Materials conglomerate · Copper foil, semiconductor materials & glass substrates
SKC
SKC operates battery copper foil (SK Nexilis), semiconductor materials (ISC and Absolics) and chemicals. FY2025 consolidated revenue was KRW 1.7207tn with an operating loss of KRW 276.4bn. In Q2 2026, revenue was KRW 645.4bn, operating loss KRW 14.4bn and EBITDA KRW 29.1bn. Copper-foil revenue reached a quarterly high of KRW 254.0bn, but a segment operating turnaround is not yet confirmed.
Business categories Battery Foils & Conductive Additives · Battery Value Chain · primary Back-End Equipment & Test · Semiconductor Supply Chain Advanced Structural & Industrial Materials · Industrial Materials & Chemicals
- Battery Foils & Conductive Additives: Lotte Energy Materials · Advanced Nano Products
- Back-End Equipment & Test: Hanwha Semitech · ASMPT · Disco Corporation · Kulicke & Soffa · Advantest
- Advanced Structural & Industrial Materials: Nippon Steel · Steel Dynamics, Inc. · Martin Marietta Materials, Inc. · Nucor Corporation · CRH plc
011790.KS Updated Oct 23, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, SKC is directly linked to 4 companies (0 supply, 3 revenue, 1 investment relationships) and reaches 13 companies within two hops; the links are backed by 12 dated sources, 2 of them primary filings (as of 2026-10-23).
Financials & Segments
- Total revenue · KRW 1,720.7bn (2025 consolidated, flat YoY; operating loss KRW 276.4bn, net loss KRW 719.4bn)
- Customer concentration · Copper foil is one of three core businesses, not all of SKC (a conglomerate). SK Nexilis copper foil is concentrated among cell makers SK On, LG Energy Solution and Samsung SDI.
- Segments · Battery materials (copper foil) · Semiconductor materials · Eco-friendly materials
Revenue from
- SK Innovation (SK On) High confidence
The largest customer for SK Nexilis copper foil is affiliate SK On, a stable intra-group relationship in which SK Nexilis supplies a large share of SK On's copper foil. SK On is SK Innovation's battery arm.Confirms KO Sisajournal-e Published Jul 25, 2025: Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil dealConfirms KO GetNews Published Jul 25, 2025: LG Energy Solution and SK Nexilis meet over secondary-battery copper foil - 반도체 소재 고객 (테스트소켓·글라스기판) High confidence
The growth axis carrying company results — subsidiary ISC's silicone-rubber semiconductor test sockets, the world's first commercialized, hold ~90% global share. Alongside, Absolics (70% owned) glass substrate is at the sample/customer-evaluation stage in Georgia with CHIPS Act subsidies, targeting 2027 mass production — the key high-value option to offset copper-foil losses. - 친환경·화학 소재 고객 (PBAT 등) Medium confidence
The eco-friendly materials business is completing a 70,000-ton/year biodegradable PBAT plant in Vietnam in late 2025, another pillar showing SKC is a materials conglomerate. - LG Energy Solution Medium confidence
SK Nexilis is in talks with LG Energy Solution for a 5-6 year copper foil supply worth up to KRW 4tn, but as of July 2025 disclosures and LG's official statement no supply contract has been signed (still in pricing negotiation), driven by North American supply-chain realignment amid US-China decoupling.Confirms KO Sisajournal-e Published Jul 25, 2025: Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil dealMentions EN KED Global Published Jul 25, 2025: SK Nexilis, LG Energy revive supply ties as US seeks China decoupling - Samsung SDI Medium confidence
Samsung SDI is cited as one of SK Nexilis's major copper foil customers. Specific contract size or share is not confirmed outside SK Nexilis disclosures, so the figure is left undisclosed.Mentions KO Sisajournal-e Published Jul 25, 2025: Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil deal
Pays to
- 전기동(구리 원자재)·전력 (비공개) High confidence
Copper foil is a thin copper film made by electroplating electrolytic copper, so copper and the electricity for the electrolytic process are the main costs; copper prices and power costs drive copper-foil margins. Specific suppliers are undisclosed.Mentions KO Samsung Securities / consensus Published May 15, 2026: Brokerage view on SKC — Samsung Sec. Hold KRW 140,000; consensus ~125,000 (glass substrate 2027 mass production; copper-foil turnaround)Confirms KO Sisajournal-e Published Jul 25, 2025: Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil deal - 동박 증설 설비투자 (말레이시아·폴란드, 비공개) Medium confidence· Amount $761M · 2021 · Poland copper foil plant investment
SK Nexilis has expanded overseas copper-foil plants in Malaysia and Poland, investing about $761 million in the Poland plant; equipment, construction and energy enter as capex and cost, with suppliers undisclosed.Confirms EN KED Global Published Nov 18, 2021: Korea's SKC to build $761 mn copper foil plant in Poland
Investors
- Toyota Tsusho High confidence· Amount $110M · agreement 2025-06-18 · Agreement to invest in SK Nexilis Malaysia subsidiary
SK Nexilis agreed to transfer part of its Malaysian subsidiary to Toyota Tsusho under a USD 110m investment agreement. The investee is the subsidiary, not SKC parent; the parties plan raw-material sourcing and next-generation battery cooperation.Confirms KO CEO Score Daily Published Jul 22, 2025: Korea's three copper foil makers strain to break the loss cycle - SK그룹 (SK 주식회사) High confidence
SKC is an SK Group affiliate with holding company SK Inc. as a major shareholder, sitting inside an intra-group loop in which subsidiary SK Nexilis supplies copper foil to group battery maker SK On.Mentions KO GetNews Published Jul 25, 2025: LG Energy Solution and SK Nexilis meet over secondary-battery copper foil
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | +16.4 |
| Ford Motor Company | lead2 | +137.5 | -42.2 | +15.8 | -13.1 | +42.3 | +15.3 |
| DTE Energy | lead2 | +19.4 | +1.2 | -2.8 | +13.5 | +10.4 | +7.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +2.4 |
| Hyundai Motor Company | lead2 | +11.4 | -24.5 | +36.8 | +10.5 | +49.1 | -3.5 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -14.3 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -14.9 |
| Nissan Motor | lead2 | -0.7 | -24.1 | +36.3 | -11.2 | -18.7 | -32.8 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +45.9 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | +23.5 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | +0.8 |
| SKC | node | +18.1 | -31.9 | -19.7 | +104.3 | -25.4 | -28 |
| Toyota Tsusho | benef1 | +15.8 | +23.1 | +85.3 | -16.3 | +119.8 | +31.4 |
| Asahi Kasei | benef2 | -1.1 | -9.3 | +18.7 | -2.9 | +47.1 | +8.7 |
YTD as of 2026-09-04 · source: Yahoo Finance
SKC fell 25.4% in 2025 and was down 28.0% through September 4, 2026. Q2 2026 copper-foil sales reached a quarterly high of KRW 254bn, but the group still posted a KRW 14.4bn operating loss. Demand recovery cannot yet be equated with a share-price or profit recovery. Toyota Tsusho’s USD 110m agreement concerns equity in SK Nexilis Malaysia, not SKC parent. The Asahi Kasei separator agreement likewise starts deliveries in mid-2027. A supplier catch-up thesis needs sustained Malaysian plant profit and disclosed North American customer sales. SKC also operates semiconductor test sockets, so it does not run on a battery-only clock.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 0 · Hold 0 · Sell 1 · Avg. target ₩120,000 · Price ₩84,300 (09-04) · Upside +42%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Yuanta Securities | Sell | ₩120,000 | Nov 6, 2025 | Report ↗ |
Calls 2026 a mixed phase of copper-foil recovery versus glass-substrate ramp, rating Sell at KRW 120,000.
Analyses covering this node
- At the materials tier, the customer sets the clock Jul 5, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
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