[TCC스틸 줌인]① 475억 풋옵션 행사에 곳간 부담

TCC Steel's exercise of 47.5 billion won in put options on convertible bonds signals severe financial distress as stock prices have collapsed to 23% of the conversion price. The company's cash position of 86 billion won falls far short of redemption obligations, forcing aggressive refinancing through new CB issuance and additional borrowing. This situation highlights refinancing risks for industrial manufacturers caught between investor redemption demands and limited liquidity.