SeAH Steel Corporation
306200.KS · KSC
Company research
SeAH Steel Corporation (KRX: 306200) is a Seoul-based South Korean steel manufacturer and the largest domestic producer of steel pipes, established as an independent entity in 2018 following the corporate split of the original SeAH Steel group, which itself traces its roots back to 1960. The company's product portfolio spans a broad range of steel pipes — including carbon steel, conduit, structural, stainless steel, titanium, and galvanized and pre-painted steel sheets — serving critical end-markets such as oil & gas pipelines, oil wells, boilers, heat exchangers, construction, and consumer electronics. Operating four domestic manufacturing plants in Pohang, Gunsan, Suncheon, and Changwon, SeAH Steel also maintains a global presence across seven countries, including the United States, Vietnam, the UAE, and Italy, through its production and sales network. As South Korea's pioneering developer of API-certified welded steel pipes, SeAH Steel remains the primary operating subsidiary of SeAH Steel Holdings and continues to position itself as a global leader in specialized steel pipe manufacturing and distribution.
Research reports
Maintains a Buy rating and raises the 2026 earnings forecast and target price to 207,000 won, arguing that the stock’s deep PBR discount to global OCTG peers is unjustified given stronger export pricing, high oil prices, rising U.S. rig counts, and growing offshore wind/LNG project exposure. The report sees comfortable earnings growth ahead while acknowledging domestic construction demand softness and ongoing U.S. tariff risk as key uncertainties.
Daol Investment & Securities · May 18, 2026SeAH Steel (306200) – 1Q26 ReviewReviews Q1 2026 results where revenue grew 18.4% year-on-year and operating profit modestly beat consensus on a sharp recovery in export volumes, improved OCTG margins, and contributions from the Shinan Ui offshore wind project, even after excluding one-off inventory and provision reversals. The analyst keeps a Buy rating with a 190,000‑won fair value, highlighting sustained North American pipeline demand and potential upside from higher oil prices, while flagging exposure to commodity cycles and one-off factors as main risks.
Hanwha Investment & Securities · November 19, 2025SeAH Steel (306200) – 관세 영향 본격화에 따른 어닝 쇼크 기록 (3Q25 Results)Analyzes a Q3 2025 earnings “shock” where SeAH Steel swung to an operating loss as U.S. 50% tariffs on steel pipes, weak domestic construction demand, and one-off items like wage and inventory charges sharply compressed profitability, prompting a cut in the target price to 146,000 won though the Buy rating is maintained. The report expects a Q4 rebound driven by offshore wind and LNG projects and seasonal recovery in domestic sales, but emphasizes that medium‑term profit normalization is uncertain under the new U.S. tariff regime and that OCTG margins and project wins must be monitored closely.
Eugene Investment & Securities · August 28, 2025SeAH Steel (306200) – 내수 부진, 美 50% 관세 효과 (2Q25 Review)Reviews Q2 2025 results with revenue of 4,149 billion won and a 5% operating margin, noting that domestic construction weakness and the introduction of a 50% U.S. import tariff on welded steel pipes pressured earnings despite still double‑digit export margins. The analyst lowers the target price from 210,000 to 153,000 won but keeps a Buy rating, arguing that medium‑term upside hinges on a meaningful recovery in U.S. drilling activity and stabilization of import pipe pricing, while warning about sustained tariff headwinds, domestic demand softness, and subsidiary losses.