# Seah Steel (003030.KO)

Canonical: https://gigainvestors.com/s/003030.KO

Analysis as of: 2026-10-16T07:49:17.503Z. Financial observations: FY2000–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 98,200.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.70×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.11×

- FY2022: 0.14×

- FY2023: 0.15×

- FY2024: 0.06×

- FY2025: 0.05×

- LTM to Jun 2026: 0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.4%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 13.0%

- Recent gross margin (lower of latest and 3-year median): 12.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.4%

- FY2017: 4.5%

- FY2018: 4.5%

- FY2019: 2.8%

- FY2020: 4.1%

- FY2021: 12.7%

- FY2022: 20.5%

- FY2023: 19.5%

- FY2024: 4.4%

- FY2025: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -160B

- Net income, five-year total: KRW 844B

- Return on incremental invested capital: 2.8%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -6.7 pp

- Working capital / revenue, final three-year average: 36.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 0.93×

- FY2023: -0.12×

- FY2024: -6.47×

- FY2025: -4.46×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.5% vs 4.4%

- Per-share earnings: 21243.06 to 15656.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: KRW -83B

- Cumulative retained earnings: KRW 855B

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.3%

- Per-share value change: KRW -6K

- Per-share value, starting three-year median: KRW 21K

- Per-share value, ending three-year median: KRW 16K

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 27B

- Cumulative net income, 10 years: KRW 1.27T

- ROIC, first three-year median: 4.5%

- ROIC, last three-year median: 4.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 21K

- FY2017: KRW 8K

- FY2018: KRW 78K

- FY2019: KRW -760.38

- FY2020: KRW 4K

- FY2021: KRW 44K

- FY2022: KRW 69K

- FY2023: KRW 70K

- FY2024: KRW 11K

- FY2025: KRW 16K

### accounting: pass

- Sloan accruals: 0.8%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: 6.9%

- FY2018: 7.7%

- FY2019: -3.9%

- FY2020: -10.9%

- FY2021: 11.8%

- FY2022: -3.4%

- FY2023: -6.3%

- FY2024: -4.3%

- FY2025: 0.8%

## Holders

## Price story

Down 59% since May 2025 · sales +5.1%

Story as of 2026-10-16T10:00:13.799Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.29T 

- FY2018: KRW 1.78T 

- FY2019: KRW 2.64T 

- FY2020: KRW 2.31T 

- FY2021: KRW 2.84T 

- FY2022: KRW 3.95T 

- FY2023: KRW 3.91T 

- FY2024: KRW 3.68T 

- FY2025: KRW 3.76T 

- FY2026: KRW 3.95T 

### Gross margin · FY2025

gross margin 12.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.1% 

- FY2017: 13.6% 

- FY2018: 9.1% 

- FY2019: 8.1% 

- FY2020: 10.0% 

- FY2021: 16.8% 

- FY2022: 20.4% 

- FY2023: 21.0% 

- FY2024: 12.9% 

- FY2025: 12.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in steel; annual sales are KRW 3.8 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2025: revenue 3759574982770; grossProfit 480303001970; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 003030.KO: SeAH Steel Holdings Corporation manufactures and sells steel products in South Korea, the United States, Japan, China, Vietnam, the United Arab Emirates, Italy, and Indonesia. It offers carbon steel pipes, stainless steel pipes, titanium tubes, and galvanized color steel sheets. SeAH Steel Holdings Corporation was founded in 1960 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 12.8% to 21% during 2023–25; it earns 4.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2023: grossProfit / revenue = 21%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2024: grossProfit / revenue = 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2025: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); 10-year return on capital observations [[2016,0.04413891059654675],[2017,0.04546137201010194],[2018,0.04466848144073561],[2019,0.027676956862021533],[2020,0.04105720705669469],[2021,0.12714885770157863],[2022,0.2045784225422076],[2023,0.19466571592255344],[2024,0.043777120549573965],[2025,0.03413184439994974]]; median 0.04440369601864118. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2018: growth capex 0; upkeep 60798613040; owner earnings 304236608170. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2019: growth capex 0; upkeep 45593921820; owner earnings 7847954450. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2020: growth capex 0; upkeep 62194790170; owner earnings 12775104190. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2021: growth capex 2191282290; upkeep 56957303000; owner earnings 172375013010. Growth capex / owner earnings = 0.01271229658948816.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); FY2022: growth capex 136858082530; upkeep 60198000000; owner earnings 259486347293.75156. Growth capex / owner earnings = 0.5274192031963431.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); Dividend observations: [[2016,10235426570],[2017,10241446690],[2018,10694046740],[2019,11720538420],[2020,9631641600],[2021,9776851500],[2022,13051691210],[2023,21299050330],[2024,23198682330],[2025,20829462350]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 64.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 003030.KO SharesStats.PercentInsiders = 64.742 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:17.503Z); Closing price 98200 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 930457.7411253129; price multiple 0.10553945188444033. FY2025 cash earnings/share -69779.52391141943. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-11: KRW 182,985.13 per share

- 2016-12: KRW 195,889.28 per share

- 2017-01: KRW 228,466.98 per share

- 2017-02: KRW 236,928.73 per share

- 2017-03: KRW 201,177.88 per share

- 2017-04: KRW 205,408.75 per share

- 2017-05: KRW 201,812.50 per share

- 2017-06: KRW 205,620.28 per share

- 2017-07: KRW 205,620.28 per share

- 2017-08: KRW 196,312.38 per share

- 2017-09: KRW 199,273.98 per share

- 2017-10: KRW 194,196.94 per share

- 2017-11: KRW 202,658.67 per share

- 2017-12: KRW 203,504.86 per share

- 2018-01: KRW 221,062.97 per share

- 2018-02: KRW 184,254.39 per share

- 2018-03: KRW 176,215.73 per share

- 2018-04: KRW 196,947.00 per share

- 2018-05: KRW 190,177.61 per share

- 2018-06: KRW 160,984.61 per share

- 2018-07: KRW 145,330.39 per share

- 2018-08: KRW 144,907.30 per share

- 2018-09: KRW 144,907.30 per share

- 2018-10: KRW 49,100.00 per share

- 2018-11: KRW 51,200.00 per share

- 2018-12: KRW 49,300.00 per share

- 2019-01: KRW 52,500.00 per share

- 2019-02: KRW 52,700.00 per share

- 2019-03: KRW 52,200.00 per share

- 2019-04: KRW 56,000.00 per share

- 2019-05: KRW 53,500.00 per share

- 2019-06: KRW 57,200.00 per share

- 2019-07: KRW 51,900.00 per share

- 2019-08: KRW 50,500.00 per share

- 2019-09: KRW 51,100.00 per share

- 2019-10: KRW 47,250.00 per share

- 2019-11: KRW 47,350.00 per share

- 2019-12: KRW 47,400.00 per share

- 2020-01: KRW 40,500.00 per share

- 2020-02: KRW 32,650.00 per share

- 2020-03: KRW 24,300.00 per share

- 2020-04: KRW 28,900.00 per share

- 2020-05: KRW 32,050.00 per share

- 2020-06: KRW 33,700.00 per share

- 2020-07: KRW 40,100.00 per share

- 2020-08: KRW 49,050.00 per share

- 2020-09: KRW 41,900.00 per share

- 2020-10: KRW 44,850.00 per share

- 2020-11: KRW 46,100.00 per share

- 2020-12: KRW 44,550.00 per share

- 2021-01: KRW 45,650.00 per share

- 2021-02: KRW 44,300.00 per share

- 2021-03: KRW 55,100.00 per share

- 2021-04: KRW 74,000.00 per share

- 2021-05: KRW 70,900.00 per share

- 2021-06: KRW 75,900.00 per share

- 2021-07: KRW 78,300.00 per share

- 2021-08: KRW 128,500.00 per share

- 2021-09: KRW 140,000.00 per share

- 2021-10: KRW 125,500.00 per share

- 2021-11: KRW 98,900.00 per share

- 2021-12: KRW 103,000.00 per share

- 2022-01: KRW 104,500.00 per share

- 2022-02: KRW 127,000.00 per share

- 2022-03: KRW 120,000.00 per share

- 2022-04: KRW 144,500.00 per share

- 2022-05: KRW 162,500.00 per share

- 2022-06: KRW 138,500.00 per share

- 2022-07: KRW 154,500.00 per share

- 2022-08: KRW 183,000.00 per share

- 2022-09: KRW 150,500.00 per share

- 2022-10: KRW 135,500.00 per share

- 2022-11: KRW 174,000.00 per share

- 2022-12: KRW 146,500.00 per share

- 2023-01: KRW 162,800.00 per share

- 2023-02: KRW 156,500.00 per share

- 2023-03: KRW 144,800.00 per share

- 2023-04: KRW 149,200.00 per share

- 2023-05: KRW 166,400.00 per share

- 2023-06: KRW 207,500.00 per share

- 2023-07: KRW 205,000.00 per share

- 2023-08: KRW 185,900.00 per share

- 2023-09: KRW 218,000.00 per share

- 2023-10: KRW 200,000.00 per share

- 2023-11: KRW 190,900.00 per share

- 2023-12: KRW 240,000.00 per share

- 2024-01: KRW 218,000.00 per share

- 2024-02: KRW 214,000.00 per share

- 2024-03: KRW 222,000.00 per share

- 2024-04: KRW 232,000.00 per share

- 2024-05: KRW 211,000.00 per share

- 2024-06: KRW 192,200.00 per share

- 2024-07: KRW 179,300.00 per share

- 2024-08: KRW 180,000.00 per share

- 2024-09: KRW 174,200.00 per share

- 2024-10: KRW 170,600.00 per share

- 2024-11: KRW 171,500.00 per share

- 2024-12: KRW 180,500.00 per share

- 2025-01: KRW 205,000.00 per share

- 2025-02: KRW 235,000.00 per share

- 2025-03: KRW 238,500.00 per share

- 2025-04: KRW 226,500.00 per share

- 2025-05: KRW 242,000.00 per share

- 2025-06: KRW 220,000.00 per share

- 2025-07: KRW 202,000.00 per share

- 2025-08: KRW 184,300.00 per share

- 2025-09: KRW 158,700.00 per share

- 2025-10: KRW 143,400.00 per share

- 2025-11: KRW 141,300.00 per share

- 2025-12: KRW 128,100.00 per share

- 2026-01: KRW 136,000.00 per share

- 2026-02: KRW 142,000.00 per share

- 2026-03: KRW 190,600.00 per share

- 2026-04: KRW 240,000.00 per share

- 2026-05: KRW 153,200.00 per share

- 2026-06: KRW 113,800.00 per share

- 2026-07: KRW 104,600.00 per share

- 2026-08: KRW 101,300.00 per share

- 2026-09: KRW 117,600.00 per share

- 2026-10: KRW 102,800.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 44,400.37 per share, central KRW 46,661.14 per share, high KRW 49,670.71 per share

- FY2019: low KRW 50,951.73 per share, central KRW 53,878.92 per share, high KRW 57,775.63 per share

- FY2020: low KRW 73,672.42 per share, central KRW 76,225.89 per share, high KRW 79,625.11 per share

- FY2021: low KRW 104,245.50 per share, central KRW 110,116.52 per share, high KRW 117,932.10 per share

- FY2022: low KRW 889,184.59 per share, central KRW 1,234,995.05 per share, high KRW 1,436,361.10 per share

- FY2023: low KRW 198,588.06 per share, central KRW 229,842.33 per share, high KRW 248,041.74 per share

- FY2024: low KRW 129,522.35 per share, central KRW 141,429.98 per share, high KRW 152,981.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:55:03.632Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations