Keum Kang Steel: Q1 Operating Profit Plunges, Shareholder Litigation Risk Persists

[Sharp Operating Profit Drop] Consolidated Q1 2026 revenue: 42.4 bln won (-10.1% YoY); operating profit: 31 mln won (vs 1.1 bln won, -97% YoY). Separate operating profit: 116 mln won (vs 1.36 bln won).
[Net Income Rise] Consolidated net income: 1.89 bln won (+53% YoY), EPS 120 won. Driven by non-operating gains (forex/financial income of 1.59 bln won).
[Dividend Confirmed] 49th period dividend: 170 won per common share (total 2.67 bln won). 24 consecutive years of dividends; stable shareholder return.
[Sound Financial Structure] Debt ratio 22.5%, net cash position (cash 32.8 bln won, borrowings 1.5 bln won). Credit rating A- (NICE).
[Litigation Risk] Minority shareholders (Choi et al.) filed for injunction to inspect books, agenda setting (partially granted, appealed). Application for permission to convene EGM pending.

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