New Risk • May 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings have declined by 3.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩92.6b market cap, or US$61.7m). Announcement • Mar 07
N.I Steel Co., Ltd., Annual General Meeting, Mar 20, 2026 N.I Steel Co., Ltd., Annual General Meeting, Mar 20, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 114, taebong-ro, seocho-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 06 April 2026. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.4%). Reported Earnings • Nov 20
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₩65.2b (up 16% from 3Q 2024). Net income: ₩5.25b (up 74% from 3Q 2024). Profit margin: 8.1% (up from 5.3% in 3Q 2024). The increase in margin was driven by higher revenue. New Risk • May 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.9% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (56% net debt to equity). Profit margins are more than 30% lower than last year (7.9% net profit margin). Market cap is less than US$100m (₩97.7b market cap, or US$71.1m). New Risk • Mar 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 56% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (56% net debt to equity). Market cap is less than US$100m (₩101.0b market cap, or US$69.7m). Announcement • Mar 07
N.I Steel Co., Ltd., Annual General Meeting, Mar 21, 2025 N.I Steel Co., Ltd., Annual General Meeting, Mar 21, 2025, at 09:01 Tokyo Standard Time. Location: danjae hall, 98, taebong-ro, seocho-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩125 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 07 April 2025. Trailing yield: 3.7%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.9%). New Risk • Dec 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 10.0% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (10.0% net profit margin). Market cap is less than US$100m (₩104.8b market cap, or US$73.1m). New Risk • Mar 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.6b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩133.6b market cap, or US$99.5m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 05 April 2024. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩7,150, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 9x in the Metals and Mining industry in South Korea. Total returns to shareholders of 336% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 06 April 2023. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₩5,150, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 152% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩396 (vs ₩175 in 3Q 2021) Third quarter 2022 results: EPS: ₩396 (up from ₩175 in 3Q 2021). Revenue: ₩88.9b (up 46% from 3Q 2021). Net income: ₩11.3b (up 126% from 3Q 2021). Profit margin: 13% (up from 8.2% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩3,770, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 17% share price gain to ₩4,895, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 90% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩4,900, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 6x in the Metals and Mining industry in South Korea. Total returns to shareholders of 84% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improved over the past week After last week's 15% share price gain to ₩4,085, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 62% over the past three years. Upcoming Dividend • Dec 22
Inaugural dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 07 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for N.I SteelLtd since going public. The average dividend yield among industry peers is 2.3%. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩3,025, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 30% over the past three years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS ₩175 (vs ₩90.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩61.0b (up 39% from 3Q 2020). Net income: ₩5.00b (up 95% from 3Q 2020). Profit margin: 8.2% (up from 5.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 35% share price gain to ₩5,310, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 26x in the Metals and Mining industry in South Korea. Total returns to shareholders of 58% over the past three years. Announcement • Mar 05
N.I Steel Co.,Ltd, Annual General Meeting, Mar 19, 2021 N.I Steel Co.,Ltd, Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 19
New 90-day high: ₩3,510 The company is up 47% from its price of ₩2,390 on 20 November 2020. The South Korean market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 14% over the same period. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,510, the stock is trading at a trailing P/E ratio of 13.1x, up from the previous P/E ratio of 11.3x. This compares to an average P/E of 19x in the Metals and Mining industry in South Korea. Total returns to shareholders over the past three years are 15%. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,125, the stock is trading at a trailing P/E ratio of 11.7x, up from the previous P/E ratio of 10.1x. This compares to an average P/E of 17x in the Metals and Mining industry in South Korea. Total returns to shareholders over the past three years are 14%. Is New 90 Day High Low • Jan 05
New 90-day high: ₩2,775 The company is up 24% from its price of ₩2,240 on 07 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: ₩2,680 The company is up 26% from its price of ₩2,130 on 04 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 21% over the same period. Is New 90 Day High Low • Nov 13
New 90-day high: ₩2,410 The company is up 9.0% from its price of ₩2,215 on 14 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day high: ₩2,375 The company is up 11% from its price of ₩2,145 on 23 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 2.0% over the same period.