KJSTEEL's Q1 operating loss narrows but debt ratio exceeds 400%… weak financial structure

Q1 2026 consolidated sales KRW 14.5bn, operating loss KRW 0.27bn (improved from Q1 2025 loss of KRW 1.55bn), net loss KRW 1.01bn.
Debt ratio 401.27% (year-end 2025: 363.12%), borrowings KRW 70.1bn, cash KRW 2.8bn.
Steel bar division operating loss KRW 0.43bn; motorcycle division operating profit KRW 0.15bn, first positive swing.
Articles of incorporation amended to add solar power generation business; rooftop facility completed.
Shinpyeong-dong property sale contract terminated but sale continues (book value KRW 8.3bn).
R&D expenses KRW 0.22bn (0.16% of sales).
Major shareholder Heo Jeong-do and related parties hold 42.7%.
No share buyback/cancellation or dividends during the period.