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004020KOSPI

Hyundai Steel

28,200
-250 (-0.88%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Hyundai Steel was established in 1953 and listed on the KOSPI market in 1987. The company is headquartered in Incheon and operates as part of the Hyundai Motor Group.

The company operates in the steel industry through plate and long product segments. It produces rebar, H-beams, automotive parts, hot-rolled and cold-rolled coils, and thick plates for the construction, automotive, and shipbuilding industries.

Business overview as filed

철강은 산업의 쌀이라 할 만큼 중요한 기초소재로서 자동차, 건설, 조선, 가전, 기계등 주요산업의 안정적 발전을 위한 산업 근간을 이루는 제조산업입니다. 이러한 이유로 철강산업의 규모와 기술 수준은 그 나라의 경제력과 국력의 척도로 평가되며, 우리나라도 철강산업의 기반 위에 안정적인 국가경제 발전이 이루어졌다고 할 수 있습니다. 당사는 국내 최대 생산능력의 전기로 제강사로서 친환경 제철소 전환 흐름에 앞장서고 있으며, 이와 함께 지난 2010년 당진 일관제철소 가동을 통해 국내 두 번째 고로 제강사로 국내 판재류 수급 개선 및 철강산업의 발전에 일익을 담당하고 있습니다. 당사는 판재사업 및 봉형강사업으로 구성되며 주요 제품은 하기와 같습니다.

(1) 판재사업고로에서 생산되는 판재류 제품의 수요산업은 자동차, 조선 등으로 산업경기 전반에주로 영향을 받아 연중 비교적 안정적인 수요를 유지하고 있습니다. 당사는 초고강도제품에 대한 R&D 강화, 글로벌 자동차향 판로 개척 등을 통해 국내외 시장을 선도해나갈 계획입니다.(2) 봉형강사업전기로에서 생산되는 봉형강 제품의 주된 수요산업은 건설산업으로, 건설시황은 기후적 특성 등 계절적 요인에 영향을 받습니다. 최근 건설공법의 발전에 따라 계절적 특성은 차츰 감소하는 반면 부동산 경기와 정부의 정책적 방향의 영향은 증가하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

* 당기 중 Hyundai Steel Louisiana LLC (HSLA)에서 HYUNDAI-POSCO Louisiana Steel LLC (HPLS)로 사명을 변경하였습니다.

나. 회사의 법적 ·상업적 명칭지배기업(이하 "당사")의 명칭은『현대제철주식회사』이며 영문으로는 HYUNDAISTEEL COMPANY로 표기합니다.

다. 설립일자

당사는 1953년 6월 10일 대한중공업공사로 설립되어 1987년 5월 23일에 한국거래소 유가증권시장에 상장되었습니다.

라. 본사의 주소 등 (1) 주 소 : 인천광역시 동구 중봉대로 63

(2) 전화번호 : 032-760-2114

(3) 홈페이지 : https://www.hyundai-steel.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업당사는 전기로와 고로 제강을 통하여 철근, H형강, 자동차부품, 열연, 냉연코일 및 후판 등을 생산하여 건설, 자동차 및 조선산업 등에 판매하고 있습니다.종속회사는 스테인리스 냉연 강판을 생산하는 현대비앤지스틸과 선재사업을 영위하고 있는 현대종합특수강, 금속 주조 및 자유단조제품을 생산하고 판매하는 현대아이에프씨, 강관 제품을 생산하는 현대스틸파이프, 사내협력사 통합운영을 위해 설립한 현대아이티씨, 현대아이에스씨, 현대아이엠씨, 현대아이이씨 그리고 자동차용 강판 절단 / 프레스 가공, 자동차부품을 생산하는 해외스틸서비스센터 등으로 구성되어 있습니다.당사는 미래 성장동력 확보와 중장기 탄소저감 체제 전환을 위하여 현대자동차그룹 및 기타 투자자와 공동 투자하여 미국 남동부 루이지애나 주에 약 58억달러 규모의 자동차강판 특화 전기로 제철소 건설을 추진 중에 있습니다.

사. 신용평가에 관한 사항당사는 회사채 및 기업어음 발행의 목적에 의하여 신용평가 전문기관으로부터 평가를 받고 있으며 공시대상기간 동안의 신용평가 현황은 다음과 같습니다.

(1) 최근 3년간 신용평가 내역

(2) 신용등급체계 및 부여 의미

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.86%
[3.79%, 8.88%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 47.3% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.52
Beta [0.37, 0.67] · KOSPI200 · As of 2026-10-08
Intercept
-0.224%[-0.605%, +0.158%]
R squared
0.23
Observations
252
Trading-time corrected beta
0.53[0.25, 0.81]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M161,325166,915191,660207,804205,126180,234228,499273,406259,148232,261227,332230,712
Revenue growth%—3.4714.828.42-1.29-12.1326.7819.65-5.22-10.37-2.12—
Operating incomeKRW 100M14,64114,45013,67610,2613,31373024,47516,1657,9831,5952,1922,099
Operating income growth%—-1.31-5.36-24.97-67.71-77.963,251.25-33.95-50.61-80.0237.46—
Net incomeKRW 100M7,3928,3407,2754,080256-4,40115,05210,3824,4308814-88
Net income growth%—12.83-12.76-43.93-93.72-1,818.33—-31.02-57.33-98.01-84.24—
Attributable to ownersKRW 100M7,3368,1887,1613,987171-4,30014,61410,1764,612-116-69-182
Attributable to minoritiesKRW 100M551521149385-101437206-1822048394
Operating margin%9.088.667.144.941.620.4110.715.913.080.690.960.91
Net margin%4.585.003.801.960.12-2.446.593.801.710.040.01-0.04
ROE%4.815.094.282.390.10-2.638.185.442.41-0.06-0.04-0.09
ROA%2.312.572.181.220.07-1.264.062.821.260.030.00-0.02
Debt ratio%105.7897.9395.9195.6599.41108.74102.8692.3980.6579.7173.6075.60
Current ratio%100.1499.73117.24130.83149.19163.60171.10162.47149.72148.85152.72162.45
Quick ratio%50.7649.7256.1457.4364.8486.4080.9679.8971.0767.1475.2679.52
Reserve ratio%2,055.802,167.602,276.912,319.312,308.482,224.002,437.632,589.782,629.592,593.542,573.962,559.12
Free cash flowKRW 100M————————11,2441,0485,606—
FCF margin%————————4.340.452.47—
OCF conversion%414.73349.72236.38386.142,445.43—133.07209.94439.8320,162.25147,821.41—
Capex to revenue%————————3.187.206.57—
Receivable daysdays—50.548.447.347.853.346.339.640.544.741.4—
Inventory daysdays—85.981.988.098.7108.9107.8100.099.6105.1103.4—
Payable daysdays—68.1———————63.662.7—
Cash conversion cycledays—68.2———————86.282.1—
EPSKRW5,9556,2535,4553,037130-3,27211,1107,7363,506-88-53-136
PERx—9.1210.7414.90241.92—3.693.9610.41———
BPSKRW—120,427125,261125,115126,631122,488133,901140,235143,130141,768145,158149,074
PBRx—0.470.470.360.250.320.310.220.260.150.210.19
Dividend per shareKRW7507507507507505001,0001,000—1,000750—
Payout ratio%12.5911.9913.7524.70576.92—9.0012.93————

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
319,364323,893*333,738333,049343,663348,450370,423368,010352,188347,438344,423
164,164160,256*163,383162,818171,326181,520187,819176,724157,228154,102146,021
155,200163,636*170,355170,231172,337166,930182,604191,285194,960193,336198,402

Income statement

20152016201720182019202020212022202320242025
161,325166,915191,660207,804205,126180,234228,499273,406259,148232,261227,332
14,64114,450*13,67610,2613,31373024,47516,1657,9831,5952,192
9,26711,302*10,8135,698517-5,03921,49113,4865,321-595-432
7,3928,340*7,2754,080256-4,40115,05210,3824,4308814
Basic earnings per shareKRW5,9556,253*5,4553,037130-3,27211,1107,7363,506-88-53
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
7,4398,951*6,4878773,100-4,70716,34010,0064,999-3095,875

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement7,3928,3407,2754,080256-4,40115,05210,3824,4308814
Total adjustments to operating cash flowcomputed23,26420,8269,92211,6736,00724,5434,97711,41415,05417,68320,519
30,656*29,16617,19815,7536,26420,142*20,02921,79619,48417,77120,533
-21,946*-19,758-12,342-11,648-11,629-24,378-6,634-13,945-1,323-15,028-15,779
-7,462-10,169-4,503-4,1856,9074,487*-8,873-4,692-21,209-3,539-3,849
Cash at beginning of periodKRW 100M6,9558,2037,3727,7077,6219,1589,17213,80916,98613,85712,956
8,2037,3727,7077,6219,1589,17213,80916,98613,85712,95613,429
Net change in cash and cash equivalentsKRW 100M1,248-831334-851,537154,6373,179-3,129-901473

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 61안진회계법인2025-12-31
2024적정의견Term 60한영회계법인2025-12-31
2023적정의견Term 59한영회계법인2025-12-31
2016적정Term 52삼정 회계법인2016-12-31
2015적정Term 51삼정 회계법인2016-12-31
2014적정Term 50삼정 회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.66
%
%
Cost of equity7.68%
Weighted average cost of capital7.68%
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW28,200

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model13,475-52.2%
Dividend discount model DDM12,858-54.4%
Discounted cash flow FCFF117,460+316.5%
Discounted cash flow FCFE46,132+63.6%
Residual income model RIM-38,664-237.1%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.66 × 5.00% = 7.68%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(-0.04% × (1 − 0.00%), 0) = 0.00%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 750 × (1 + 2.00%) / (7.68% − 2.00%) = 765 / 0.0568 = 13,475 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 750, g_1 = 0.00%, g_T = 2.00%, r = 7.68%

YearGrowthDividend KRWDiscount factorPresent value KRW
10.00%7500.9287697
20.50%7540.8625650
31.00%7610.8010610
41.50%7730.7439575
52.00%7880.6908544
Terminal value2.00%14,1610.69089,783
Total12,858

P_0 = 12,858 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 145,158 KRW, ROE = -0.04%, payout ratio = 0.00%, r = 7.68%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1145,158-5211,144-11,1960.9287-10,398
2145,106-5211,140-11,1920.8625-9,653
3145,054-5211,136-11,1880.8010-8,961
4145,003-5211,132-11,1840.7439-8,320
5144,951-5211,128-11,1800.6908-7,724
Terminal value-200,8650.6908-138,767

P_0 = 145,158 + -45,055 + -138,767 = -38,664 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 20,532.6 − 14,926.6 + 4,254.7 × (1 − 0.00%) = 9,860.6 KRW hundred million

Weighted average cost of capital

E = 37,631.7, D = 25,738.9 KRW hundred million; equity weight = 59.38%, debt weight = 40.62%; cost of debt k_d = 7.68%

WACC = 59.38% × 7.68% + 40.62% × 7.68% × (1 − 0.00%) = 7.68%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%9,860.60.92879,157.5
20.50%9,909.90.86258,547.1
31.00%10,009.00.80108,017.1
41.50%10,159.10.74397,557.2
52.00%10,362.30.69087,158.7
Terminal value2.00%186,174.40.6908128,617.7
Total169,055.4

Firm value = 169,055.4; less borrowings 25,738.9; plus cash 13,429.3 → 156,745.8 KRW hundred million

P_0 = 156,745.8 KRW hundred million ÷ 133,445,785 (shares) = 117,460 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 20,532.6 − 14,926.6 + -2,015.2 (net borrowing) = 3,590.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%3,590.70.92873,334.7
20.50%3,608.70.86253,112.5
31.00%3,644.80.80102,919.4
41.50%3,699.50.74392,752.0
52.00%3,773.40.69082,606.9
Terminal value2.00%67,795.60.690846,836.3
Total61,561.7

P_0 = 61,561.7 KRW hundred million ÷ 133,445,785 (shares) = 46,132 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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