Stalprodukt in 2026: a niche producer of grain-oriented electrical steel and a zinc smelter, an mWIG40 issuer from Bochnia with a two-member management board

Stalprodukt in 2026: a niche producer of grain-oriented electrical steel and a zinc smelter, an mWIG40 issuer from Bochnia with the smallest management board among Polish industrials

Stalprodukt S.A. – headquartered at ul. Wygoda 69 in Bochnia (postcode 32-700) and registered in the KRS under number 0000055209 – is a Polish specialty-steel producer. Its specialty is niche but strategically important: grain-oriented electrical steel (GOES) – thin sheets used in the manufacture of power transformers, high-output generators and magnets. It is a material whose EU producers can be counted on the fingers of one hand – Stalprodukt is one of them, putting Poland on the map of European suppliers of a key material for power engineering.

The company has operated in its current legal form (a joint-stock company under KRS 0000055209) since 25 October 2001 and has been listed on the Warsaw exchange since October 1997 – making it one of the longest-listed Polish steel-sector names. The business's roots go back to 1992, when Bochnia became one of the centres of the Polish steel sector after the privatisation of state-owned mills.

Its corporate signature: Stalprodukt's management board has just two members (a CEO plus one board member) – one of the smallest boards in the Polish mWIG40. It is a structure typical of a family-owned manufacturer, where strategic decisions are taken within a narrow founding circle. The supervisory board has five members.

Stalprodukt

BOCHNIA · KRS 0000055209 · SPÓŁKA AKCYJNA

Revenue

3.7 B PLN

Bochnia, ul. Wygoda 69: a small town on the European steel map

The address at ul. Wygoda 69, 32-700 Bochnia, places Stalprodukt's registered office in Bochnia, a town of about 30,000 residents in the Małopolskie voivodeship – roughly 30 km east of Kraków. Bochnia is historically known for its salt mine (13th century, one of Europe's oldest, today a tourist attraction), but in the second half of the 20th century it also became a centre of the steel and metallurgical industry. Stalprodukt is the town's largest private employer – together with ZGH Bolesław (which it controls), it employs several thousand people across the region.

The company has a registered electronic-delivery address (ADE: PL-92403-12233-CUBDD-17) and a website at stalprodukt.pl. Under the Polish PKD classification, its principal activity codes include 24 (manufacture of basic metals) – notably 2410 (manufacture of basic iron, steel and ferro-alloys) – and 07 (mining of metal ores, covering ZGH Bolesław). The combination of steelmaking (Stalprodukt – Bochnia) and zinc smelting (ZGH Bolesław – Bukowno) creates a vertically integrated metals-producer profile that is unique among Polish listed issuers.

Polish steel on the WSE: Stalprodukt as a niche specialty producer

Within the Polish listed steel sector, Stalprodukt holds the position of a niche specialty producer – distinct from:

• JSW (Jastrzębie-Zdrój) – a coking-coal producer (a raw material for steelmaking, not steel itself),
• KGHM (Lubin) – copper and silver (non-ferrous metals, in contrast to Stalprodukt's steel profile),
• Boryszew (Warsaw) – a diversified holding that includes, among others, a non-ferrous metallurgy segment.

Stalprodukt is the purest exposure to specialty steel among Polish tickers. Three structural features of the model explain its mWIG40 positioning:

• Grain-oriented electrical steel as a technological moat – GOES production requires specialised technology (thin rolling, crystal-texture control, electrical insulation). The entry barrier is high; EU competition amounts to a handful of companies (Thyssenkrupp, Stalprodukt, and Russia's VIZ-Steel, which has been losing ground). This makes Stalprodukt strategically important for European power engineering, particularly during the grid-transformer build-out for renewables.
• Zinc as a second revenue vector – the acquisition of ZGH Bolesław in the 2010s gave Stalprodukt a second business line (zinc, lead and silver). LME zinc prices are volatile but independent of the steel-price cycle, diversifying group risk.
• Cyclical exposure to steel and metals prices – in steel-price boom years (2021–2022) Stalprodukt posted record profits; in downturn years (2023–2024), markedly weaker results. The valuation inherits this cyclicality. According to the company's 2025 financial statements, the group recorded revenue of roughly PLN 3.74bn (down 2.5% year on year) and a net loss of about PLN 50.7 million – versus a PLN 30.1 million profit a year earlier – confirming that the sector remains in the weaker phase of the cycle.

What it means for the investment profile: niche leader, variable dividend, steel-price exposure

“Stalprodukt is a classic case of a niche Polish industrial with a strong position in a specialty product category (grain-oriented electrical steel). As Europe expands its power grids for renewables and the energy transition, transformer demand is growing structurally – in theory a tailwind for Stalprodukt. The main risks: cyclical swings in global steel prices and competition from Chinese GOES producers, whose export expansion remains a constant threat to the European sector.”

Three expected consequences for the company's investment profile in 2026:

• A dividend policy that moves with the cycle – Stalprodukt has historically paid dividends in the PLN 1.50–6.00 per-share range (a 1–4% yield), with large year-to-year swings. Boom years in steel prices bring higher payouts; slowdown years bring lower or none. The 2025 net loss limits the room for a payout in 2026.
• Structural demand for transformer steel in 2026 – Poland, Germany, France and the UK continue expanding their power grids to integrate renewables. Every new power transformer contains several tonnes of GOES. That gives Stalprodukt a steady order stream even in years when global steel prices are low.
• Chinese competition as a structural risk – Chinese GOES producers are exporting growing volumes to Europe. Every EU decision on anti-dumping tariffs is a meaningful event for the stock's valuation – in either direction.

For Małopolska itself, Stalprodukt is the region's only large mWIG40 steel-industry issuer – Małopolska has strong mWIG40 representation (Comarch in IT, Grupa Azoty in chemicals, Ryvu in biotech, Mercator Medical, Stalprodukt in steel), making the region one of the strongest mWIG40 clusters after Mazowsze.

What you'll find in the Stalprodukt profile

The Stalprodukt S.A. profile in our database offers the full picture of the company: the composition of the two-member management board (a CEO plus one member – one of the smallest in the Polish mWIG40), the five-member supervisory board, the KRS registration history from 25 October 2001 (including traces of the ZGH Bolesław acquisition), the registered address at ul. Wygoda 69 in Bochnia, its e-delivery status (ADE PL-92403-12233-CUBDD-17), the stalprodukt.pl website, and the assigned PKD codes classifying the business as metals manufacturing. The profile is also available in English – relevant for international investors, since Stalprodukt is the only publicly listed Polish producer of grain-oriented electrical steel.

Data: Polish National Court Register (KRS 0000055209); Stalprodukt S.A. annual reports 2023–2025; PKD classification 24/07 (metals manufacturing, ore mining); company history – founded in 1992 in Bochnia, joint-stock company since 2001, WSE debut in October 1997, ZGH Bolesław acquisition in the 2010s; editorial estimates of its position in the European grain-oriented electrical steel sector; financial statements filed with KRS, as of 2026-07-27.