Hyundai BNG Steel Q1 2026: Stable Sales and Profit, Increased Debt Ratio

Consolidated sales KRW 199.7B, operating profit KRW 8.4B, net income KRW 4.4B
Debt ratio 41.9% (up from 36.9% at year-end 2025)
Domestic market share of stainless steel sheet: 28.9% (up from 27.2%)
Equity method loss of KRW 2.0B from associates (Sunglim Advanced Materials, PS No.1)
Foreign currency financial liabilities KRW 66.5B vs assets KRW 25.3B (negative impact if KRW depreciates)
Dangjin plant closure and site sale underway
External auditor changed from Samil to Anjin (from FY2026)
R&D expenses KRW 166M (0.08% of sales)
Major customers: AdSteel (10.4%), Hyundai Motor (10.2%)