Produces steel products for cement reinforcement.
Had-Assaf entered 2026 as a still-profitable steel company with a relatively solid equity base, but the center of gravity has moved from margin compression alone to whether it can release working capital and fund its investment cycle without letting short-term credit become stru…
In 2025 Had-Assaf's Israeli concrete-reinforcing steel segment, the group's main earnings engine, lost margin because selling prices weakened faster than raw-material relief could flow through, so profitability fell much faster than revenue.
In 2025 Had-Assaf did not first run into covenant pressure or outright losses. It ran into working capital that stopped funding itself: customers and inventory rose, supplier funding fell, and the gap rolled into short-term bank credit.
