margin nature of the business, the pace of quarterly recovery can vary with downstream demand and the tariff environment.
The core of the past six months' disclosures is threefold. First, on February 23 a 10-for-1 stock split was decided (par value ₩5,000 to ₩500), with new shares listed on April 23, the purpose being 'expansion of float'. Second, on February 2 a year-end dividend was decided at ₩1,085 per share, the company's official dividend yield of 2.6% (based on a pre-split average price of ₩41,530), record date March 31, totaling about ₩6.5 billion. Because this dividend was paid on pre-split shares, the roughly 19% yield on-screen is an illusion created by dividing the pre-split dividend by the post-split price. Third, on April 30 preliminary Q1 results (operating profit ₩6.3 billion) and on January 29 preliminary FY2025 results (operating profit -52.9%) confirmed both last year's weakness and this year's Q1 rebound in numbers, and a FY2025 IR (conference call) was also held on January 29.
This stock's character can be summed up as 'a steel-sheet processor, discounted on assets and solid on the balance sheet, passing through the earnings trough and recovering'. The strong conditions are clear: a stable balance sheet (debt ratio 31%, current ratio 294%), a P/B of 0.80x cheaper than net assets, a steady cash dividend, and an earnings trajectory that rebounded roughly threefold from near-breakeven in Q4 2025 to operating profit of ₩6.3 billion in Q1 2026. Because last year's profit was most suppressed, the trailing P/E looks heavy, but the forward P/E reflecting this year's recovery comes down to 14.22x, hard to view as excessive versus the same processing sector. The weak condition is the thin core-business margin (operating margin 2.2%). So this stock's appeal comes alive when downstream industries (appliances, construction) revive and tariff burdens ease so processing-margin recovery continues; conversely, if demand slows or tariff pressure persists, the thin margin means profit could wobble again. Also, taking the roughly 19% dividend yield on-screen at face value makes it easy to misread the actual dividend appeal (the official dividend yield of 2.6%), so it should be viewed with the split illusion removed.
🔎 Valuation vs peers Inconclusive
The peer set was chosen by actual business - 'color-coated and coated steel-sheet processing' that plates and paints steel sheet, not steelmaking (molten-iron production). Fellow color- and coated-steel processors KG Steel and Dongkuk CM are the primary peers, and parent POSCO Holdings, which supplies the raw material, is kept as a group reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KG Steel | 4.19x | 0.27x | 6.46% |
| Dongkuk CM | — | 0.16x | -5.39% |
| POSCO Holdings | 38.44x | 0.45x | 1.51% |
(a) Position versus the true peer set: against fellow color- and coated-steel processors KG Steel (P/E 4.5x) and Dongkuk CM (P/B 0.16x), the P/E of 19.75x and P/B of 0.88x look expensive on the surface. (b) Premium/discount: however, much of this premium comes from the 2025 profit plunge (-52.9%) shrinking the denominator. A P/B of 0.88x falls short of 1x on net assets, so on an asset basis it is in a discounted zone. (c) Limits of trailing and the basis for forward: the confirmed-last-year-profit P/E (19.75x) can overstate the stock at an earnings inflection point. With no official company forecast, using this year's profit approximated from the seasonality of DART-confirmed quarterly results (about ₩21.4 billion) as the denominator brings the forward P/E down to about 15.8x. With trailing and forward diverging sharply and profit swayed by external variables like this, it is left as inconclusive rather than declared undervalued or overvalued.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩295.3 billion | ₩7.4 billion | ₩6.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩4,615 and the market capitalization is ₩276.9 billion. The price sits above its 20-day moving average (₩4,422) and below its 60-day moving average (₩5,310). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 44.5, a neutral level. The one-month change is -6.8%, the three-month change is -40.7%, and the position relative to the 52-week high is -90.5%. Relative strength versus the KOSPI is 1 (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 1% of all stocks. Over the past three months it lagged the index by 32.3%. 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 -32.31% / 6M -90.88% / 12M -94.50%
Key metrics Computed vs sector median
Valuation
The P/E of 16.25x is in line with the sector median (14.17x). The P/B of 0.72x is above the sector median (0.45x).
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.255x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.6%, above the sector average (1.0%). The operating margin is 1.7%. The debt ratio is 39.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $813.9M | $849.9M | $790.6M | -6.98% ↓ slower |
| Operating profit | $21.5M | $36.5M | $17.2M | -52.89% ↓ slower |
| Net profit | $17.4M | $24.1M | $12.0M | -50.26% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $946.5M | $844.5M | $813.9M | $849.9M | $790.6M |
| Operating profit | $100.7M | $26.8M | $21.5M | $36.5M | $17.2M |
| Net profit | $71.9M | $16.0M | $17.4M | $24.1M | $12.0M |
| Revenue CAGR | 4-yr avg -4.40% | ||||
Revenue fell 7.0% year over year (2023 ₩1.2 trillion → 2024 ₩1.2 trillion → 2025 ₩1.1 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 52.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -4.4%. The two-year revenue CAGR is -1.4%. In the most recent quarter (Q1 2026), revenue was 0.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 23.5%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 7.0% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-02-23Filing10-for-1 stock split decision (par value ₩5,000 to ₩500), the purpose being expansion of float. Trading halted April 8-22, new shares listed April 23.Short term: the price notation changes to about one-tenth, creating a break in the chart that looks like a sharp drop (not an actual change in value). Medium term: a lower trading unit may improve liquidity and access for small shareholders. Source
- 2026-02-02Dividend2025 year-end cash dividend decision. ₩1,085 per share, the company's official dividend yield of 2.6% (based on a pre-split average price of ₩41,530), record date 2026-03-31, total dividend about ₩6.5 billion.Short term: as a dividend on pre-split shares, plugging it into the post-split price overstates the yield. Medium term: whether the dividend continues is the key variable for investment appeal. Source
- 2026-04-30EarningsQ1 2026 preliminary results (consolidated): revenue ₩279.3 billion (+0.8% YoY), operating profit ₩6.3 billion (-47.1% YoY, roughly threefold versus the prior quarter), controlling net profit ₩6.8 billion.Short term: profit is still weak year over year, but a rebound versus the prior-quarter trough (operating profit ₩2.1 billion) is confirmed. Medium term: whether the quarterly recovery continues is the point to watch. Source
- 2026-01-29Earnings2025 annual preliminary results: operating profit ₩24.5 billion (-52.9% YoY). The company cited 'tariff issues and a delayed recovery in downstream demand industries' as the causes of the weakness.Short term: the profit slowdown confirmed in numbers weighs on trailing metrics. Medium term: it reveals a structural risk of high dependence on external variables (tariffs, downstream demand). Source
- 2026-01-26IRNotice of a 2025 annual IR (investor briefing). A conference call on January 29 presented FY2025 results and held Q&A, with materials posted on the company website.Short term: an official channel where the company explains annual results, dividend, and split plans directly. Medium term: running regular IR is a positive for shareholder communication. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual operating profit | ₩24.5 billion | ₩24.5 billion | Confirmed | link |
| Q1 2026 operating profit (consolidated) | ₩6.3 billion | ₩6.3 billion | Confirmed | link |
| Dividend per share / dividend yield | DPS ₩1,085,x 19.3% | DPS ₩1,085, 2.6% | Mismatch | link |
| Stock-split ratio / par value | approx. 10 1 (2026-04-23) | 10 1 , ₩5,000→₩500, 2026-04-23 | Confirmed | link |
| Seasonality-approximated annual operating profit | ₩23.9 billion | — | Unverified | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-28Large-business-group status disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-06OwnershipLargest-shareholder ownership change report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-30EarningsFair-disclosure notice
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Shareholders' meeting notice
📖 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.