SeAH Steel Holdings Issues Up to 140 Billion Won in Unsecured Bonds Amid Steel Industry Headwinds

SeAH Steel Holdings decides to issue 46-1 (30 billion won, 2yr) and 46-2 (40 billion won, 3yr) unsecured bonds (up to 140 billion won limit).
Credit rating: A0 (stable) by Korea Ratings and NICE.
Use of proceeds: 30 billion won for CP repayment, 40 billion won for investment in SeAH Wind.
Key risks: weak steel demand (US 50% tariff, construction/shipbuilding slowdown), reliance on dividend income, SeAH Wind factory delays & Hornsea 3 contract early termination, contingent liabilities of 4.5 trillion won (167.7% of equity).
Financials: standalone debt ratio 23.6%, consolidated 114.6%; operating profit 189.8 billion won (consolidated, +9.4% YoY).