Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block deal sale.</li>
<li>The block deal sale involves selling the remaining 39.2 million shares of Nippon Steel. The deal is valued at 24.2 billion yen (approximately 227 billion won). </li>
<li>Given the overall negative sentiment on POSCO's potential acquisition of HMM, until this uncertainty is resolved, POSCO Holdings' share price could continue to face stiff headwinds. </li>
</ul>


After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block deal sale.
The block deal sale involves selling the remaining 39.2 million shares of Nippon Steel. The deal is valued at 24.2 billion yen (approximately 227 billion won). 
Given the overall negative sentiment on POSCO's potential acquisition of HMM, until this uncertainty is resolved, POSCO Holdings' share price could continue to face stiff headwinds. 


POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>POSCO is shifting from cyclical steel to sustainable, high-margin materials and hydrogen technologies.</li>
<li>Earnings recovery and RBM scale-up underpin a 15–35% re-rating potential by FY27.</li>
<li>Strong asset base, improving margins, and carbon-neutral roadmap limit downside risk.</li>
</ul>


POSCO is shifting from cyclical steel to sustainable, high-margin materials and hydrogen technologies.
Earnings recovery and RBM scale-up underpin a 15–35% re-rating potential by FY27.
Strong asset base, improving margins, and carbon-neutral roadmap limit downside risk.


POSCO Holdings — From Steel Giant to Green Materials Powerhouse

<ul>
<li>POSCO has signed a strategic partnership with Cleveland-Cliffs. POSCO is likely to invest more than 1 trillion won to purchase at least a 10% stake in Cleveland-Cliffs by early 2026.</li>
<li>Local media have mentioned that POSCO is likely to invest more than 1 trillion won (US700 million) to purchase at least a 10% stake in Cleveland-Cliffs by 2026.</li>
<li>Overall, we believe that a potential US$700 million investment in Cleveland-Cliffs for about 10% stake in the company could have a positive impact on POSCO.</li>
</ul>


POSCO has signed a strategic partnership with Cleveland-Cliffs. POSCO is likely to invest more than 1 trillion won to purchase at least a 10% stake in Cleveland-Cliffs by early 2026.
Local media have mentioned that POSCO is likely to invest more than 1 trillion won (US700 million) to purchase at least a 10% stake in Cleveland-Cliffs by 2026.
Overall, we believe that a potential US$700 million investment in Cleveland-Cliffs for about 10% stake in the company could have a positive impact on POSCO.


POSCO: Signs a Strategic Partnership with Cleveland-Cliffs

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>For 3Q25, POSCO Holdings reported consolidated revenue of W17.3tr (-5.8% YoY) and operating profit of W639bn (-13.5% YoY; 8% above the consensus of W591bn).</li><li>In the steel segment, revenue declined YoY, but operating profit climbed 41% YoY (to W656bn), supported by a favorable comparison and lower raw material and energy costs.</li><li>However, infrastructure operating profit fell 68% YoY, hurt by estimated losses from construction accidents at POSCO E&amp;C and cost overruns at overseas projects. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, POSCO Holdings reported consolidated revenue of W17.3tr (-5.8% YoY) and operating profit of W639bn (-13.5% YoY; 8% above the consensus of W591bn).In the steel segment, revenue declined YoY, but operating profit climbed 41% YoY (to W656bn), supported by a favorable comparison and lower raw material and energy costs.However, infrastructure operating profit fell 68% YoY, hurt by estimated losses from construction accidents at POSCO E&amp;C and cost overruns at overseas projects. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

POSCO Holdings (005490 KS/Buy)Solid Steel Earnings Vs. Losses from POSCO E&C

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY)</li><li>Steel recovery in view, but higher construction and lithium costs to cap results</li><li>Cost uncertainty tempers investment appeal; steel-led turnaround ahead</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY)Steel recovery in view, but higher construction and lithium costs to cap resultsCost uncertainty tempers investment appeal; steel-led turnaround aheadContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

POSCO Holdings (005490 KS Oct 22, 2025) - Elevated Cost Uncertainty

South Korea

POSCO manufactures various types of steel products.  The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

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Posco ADR (PKX US)

POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block...

Douglas Kim

POSCO Holdings — From Steel Giant to Green Materials Powerhouse

POSCO transitions to sustainable materials and hydrogen tech, with potential for significant re-rating and limited downside risk by FY27.

Rahul Jain

POSCO: Signs a Strategic Partnership with Cleveland-Cliffs

POSCO has signed a strategic partnership with Cleveland-Cliffs. POSCO is likely to invest more than 1 trillion won to purchase at least a 10% stake...

Douglas Kim

POSCO Holdings (005490 KS/Buy)Solid Steel Earnings Vs. Losses from POSCO E&C

For 3Q25, POSCO Holdings reported consolidated revenue of W17.3tr (-5.8% YoY) and operating profit of W639bn (-13.5% YoY; 8% above the consensus of...

Mirae Asset Securities

POSCO Holdings (005490 KS Oct 22, 2025) - Elevated Cost Uncertainty

Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY). Steel recovery in view, but higher construction and lithium costs to cap...

Daishin Securities

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52-week Range

Market Cap (USDm)

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POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block...

Douglas Kim

POSCO Holdings — From Steel Giant to Green Materials Powerhouse

​POSCO transitions to sustainable materials and hydrogen tech, with potential for significant re-rating and limited downside risk by FY27.

Rahul Jain

POSCO: Signs a Strategic Partnership with Cleveland-Cliffs

POSCO has signed a strategic partnership with Cleveland-Cliffs. POSCO is likely to invest more than 1 trillion won to purchase at least a 10% stake...

Douglas Kim

POSCO Holdings (005490 KS/Buy)Solid Steel Earnings Vs. Losses from POSCO E&C

For 3Q25, POSCO Holdings reported consolidated revenue of W17.3tr (-5.8% YoY) and operating profit of W639bn (-13.5% YoY; 8% above the consensus of...

Mirae Asset Securities

POSCO Holdings (005490 KS Oct 22, 2025) - Elevated Cost Uncertainty

Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY). Steel recovery in view, but higher construction and lithium costs to cap...

Daishin Securities

POSCO transitions to sustainable materials and hydrogen tech, with potential for significant re-rating and limited downside risk by FY27.