Dongkuk Steel 2026 Q1 Operating Profit Surges 5x, Dividend Policy Maintained... Litigation Risks Exist

2026 Q1 Results: Revenue KRW 857.2B (+18.1% YoY), Operating Profit KRW 21.4B (+403.7% YoY), Net Income KRW 6.2B
Dividend Policy: Paid KRW 400 per share for 2025; 2025-2027 plan: minimum KRW 400/share and up to 30% of FCF (no share buyback/cancellation)
Litigation Risk: 4 lawsuits regarding rebar bid-rigging (total claim KRW 27.9B + interest), outcome uncertain
Financial Health: Debt ratio 124.2%, Cash & equivalents KRW 348.0B, Syndicated loan facility KRW 420.0B (for Perum Tower acquisition)
Auditor Change: Deloitte replaced by PwC (from 2026 to 2028)
Derivative gains: valuation gain KRW 3.7B, transaction gain KRW 2.0B