Vulcan Steel Limited: 2025 Annual Meeting Overview

Vulcan Steel Limited’s (ASX: VSL) 2025 Annual Meeting underscored the company’s resilience amid continued economic and market challenges across Australia and New Zealand. Despite sales volume dropping 6% and revenue falling 11% to NZ$948 million in FY25, Vulcan maintained strong financial discipline, generating NZ$105 million in operating cash flow and reducing net debt to NZ$232 million. The company declared a dividend of NZ$0.06 per share, reflecting a 55% payout ratio.

Strategic growth was bolstered by the acquisition of Roofing Industries, marking Vulcan’s entry into New Zealand’s roll-forming market and expanding its network to 80 sites with 1,650 employees. Sustainability progress was also evident, with greenhouse gas emissions reduced to 12,357 tonnes and significant investments in health and safety initiatives, including AI-assisted monitoring. Looking ahead, management anticipates gradual recovery through FY26, supported by operational efficiency, disciplined expansion, and a strengthened focus on customer service and workforce capability.

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