DaeChang Steel Swings to Operating Loss in Q1 2026… Weakening Financial Structure

Consolidated Q1 2026 revenue: KRW 103.0bn, operating loss of KRW 9mn (vs operating profit of KRW 750mn in Q1 2025) → swing to operating deficit, net profit KRW 415mn (vs KRW 763mn)
Total borrowings: KRW 78.7bn (FY2025 end: KRW 58.9bn), net debt: KRW 73.5bn (FY2025 end: KRW 47.0bn), debt-to-capital ratio: 33.4% (FY2025 end: 23.9%) → increased leverage
Operating cash flow: -KRW 6.2bn (vs +KRW 6.1bn in Q1 2025) → weakened cash generation
FY2025 year-end dividend of KRW 150 per share (total KRW 3,166mn) paid in April 2026; no new dividend announced
Credit ratings: NICE D&B BBB- / iCREDIT BB- (April 2026)
Segment sales: Steel 99%, raised floor 1%, real estate negligible