Vulcan First Half 2022 Financial Year Result

FINANCIALS & OPERATIONSVULCAN.CO
1
RESULT PRESENTATION
Half Year Ended 31 December 2021

FINANCIALS & OPERATIONSVULCAN.CO
2
The material contained in this document is
a presentation of information about Vulcan Steel
Limited’s (“Vulcan”) activities current as of 10
February 2022.
It is provided in summary form and does not purport
to be complete. It should be read in conjunction with
Vulcan’s periodic reporting and other announcements
lodged with the Australian Securities Exchange (ASX)
and New Zealand Stock Exchange (NZX).
This document contains projections and other
forward-looking statements, current intention, opinion
and predictions regarding the Company’s present
and future operations, possible future events and
future financial prospects. These represent Vulcan’s
assumptions and views, including expectations and
projections about Vulcan’s business, the industry in
which it operates and management’s own beliefs
and assumptions. While these statements reflect
expectations at the date of this document, they are,
by their nature, not certain and are susceptible to
change. Such matters require subjective judgement
and analysis and may be based on assumptions
which are incorrect.
They may also be based on factors which are subject
to significant uncertainties and contingencies which
may be outside the control of Vulcan and are provided
only as a general guide or statement and should
not be relied upon as an indication or guarantee
(expressed or implied) of future performance. Except
as required by applicable law or the ASX and NZX
Listing Rules, Vulcan disclaims any obligation or
undertaking to publicly update such forward-looking
statements.
This document is not intended to be relied upon as
advice to investors or potential investors and does not
take into account the investment objectives, financial
situation or needs of any particular investor.
Unless otherwise stated, financials (including
comparatives) reflect the adoption of IFRS 16 Leases.
This presentation contains non-IFRS financial
measures to assist readers of this document to assess
the underlying financial performance of Vulcan.
The non-IFRS financial measures in this presentation
were not subject to a review or an audit by Deloitte.
Disclaimer

HALF YEAR REPORT FY22VULCAN.CO
Agenda
Overview
Financials and Operations
Outlook and Guidance
Q&A
Supplementary Information
It has been a historic first half of FY22, including our listing
on the ASX and NZX.
While our listing could be seen as the completion
of a journey, we view it as part of a longer sustained journey,
the beginning of the next chapter. The arctic tern on the
cover of this report represents this. Breeding in the Arctic
and wintering in the Antarctic the arctic terns travel 70,000
km annually.
Like the arctic tern, Vulcan takes a long term view, quietly
achieving what seems impossible. We are spreading our
wings setting off on the next stage of our voyage!

FINANCIALS & OPERATIONSVULCAN.CO
4
Overview
HALF YEAR REPORT FY22VULCAN.CO

Performance Highlights
REVENUE
OPERATING CASH FLOW
(INCLUDING OFFER COSTS)
GROSS MARGIN
CUSTOMERS TRANSACTED
WITH VULCAN
7
ADJUSTED EBITDA
2

(EXCLUDING OFFER COSTS)
SALES VOLUME
SUCCESSFULLY LISTED
ON THE ASX & NZX
ADJUSTED NPAT
5

(EXCLUDING OFFER COSTS)
INTERIM DIVIDEND
(TOTALLING NZ$36m)
ADJUSTED EPS
6

(EXCLUDING OFFER COSTS)
+35% on NZ$344m 1H FY21
-45% on NZ$65m in 1H FY21
+6.1% on 35.2% in 1H FY21
+201 or 1.7% on 2H FY21+10% on 126,196 tonnes in 1H FY21
of our 842 staff bought shares
from the public offer
Record date 11 March 2022
Payable on 8 April 2022
(NZ$106m pre-IFRS 16
3,4
basis)
+98% on NZ$60m in 1H FY21
(NZ$72m pre-IFRS 16 basis)
+139% on NZ$29m in 1H FY21
(NZ 54.6c pre-IFRS 16 basis)
+139% on 22.2 NZ cents in 1H FY21
NZ$463m
1
NZ$36m
41.3%
12,014
NZ$118m
138,265 t1-in-5
NZ$70m
NZ 27.5c
NZ 53.0c
OVERVIEWVULCAN.CO
1. m - millions. 2. Earnings before interest, depreciation and amortisation. 3. IFRS 16 - New Zealand accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20.
4. Pre-IFRS 16 - NZ International Accounting Standard 17 – accounting treatment of leases prior to the introduction of IFRS 16 in FY20. 5. Net profit after tax. 6. Earnings per share. 7. Based on customers that transacted with Vulcan at least once in the relevant period.

OVERVIEWVULCAN.CO
6
Vulcan is the only Australasian-wide, pure-play, value added steel distributor and processor.
c. 7,000 monthly active trading accounts who operate across a range of end-markets
A Recap on Vulcan’s Business
Steel Distribution
Processes steel plate to
customer specifications
(including cutting, drilling,
tapping, counter-sinking
and folding).
Distributes steel hollows,
merchant products (bars,
beams, angles, channels)
and unprocessed coil
and plate.
Processes steel coil to
customer specifications
(including sheeting
and slitting).
Distributes stainless steel
hollows, bars, fittings and
sheets/plate, and processes
stainless steel plate.
Distributes high performance
engineering steel and metal
products, and processes
engineering steel and metal
products.
Plate ProcessingCoil ProcessingStainless SteelEngineering Steels
VIC
NSW
QLD
South Island
WA
North Island
SA
GEOGRAPHY*
25%
16%
15%
5%
Australia
63%
New Zealand
37%
2%
27%
10%
Fabricating
Manufacturing
Engineering
Mining
Transport
Sheetmetal
Other
Food & Agriculture
Rollformers
MARKET SEGMENTS*
25%
18%
18%
8%
4%
5%
4%
3%
15%
Other Customers
Customers #2-#20
Customer #1
CUSTOMER*
11%
2%
87%
STEELMETALS
* Based on Vulcan’s 1H FY22 revenue

OVERVIEWVULCAN.CO
7
Trans-Tasman positions with a national footprint and significant
scale drive operating leverage and supply chain capability
A Recap on Vulcan’s Business continued
SteelStainless steelEngineering steelHybrid
29
800+
12k
Sites across Australia
and New Zealand,
strategically located
to serve the local
customer base
Company Employees
Active Customers
STEEL
PLATE
PROCESSING
COIL PROCESSINGSTAINLESS STEEL ENGINEERING STEELS
New Zealand
National footprintNational footprintNational footprintNational footprintNational footprint
Australia
Competes selectively
1
Competes selectively
1
Competes selectively
1
National footprintNational footprint
1. Competes selectively means that Vulcan services certain locations only.

OVERVIEWVULCAN.CO
8
Outcome
Operational Excellence
Enablers
Inventory
Management
Processing
Capability
Managing
Overheads
Internally developed
fit-for-purpose IT
Accountable profit centres
98% Delivery in full, on time
1
Flat
Structure
Customer
Service
A Recap on Vulcan’s Business continued
Our business model at a glance...
1. Relates to both Australia and New Zealand in FY21A.

OVERVIEWVULCAN.CO
9
A Recap on Vulcan’s Business continued
Health & Safety
• Committed to providing a safe and healthy work environment
• More than 95% of staff fully-vacinated
• Vulcan team focused on managing COVID-19 challenges to maintain service level
Environment
• Greenhouse gas CO2 emissions of 9.4k tonnes in 2021
• Vulcan current initiatives
Community and Social
• Support to local community organisations - Halberg Youth Council, Arts Centre Melbourne
• Workplace and personal support to all staff and immediate family
0
5
10
15
20
25
30
35
12M to 1H FY22FY21FY20FY19FY18
LTIFRLTIFR (severe)
18.2
19.5
13.8
32.9
2.0
11.6
0.6
3.7
0.6
1.3
0
2
4
6
8
10
12
14
16
12M to 1H FY22FY21FY20FY19FY18
TRIFR
8.2
6.4
8.9
9.5
14.2
LONG TERM INJURY FREQUENCY RATE (LTIFR)
(per 1,000,000 hours worked)
TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)
(per 200,000 hours worked)
Shifting to
hybrid cars
First electric truck
trial planned for 2022
The introduction of
biofuel use over time
Monitoring supplier
progress in green steel
Solar rollout
at various sites
ICON

OVERVIEWVULCAN.CO
10
Growth Strategy
• Strong track record in
brownfield expansions -
additional sites identified
for expansion
• Focus on new customer win
and increase share of wallet
• Expanded into 10 regional
markets though greenfield
initiatives across Australasia
• New opportunities identified
to expand footprint within
Australasia
• Successfully introduced and
cross sell 2 major product
categories in the last 7 years
• Considering opportunities in
other steel segments
• Acquired and successfully
integrated 10 businesses
since 1995
• Opportunities for further
consolidation
• Ongoing focus on
productivity gain to offset
cost inflation
• Embarked on several
initiatives with $60m of
annual run rate revenue
over 36 months
Brownfield
expansion
Entry into new
geographies
Expansion of
product and/or
service offering
Opportunistic
M&A
Business
improvement
initiatives
Finalist - 2021 Deloitte Top 200 Awards for Best Growth Strategy
which recognises company for outstanding growth performance

OVERVIEWVULCAN.CO
11
As outlined in Vulcan’s prospectus
(15 October 2021), the company
commenced the implementation
of several business improvement
opportunities with potential to increase
its annual run-rate revenue by up to
NZ$60m over 36 months based on
prevailing market demand, costs, and
pricing conditions.
These initiatives are expected to begin
delivering revenue in FY23.
Growth Initiatives Update

FINANCIALS & OPERATIONSVULCAN.CO
12
Financials
& Operations
HALF YEAR REPORT FY22VULCAN.CO

FINANCIALS & OPERATIONSVULCAN.CO
13
• Australia and New Zealand activity level
- good momentum after the easing of COVID-19 restrictions
in October 2021
• Global & local market conditions
- World steel production declined
- Global steel prices & freight rates peaked in
mid-to-late 2H 2021
• Interest rates have begun to rise
• Weaker Australian Dollar and NZ Dollar against the US Dollar
since October 2021
Operating Backdrop during 1H FY22

FINANCIALS & OPERATIONSVULCAN.CO
14
Global Sector Indicators
Steel demand is forecast to lift >2% in 2022Short term production appears constrained
Jun-20 fcstOct-20 fcstApr-21 fcstOct-21 fcst
1200
1300
1400
1500
1600
1700
1800
1900
2000
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
ChinaRest of World
0
20
40
60
80
100
120
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
GLOBAL STEEL DEMAND FORECAST (m tonnes)WORLD CRUDE STEEL PRODUCTION (m tonnes)
m - million, fcst- forecast. Source: WSA.

FINANCIALS & OPERATIONSVULCAN.CO
15
Steel, Stainless, Nickel & Freight Prices
0
200
400
600
800
1000
1200
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
0
2000
4000
6000
8000
10000
12000
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
0
10000
20000
30000
40000
50000
60000
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
0
5000
10000
15000
20000
30000
25000
35000
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
HOT ROLLED COIL PRICE (US$/tonne)
WORLD CONTAINER INDEX (US$/40-foot equivalent)LME NICKEL CASH OFFICIAL (US$/tonne)
STAINLESS STEEL PRICE (2mm, 304 RMB/tonne)
Source: Fastmarkets, Drewry.
HRC price has fallen by c13% from Jul-Dec 2021
average, container rates remain elevated
Stainless price receded c12% from Jul-Dec 2021 average
while nickel price remains elevated

FINANCIALS & OPERATIONSVULCAN.CO
16
Australia and New Zealand
Economic Trend
Australia Economic ActivityNew Zealand Economic Activity
-10
-8
-6
-4
-2
0
2
4
6
8
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
NSWVICQLDSAWA
52000
56000
54000
58000
60000
62000
66000
64000
70000
68000
72000
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
0
4000
2000
6000
8000
10000
14000
12000
18000
16000
20000
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
-8
-6
-4
-2
0
2
4
6
8
10
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
NSWVICQLDSAWA
AU STATE FINAL DEMAND QUARTERLY GROWTH
(seasonally adjusted, %)
NZ GROSS DOMESTIC PRODUCT QUARTERLY GROWTH
(seasonally adjusted, NZ$m)
NZ GROSS FIXED CAPITAL FORMATION QUARTERLY GROWTH
(seasonally adjusted, NZ$m)
AUSTRALIA GROSS FIXED CAPITAL FORMATION QUARTERLY GROWTH
(seasonally adjusted, %)
Source: ABS, Statistics NZ.

FINANCIALS & OPERATIONSVULCAN.CO
17
Australia and New Zealand
Building Activity
New Zealand Building ActivityAustralia Building Activity
0
10000
20000
30000
40000
50000
60000
70000
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
0
1000
2000
3000
4000
5000
6000
7000
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
0
1000
2000
3000
4000
5000
6000
7000
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
AUSTRALIAN QUARTERLY BUILDING APPROVALS
(seasonally adjusted, dwelling units)
NZ QUARTERLY BUILDING VALUE CONSENTED
(seasonally adjusted, NZ$m)
AUSTRALIAN QUARTERLY BUILDING VALUE APPROVED
(seasonally adjusted, A$m)
NZ QUARTERLY BUILDING WORK DONE
(seasonally adjusted, NZ$m)
Source: ABS, Statistics NZ.

FINANCIALS & OPERATIONSVULCAN.CO
18
• Revenue driven by 10% year-on-year
(YOY) volume growth and 23% YOY
product price inflation in 1H FY22
• Gross margin improved 6.1% YOY to
41.3% in 1H FY22
• Gross margin improvement and
productivity gain led to 8.1% YOY
increase in EBITDA margin to 25.5%
in 1H FY22
• The YOY decline in 1H FY22 operating
cash flow was due to increased
investment in inventory
• Rolling 12-months ROCE lifted to 35.9%
in 1H FY22 from 23.9% in FY21
• Dividend 27.5 NZ cps
Group Financial Performance
MILLION NZ$1H FY22
1H FY21% CHANGE
Revenue463.0344.1+34.5%
Adjusted EBITDA
1,4
118.159.7+97.7%
Adjusted EBIT
2,4
104.845.4+130.6%
Adjusted NPAT

3, 4
69.729.1+139.2%
Reported NPAT

3
53.929.1+85.1%
Earnings per share (cents)
4
53.022.2+139.2%
Operating cashflow (OCF)
4
51.564.7-20.5%
Adjusted cash conversion
5
85%78%+7.5%
Net Bank Debt
113.369.8
Capital Employed
6
453.5418.6+8.3%
ROCE
7
35.9%23.9%+12.0%
Dividend per share (cents)
27.5--
PRE IFRS 16
4,8
(MILLION NZ$)1H FY22
1H FY21% CHANGE
Adjusted EBITDA106.248.3+119.9%
Adjusted EBIT
101.843.1+136.1%
Adjusted NPAT
71.731.5+127.3%
1. EBITDA - Earnings Before Interest, Tax, Depreciation and Amortisation.
2. EBIT - Earnings Before Interest and Tax.
3. NPAT - Net Profit After Tax.
4. Before significant items (offer costs in FY22).
5. (EBITDA - lease payment - capital expenditure) / (EBITDA - lease payments).
6. Capital Employed = Equity + Net Bank Debt + Capitalised Lease Obligations.
7. 1H FY21 ROCE is based on FY21 outlined in prospectus.
8. New Zealand International Accounting Standard 17 – accounting treatment of operating leases and
finance leases prior to the introduction of International Financial Reporting Standard 16 in FY20.

FINANCIALS & OPERATIONSVULCAN.CO
19
• Volume growth contributed $17m YOY
• Margin growth contributed $53m YOY
• Net OPEX in 1H FY21 included $3.1m gain
on property sale. Gross OPEX in 1H FY22
was up $8m YOY.
• IPO offer costs incurred for public listing
were $15.8m
Group Financials –
Key drivers of EBITDA change
0
20
40
60
80
100
120
140
1H FY22 Statutory
IPO Offer Costs
1H FY21 (ex-offer costs)
Opex (ex-offer costs)
Gross Margin
Volume
1H FY21 Statutory
Property Gain
1H FY21 (ex-prop'ty gain)
56.6
59.7
53.1
16.7
-11.4
-15.8
102.4
118.1
3.1
EBITDA MOVEMENT FROM 1H FY21 TO 1H FY22 (NZ$m)

FINANCIALS & OPERATIONSVULCAN.CO
20
• Revenue increase was driven by 10% YOY
growth in volume and 29% YOY product
price inflation
- Throughput in distribution and
plate processing were disrupted
by COVID restrictions
- Growth in coil units
• Gross profit per tonne lifted 53% YOY
to $1,059
• Volume growth delivered positive
operating leverage and led to a 10% YOY
EBITDA margin increase in 1H FY22
Steel Segment, Steel GP$/tonne
(STEEL, MILLION NZ$)1H FY22
1H FY21% CHANGE
Revenue300.3211.042%
EBITDA
1,2
84.538.5119%
Sales Volume (000 tonnes)113.0102.710%
Revenue / Tonne ($)2,6592,05529%
EBITDA Margin
1,2
28.1%18.3%+9.9%
1. Post IFRS 16 basis
2. Before significant item
0
250
500
750
1000
1250
1500
1H FY222H FY211H FY21FY20FY19FY18FY17FY16FY15FY14
Steel Gross Profit (NZ$/tonne, pro-forma basis)
HRC price (NZ$/tonne)
STEEL MARGIN VS HOT ROLLED COIL PRICE

FINANCIALS & OPERATIONSVULCAN.CO
21
• Revenue increase was due to 8% YOY
growth in volume and 14% product
price inflation
• Gross profit per tonne lifted 32% YOY
• Volume growth delivered positive
operating leverage and led to a 9pp
EBITDA margin increase in 1H FY22

• OPEX increased by 13% YOY in 1H FY22
driven principally by remuneration
adjustments across the business
• Staff level broadly steady despite
higher volume
Metals Segment, Group OPEX
(METALS, MILLION NZ$)1H FY22
1H FY21% CHANGE
Revenue162.7133.122%
EBITDA
1,2
44.324.085%
Sales Volume (000 tonnes)25.323.58%
Revenue/Tonne ($)6,4285,66314%
EBITDA Margin
1,2
27.2%18.0%+9.2%
(OPEX , MILLION NZ$)1H FY22
1H FY21% CHANGE
Employee Benefits47.341.813%
Selling & Distribution (S&D)8.88.54%
Occupancy Costs2.82.512%
General & Admin. (G&A)14.111.819%
Operating Expenses
1,2
73.064.613%
Average staff numbers8468500%
Sales Volume (000 Tonnes)138.3126.210%
Total Opex/Tonne ($)5285123%
1. Post IFRS 16 basis
2. Before significant item
1. Exclude Depreciation & Amortisation.
2. Before significant items (offer costs in FY22).

FINANCIALS & OPERATIONSVULCAN.CO
22
Cashflow & Working Capital
(MILLION NZ$)1H FY22
1H FY21% CHANGE
Receipts from customers522.2389.334%
Payments to suppliers & employees-456.8-306.849%
Interest paid-1.3-0.6108%
Tax paid-22.8-11.697%
Lease interest paid-5.6-5.62%
Net cash flows from operating
activities
35.664.7-45%
Capital expenditure-5.3-1.9179%
Lease liability payments-6.2-5.79%
Dividends-68.0-40.070%
0
20
40
60
80
100
120
140
CF pre-dividend
IPO Offer costs
CF pre offer costs
Principal pymt on lease
Capex
Operating CF pre offer costs
W/Capital
CF pre W/Capital
Tax
Bank interest
Interest pymt on lease
EBITDA pre IPO costs
-37.0
118.1
-6.2
-15.8
24.1
39.9
51.4
-5.3
88.4
-5.6
-1.3
-22.8
0
50
100
150
200
250
300
Dec-21CreditorsDebtorsInventory Jun-21
IncreaseDecreaseTotal
-31.4
216.4
72.9
-4.8
179.8
1H FY22 EARNINGS AND CASHFLOW (CF) MOVEMENTS
WORKING CAPITAL MOVEMENT (NZ$ million)
(exclude tax accounts movements)
• Strong EBITDA uplift accompanied by higher tax
payment and inventory build
• Capex was $5m in 1H FY22. Retaining FY22 $14m
capex guidance
• IPO offer costs payment of NZ$16m

FINANCIALS & OPERATIONSVULCAN.CO
23
• Strong balance sheet position to execute on growth strategy
and maintain our 60%-80% annual dividend payout policy
• Banking facilities of NZ$200m are now on a fully committed basis
• The previous NZ$100m minimum shareholders fund banking
covenant has been removed
Balance Sheet Metrics & Dividend
0
50
100
150
200
250
CurrentDec-21Jun-21
200
200200
Committed FacilitiesUncommitted Facilities
160160
4040
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Banking CovenantDec-21Jun-21
3.00
0.68
0.62
0
100
200
300
400
500
600
Dec-21Jun-21Dec-20
453.5
406.5
418.6
197.1
85.9
123.5
194.7
69.8
154.1
139.5
113.3
200.6
Shareholders’ FundsNet DebtLease Liabilities
BANKING FACILITIES
NET DEBT COVER (NET DEBT/EBITDA, PRE IFRS 16)
FUNDS EMPLOYED (NZ$ million)

SECTION TITLEVULCAN.CO
24
Outlook &
Guidance
HALF YEAR REPORT FY22VULCAN.CO

OUTLOOK & GUIDANCEVULCAN.CO
25
• Australia and New Zealand activity level
- Positive outlook medium term but new COVID-19 waves since
December 2021 could disrupt activity in the short term
• Global & local market conditions
- Global steel demand projected to remain positive
- Uncertainty over global steel production level in 2022
- Global steel prices & freight rates have declined from
their recent peaks but remain elevated
• Rising interest rates may temper economic activity
and investment appetite
• Weaker Australian Dollar and New Zealand Dollar since
October 2021 are stimulatory for export sectors but
would increase imported material prices including
steel products
Outlook & Guidance
Overall, following the conclusion of stronger than expected
trading since Vulcan’s last trading update in early December
2021 and reflecting the ongoing COVID-19 uncertainty, Vulcan
is increasing its proforma post-IFRS 16 EBITDA guidance by
approximately 11% at the mid-point to NZ$194m-NZ$204m
from previously $174m-$184m, and proforma post IFRS 16
NPAT guidance by approximately 15% at the mid-point to NZ
$107m-NZ$114m from previously $93m-$100m.
OutlookEarnings Guidance
POST IFRS 16PRO FORMA* EBITDA
PRO FORMA* NPAT
MILLION NZ$ Post-IFRS 16Pre-IFRS 16Post-IFRS 16Pre-IFRS 16
New Guidance Range**194-204170-180107-114111-118
Previous Guidance
174-184150-16093-10097-104
Dollar Change***
20201414
% Change ***11%13%15%14%
* Pro forma financial information as described in Vulcan’s Prospectus which was included to enable readers to examine what the
company considers to be its underlying financial performance of the business presented on a consistent basis.
** Subject to ongoing risks outlined in the Company’s Prospectus lodged on 15 Oct 2021.
*** Compared with previous guidance range, at the mid-point.

FINANCIALS & OPERATIONSVULCAN.CO
26
Q&A
HALF YEAR REPORT FY22VULCAN.CO

FINANCIALS & OPERATIONSVULCAN.CO
27
Supplementary
Information
HALF YEAR REPORT FY22VULCAN.CO

SUPPLEMENTARY INFORMATIONVULCAN.CO
28
SUPPLEMENTARY INFORMATIONVULCAN.CO
Profit and Loss Segment Disclosure
STEELMETAL
CORPORATETOTAL
POST IFRS 16
1
IN MILLION NZ$
1HFY221HFY21% CHANGE1HFY221HFY21% CHANGE1HFY221HFY21% CHANGE1HFY221HFY21% CHANGE
Revenue300.3211.042%162.7133.122%0.00.0-463.0344.135%
Adjusted EBITDA
2
84.538.5119%44.324.085%-10.7-2.8281%118.159.798%
Significant items

0.00.00.00.0-15.80.0-15.80.0
EBITDA post IFRS 16 & significant items84.538.5119%44.324.085%-26.4-2.8844%102.459.771%
Depreciation and amortisation (D&A)-13.3-14.3
EBIT

89.045.496%
Finance costs
-7.1-6.2
PBT
81.939.2109%
Tax expense
-28.0-10.1
NPAT
53.929.185%
D&A of PPE and intangibles
-4.3-5.2
Amortisation of right of use assets
-9.0-9.1
Total D&A
-13.3-14.3-7%
Finance income
0.00.0
Finance charges on bank debt
-1.5-0.5
Finance charges on lease liabilities
-5.6-5.7
Finance charges
-7.1-6.2
Lease payments
-6.7-6.5-5.1-4.90.00.0-11.8-11.4
EBITDA pre-IFRS 16
77.832.0143%39.219.1105%-10.7-2.8281%106.348.3120%
Sales (000 tonnes)
113.0102.710%25.323.58%138.3126.210%
Revenue/Tonne
2,6592,05529%6,4285,66314%3,3482,72723%
Gross Margin (%)
41.3%35.2%6.0%
EBITDA Margin
2
28.1%18.3%+9.9%27.2%18.0%+9.2%25.5%17.4%+8.2%
EBIT Margin
2
25.7%14.6%+11.1%24.0%13.8%+10.1%22.6%13.2%+9.4%
1. NZ International Financial Reporting Standard (IFRS) 16 – accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20.
2. Before significant items (offer costs in FY22).

SUPPLEMENTARY INFORMATIONVULCAN.CO
29
SUPPLEMENTARY INFORMATIONVULCAN.CO
Statutory Non-GAAP Earnings
REVENUEEBITDA
EBITNPATEPS (NZ CENTS)
IN MILLION NZ$ (UNLESS STATED)
1H FY221H FY211H FY221H FY211H FY221H FY211H FY221H FY211H FY221H FY21
Statutory basis463.0344.1102.459.789.045.453.929.141.022.2
+ offer costs--15.8-15.8-15.8-12.0-
Adjusted basis before significant items463.0344.1118.159.7104.845.469.729.153.022.2
Proforma items
1
Gain on property sale----3.1--3.1--3.1--2.4
Public company costs---1.3-2.0-1.3-2.0-0.9-1.4-0.7-1.1
Employee incentives----------
Interests on proforma of bank debt-------0.5-0.1-0.4-0.1
Proforma basis463.0344.1116.854.7103.540.468.324.652.018.7
Adjusted basis
463.0344.1118.159.7104.845.469.729.153.022.2
- operating leases adjustment---11.8-11.4-2.9-2.32.02.41.51.8
Adjusted pre-IFRS16 basis463.0344.1106.348.3101.943.171.731.554.624.0
1. As outlined in Vulcan’s prospectus (15 October 2021).

SUPPLEMENTARY INFORMATIONVULCAN.CO
30
SUPPLEMENTARY INFORMATIONVULCAN.CO
Balance Sheet
IN MILLION NZ$31-DEC-2130-JUN-21
% CHANGE
Trade and other receivables123.3128.1-4%
Inventories264.4191.538%
Less trade and other payables-171.3-139.922%
Working capital excluding tax items216.4179.8
Tax payable-19.2-13.840%
Working capital197.2166.019%
Property, plant equipment52.451.81%
Intangibles12.913.3-3%
Right-of-use assets182.3179.02%
Other assets and liabilities8.78.52%
Lease liabilities-200.6-194.73%
Net banking debt-113.3-69.862%
Net assets/Shareholders funds139.5154.1-9%

FINANCIALS & OPERATIONSVULCAN.CO
31
VULCAN.CO

---

HALF YEAR REPORT FY22VULCAN.CO
1
HALF YEAR REPORT
Half Year Ended 31 December 2021

HALF YEAR REPORT FY22VULCAN.CO
2
Details of the company and reporting periods
Name of entity Vulcan Steel Limited (“Vulcan”)
ARBN 652 996 015 (incorporated in New Zealand)
Current reporting period Half year ended 31 December 2021 (“1H FY22”)
Previous corresponding reporting period Half year ended 31 December 2020 (“1H FY21”)
Release date 10 February 2022

Result for announcement to the market
Financial Performance (NZ$ million, unless stated) 1H FY22 1H FY21
Revenue from ordinary activities Up +35% to 463.0 344.1
EBITDA
1
before significant items
5
Up +98% to 1 18.1 59.7
EBIT
2
before significant items
5
Up +130% to 104.8 45.4
Net financing costs -7.1 -6.2
Profit before tax and significant items
5
Up +149% to 97.7 39.2
Income tax -28.0 -10.1
NPAT
3
from ordinary activities before significant items
5
Up +139% to 69.7 29.1
Significant items
4
-15.8 0.0
NPAT from ordinary activities after significant items Up +85% to 53.9 29.1
Earnings per share before significant items Up +139% to 53.0 22.2

Net Tangible Assets (NTA, NZ$ per share)
As at 31-Dec-21 31-Dec-20
NTA per share attributable to Vulcan shareholders 0.96 1.07

Dividends (NZ cents) Amount Imputation* Franking
Interim ordinary per share - 1H FY22 (declared on 10 February 2022) 27.5 100% nil
Interim ordinary per share - 1H FY21** (paid in March 2021) 9.9 100% nil
Interim special per share - 1H FY21** (paid in December 2020) 19.2 100% nil
Final ordinary dividend - 2H FY21 ** (paid in August 2021) 13.7 100% nil
Special dividend - FY21 ** (paid in October 2021) 38.0 0% nil
Record date for determining entitlements to interim dividends 11-March-2022
Interim dividend payment date 8-April-2022
Appendix 4D - Half Year Report
1. EBITDA - Earnings Before Interest, Tax, Depreciation and Amortisation.
2. EBIT - Earnings Before Interest and Tax.
3. NPAT - Net Profit After Tax attributable to shareholders.
4. Significant items - Offer Costs incurred by Vulcan in relation to the public listing
of the Company.
5. Profit before significant items is a non-IFRS measure reported to provide a greater
understanding of the underlying business performance of Vulcan. The above disclosures
are extracted or derived from the financial report for the period ended 31 December 2021,
which has been reviewed by Deloitte. The Independent Auditor’s Review Report provided
by Deloitte is included in Vulcan’s Half Year Report for the period ended 31 December 2021.
* At 28% tax rate, ** Distribution made prior to public listing.
Commentary on the results for the period
This is Vulcan’s inaugural result following the company’s
public listing on the ASX and NZX on 4 November 2021.
Additional disclosure requirements and supporting
information for the Appendix 4D are contained within
Vulcan’s 1H FY22 Report, which includes the Directors’
Declaration. This Appendix should be read in conjunction
with all materials released by Vulcan relating to the
company’s 1H FY22 result.
This announcement was approved for release by Vulcan
Board of Directors.

3
HALF YEAR REPORT FY22VULCAN.CO
Half Year Operating and Financial Review 4
Half Year (1H FY22) at a Glance 5
Overview 6
Steel & Metals 7
Operating Expenditure, Business Initiatives and Cash Flow 8
Balance Sheet and Dividends 9
Outlook and Guidance 10
Our Principles 11
Our Ethos 12
Thank You 13
Financial Statements 14-22
Directors’ Declaration 23
Independent Auditor’s Review Report 24
Corporate Directory 25
Inside
It has been a historic first half of FY22, including our listing
on the ASX and NZX.
While our listing could be seen as the completion
of a journey, we view it as part of a longer sustained journey,
the beginning of the next chapter. The arctic tern on the
cover of this report represents this. Breeding in the Arctic
and wintering in the Antarctic the arctic terns travel 70,000
km annually.
Like the arctic tern, Vulcan takes a long term view, quietly
achieving what seems impossible. We are spreading our
wings setting off on the next stage of our voyage!

HALF YEAR REPORT FY22VULCAN.CO
4
The Directors of the Company during or since the end of the half year are:
Russell Chenu
CHAIR
Wayne Boyd
NON-EXECUTIVE
DIRECTOR
Pip Greenwood
NON- EXECUTIVE
INDEPENDENT DIRECTOR
Bart de Haan
NON- EXECUTIVE
INDEPENDENT DIRECTOR
Rhys Jones
CHIEF EXECUTIVE
OFFICER AND
MANAGING DIRECTOR
Carolyn Steele
NON- EXECUTIVE
INDEPENDENT DIRECTOR
Peter Wells
NON- EXECUTIVE
DIRECTOR
Principal Activities
The principal activities of the Group are in the distribution and processing of
a wide range of steel products to industrial customers in Australia and
New Zealand.
Review of Operations
The Directors’ Review of Vulcan’s operations and financials for the half year ended 31
December 2021 is set out in this interim report.
The Directors of Vulcan are pleased to present their report on the consolidated entity
consisting of Vulcan Steel Limited (Company) and its subsidiaries (Group) for the half year
ended 31 December 2021.
Half Year Operating and Financial Review

5
Performance Highlights
REVENUE
OPERATING CASH FLOW
(INCLUDING OFFER COSTS)
GROSS MARGIN
CUSTOMERS TRANSACTED
WITH VULCAN
7
ADJUSTED EBITDA
2

(EXCLUDING OFFER COSTS)
SALES VOLUME
SUCCESSFULLY LISTED
ON THE ASX & NZX
ADJUSTED NPAT
5

(EXCLUDING OFFER COSTS)
INTERIM DIVIDEND
(TOTALLING NZ$36m)
ADJUSTED EPS
6

(EXCLUDING OFFER COSTS)
+35% on NZ$344m 1H FY21
-45% on NZ$65m in 1H FY21
+6.1% on 35.2% in 1H FY21
+201 or 1.7% on 2H FY21+10% on 126,196 tonnes in 1H FY21
of our 842 staff bought shares
from the public offer
Record date 11 March 2022
Payable on 8 April 2022
(NZ$106m pre-IFRS 16
3,4
basis)
+98% on NZ$60m in 1H FY21
(NZ$72m pre-IFRS 16 basis)
+139% on NZ$29m in 1H FY21
(NZ 54.6c pre-IFRS 16 basis)
+139% on 22.2 NZ cents in 1H FY21
NZ$463m
1
NZ$36m
41.3%
12,014
NZ$118m
138,265 t1-in-5
NZ$70m
NZ 27.5c
NZ 53.0c
1. m - millions. 2. Earnings before interest, depreciation and amortisation. 3. IFRS 16 - New Zealand accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20.
4. Pre-IFRS 16 - NZ International Accounting Standard 17 – accounting treatment of leases prior to the introduction of IFRS 16 in FY20. 5. Net profit after tax. 6. Earnings per share. 7. Based on customers that transacted with Vulcan at least once in the relevant period.
HALF YEAR REPORT FY22
VULCAN.CO

HALF YEAR REPORT FY22VULCAN.CO
6
Overview
Statutory basis
• Revenue of NZ$463m, up 35% from NZ$344m in 1H FY21
• EBITDA of NZ$102m, up 71% from NZ$60m in 1H FY21
• NPAT of NZ$54m, up 85% from NZ$29m in 1H FY21
• EPS of 41.0 NZ cents, up 85% from 22.2 NZ cents in 1H FY21

Adjusted basis (excluding offer costs)
• EBITDA was NZ$118m, up 98% in 1H FY22 from NZ$60m in 1H FY21
• NPAT was NZ$70m, up 139% in 1H FY22 from NZ$29m in 1H FY21
• EPS of 53.0 NZ cents, up 139% in 1H FY22 from 22.2 NZ cents in 1H FY21

Notwithstanding COVID-19, our businesses have traded well in the first six months of FY22.
This strength has been broad-based across our Australasia Steel and Metals business
units. Revenue in Australia and New Zealand in 1H FY22 grew 36% and 32% year-on-year,
respectively. Vulcan sold more than 138,000 tonnes of product in the first half of FY22, up
10% from the same period in FY21.
Overall gross profit per tonne lifted NZ$420 to NZ$1,381 in 1H FY22 from NZ$961 in 1H FY21.
This translated to an improved gross margin of 41.3% in 1H FY22 compared with 35.2% in
1H FY21. Vulcan demonstrated the operating leverage within its business model to achieve
a 25.5% adjusted EBITDA margin in 1H FY22, up from 16.4% (excluding gain on property sale)
in 1H FY21.
The Vulcan team’s discipline in stock management and service level ensures our
customers remain well-served. To this end, Vulcan’s strong 1H FY22 cash generation
enables the company to further invest in our staff, working capital and processing
capacity for growth, and to preserve financial flexibility for potential acquisitions and
distribution of profits to shareholders.
Reflecting on the significant rise in general living costs, Vulcan increased the base
remuneration for our staff over the last six months. In recognition of our staff’s efforts
through a challenging and busy period, Vulcan further decided in December to pay
eligible staff a living cost support bonus to help alleviate the financial pressures on our
team and their families.
Vulcan (ASX: VSL, NZX: VSL) an Australasian-wide industrial product distributor and value-added processor
is pleased to announce a record half year performance for the six months ended 31 December 2021 (1H FY22,
the first half of 2022 financial year), its inaugural result as a publicly-listed company since 4 November 2021.
Half Year Operating and Financial Review continued
MILLION NZ$ EBITDAEBITNPATEPS (NZ CENTS)
(UNLESS STATED)1H FY221H FY211H FY221H FY211H FY221H FY211H FY221H FY21
Statutory basis102.459.789.045.453.929.141.022.2
+ IPO Offer costs
15.8-15.8-15.8-12.0-
Adjusted basis1 18.159.7104.845.469.729.153.022.2
- Operating leases-11.8-11.4-2.9-2.32.02.41.51.8
Adjusted pre-IFRS16 basis106.348.3101.943.171.731.554.624.0

HALF YEAR REPORT FY22VULCAN.CO
7
Steel
Steel revenue rose NZ$89m (42%) to NZ$300m in 1H FY22 from NZ$211m in 1H FY21. Sales
tonnes increased to approximately 113,000 tonnes in the first half of FY22, up 10% from the
same period in FY21. Average revenue per tonne rose NZ$604 (29%) to NZ$2,659 in 1H FY22
from NZ$2,055 in 1H FY21.
Steel gross profit per tonne improved NZ$369 (53%) to NZ$1,059 in 1H FY22 from NZ$691 in
1H FY21 which translated to 40.0% gross margin in 1H FY22 compared with 33.6% in 1H FY21.
Positive operating leverage benefits saw Steel deliver a 28.1% EBITDA margin in 1H FY22,
up from 18.3% in 1H FY21. As a result, EBITDA increased NZ$46m to NZ$84m in 1H FY22 from
NZ$38m in 1H FY21.
Metals
Metals revenue rose NZ$30m (22%) to NZ$163m in 1H FY22 from NZ$133m in 1H FY21. Sales
tonnes increased to approximately 25,000 tonnes in the first half of FY22, up 8% from the
same period in FY21. Average revenue per tonne rose NZ$765 (14%) to NZ$6,428 in 1H FY22
from NZ$5,663 in 1H FY21.
The Metals segment also benefited from positive operating leverage which led to a 9.2%
increase in EBITDA margin to 27.2% in 1H FY22, up from 18.0% in 1H FY21. As a result, EBITDA
increased NZ$20m to NZ$44m in 1H FY22 from NZ$24m in 1H FY21.
Half Year Operating and Financial Review continued
POST IFRS 16
1
STEELMETAL
MILLION NZ$
1H FY221H FY21YOY Change1H FY221H FY21YOY Change
Revenue300.3211.042.3%162.7133.122.2%
Adjusted EBITDA
2
84.538.5119.3%44.324.084.5%
Sales (000 tonnes)
113.0102.710.0%25.323.57.7%
Revenue / Tonne2,6592,05529.4%6,4285,66313.5%
EBITDA Margin
2
28.1%18.3%9.9%27.2%18.0%9.2%
0
250
500
750
1000
1250
1500
1H FY222H FY211H FY21FY20FY19FY18FY17FY16FY15FY14
Steel Gross Profit (NZ$/tonne, pro-forma basis)
HRC price (NZ$/tonne)
STEEL MARGIN V’S HOT ROLLED COIL PRICE
1.NZ International Financial Reporting Standard (IFRS) 16 – accounting recognition
of right of use assets and corresponding liabilities on leases adopted in FY20
2. Before significant item

HALF YEAR REPORT FY22VULCAN.CO
8
Operating Expenditure (OPEX)
OPEX (before depreciation and amortisation) increased NZ$8m to NZ$73m in 1H FY22
from NZ$65m in 1H FY21. This reflects a combination of staff cost inflation and the
additional costs as a public company. Vulcan was able to broadly maintain its cost
efficiency as a result of a 10% growth in year-on-year sales volume in 1H FY22.
Business Initiatives
As outlined in Vulcan’s prospectus (15 October 2021), the company commenced the
implementation of several business improvement opportunities with potential to increase
its annual run-rate revenue by up to NZ$60m over 36 months based on prevailing market
demand, costs, and pricing conditions. These initiatives are expected to begin delivering
revenue in FY23.
Cash Flows
Operating cash flows
Net cash flow from operating activities decreased NZ$29m to NZ$36m for the half year
to 31 December 2021. A strong increase in cash flow from earnings was offset by increased
investment in working capital (discussed in the “Balance Sheet” section), and payments
for higher taxes and public listing offer costs in 1H FY22.

Capital expenditure
Capital expenditure was NZ$5m 1H FY22 compared with Vulcan’s budget of NZ$14.1m for
FY22 (as outlined in the Company’s prospectus 15 October 2021), and NZ$2m in 1H FY21.
Distribution prior to public listing
The NZ$68.0m dividend paid in 1H FY22 reflects an NZ$18.0m ordinary distribution and
a NZ$50.0m special distribution prior to its public listing, as outlined in Vulcan’s prospectus
(15 October 2021).
Half Year Operating and Financial Review continued
MILLION NZ$ 1H FY22
1H FY21% CHANGE
Employee Benefits47.341.813%
Selling & Distribution (S&D)
8.88.54%
Occupancy Costs
2.82.512%
General & Admin. (G&A)14.11 1.819%
Operating Expenses
1,2
73.064.613%
Average staff numbers
8468500%
Sales Volume (000 Tonnes)
138.3126.210%
Total Opex / Tonne ($)
5285123%
MILLION NZ$ 1H FY22
1H FY21% CHANGE
Receipts from customers522.2389.334%
Payments to suppliers & employees
-456.8-306.849%
Interest paid
-1.3-0.61 08%
Tax paid-22.8-11.697%
Lease interest paid
-5.6-5.60%
Net cash flows from operating activities
35.664.7-45%
Capital expenditure
-5.3-1.9179%
Lease liability payments
-6.2-5.79%
Dividends-68.0-40.070%
1.Exclude Depreciation & Amortisation
2.Before significant items (offer costs in FY22)

HALF YEAR REPORT FY22VULCAN.CO
9
Balance Sheet
Working capital
Net working capital (excluding cash and tax payable) increased from NZ$180m on
30 June 2021 to NZ$216m on 31 December 2021. Longer procurement lead time, higher
product costs and a decision taken to accommodate future growth has led to greater
investment in inventory.

Debt
Excluding lease liabilities of NZ$201m, Vulcan completed the half year to 31 December 2021
with a net debt position of NZ$113m. This represented an increase of NZ$43m compared
with a net debt position of NZ$70m excluding NZ$195m of lease liabilities on
30 June 2021.
Since Vulcan’s public listing, our lender banks have removed the previous minimum
NZ$100m shareholder funds covenant on our facilities. In addition, Vulcan has updated
its combined NZ$200m credit lines to be on a fully committed basis. The Company’s
previous banking arrangement was based on NZ$160 million of committed facilities
and NZ$40m of uncommitted facilities.
At 0.68 times net debt to EBITDA cover and 48.9 times EBIT to net interest cover
9
(twelve
months to 31 December 2021 basis), Vulcan remains well within its banking covenants
of less than three times net debt to EBITDA and more than three times EBIT to net interest
cover. These banking facilities are due to expire in July 2025.

Funds employed
Including NZ$140m shareholders’ funds and NZ$201m lease liabilities, Vulcan’s funds
employed were NZ$453m on 31 December 2021.

Dividends
The Board has declared a 27.5 NZ cents per share interim dividend (fully imputed
at 28% tax rate for NZ resident shareholders, unfranked for shareholders resident in
Australia) which reflects Vulcan’s policy range
10
outlined in our prospectus (15 October
2021). Australian-domiciled investors may benefit from their entitlement to receive
an equivalent amount in supplementary dividend payment as an offset against the
nonresident withholding tax due on this imputed interim dividend (as outlined on page
104 of Vulcan’s prospectus dated 15 October 2021).
Vulcan intends to frank the company’s final dividend for FY22 to the maximum level
possible based on Australian tax credits available.
Half Year Operating and Financial Review continued
MILLION NZ$ 31-DEC-21
30-JUN-21% CHANGE
Trade and other receivables123.3128.1-4%
Inventories264.4191.538%
less trade and other payables-171.3-139.922%
Working capital excluding tax items216.4179.8
Tax payable
-19.2-13.840%
Working capital197.2166.019%
Property, plant equipment52.451.81%
Intangibles12.913.3-3%
Right-of-use assets182.3179.02%
Other assets and liabilities8.78.52%
Lease liabilities-200.6-194.73%
Net banking debt-113.3-69.862%
Net assets / Shareholders funds139.5154.1-9%
9
Pre-IFRS 16 basis as per agreement with lenders.
10
The company targets a 60%-80% annual distribution on statutory net profit after tax adjusted for significant items approved by the
Board and intends to pay between 40%-50% of the expected annual dividend as interim dividend with the balance of 50%-60% to be
paid as a final dividend.

HALF YEAR REPORT FY22VULCAN.CO
10
Outlook & Earnings Guidance
Activity level and margins in the 1H FY22 have been ahead of expectations and broad-
based across various industries including the manufacturing, mining, agriculture, food
processing, transport and construction sectors in Australia and New Zealand.
Global steel demand was estimated to have risen 4.5% in 2021 and is forecast to lift
a further 2.2% in 2022. Global steel production
1
appears to have stabilised in 4Q 2021
following approximately an 18% decline from the mid-2021 peak.
Ongoing COVID-19 impacts on the global and Australasian economies and supply chain,
as well as expectations of rising interest rates could lead to variable activity level in 2H
FY22 and into FY23. Workforce absenteeism arising from COVID-19 across the economy
could continue to disrupt productivity and economic activity level for a period. Also, with
seasonally fewer trading days in the second half of our financial year compared with
the first half, the timing of public holidays in 2H FY22 and an additional national holiday
in New Zealand, Vulcan expects overall 2H FY22 sales volume to be lower than 1H FY22.
In the short term, some normalisation in margins could occur in 2H FY22 and FY23.
Our focus remains on driving margin performance over time.
Overall, following the conclusion of stronger than expected trading since Vulcan’s last
trading update to the ASX and NZX in early December 2021 and reflecting the ongoing
COVID-19 uncertainty, Vulcan is increasing its proforma post-IFRS 16 EBITDA guidance by
approximately 11% at the mid-point to NZ$194m-NZ$204m from previously $174m-$184m,
and proforma post IFRS 16 NPAT guidance by approximately 15% at the mid-point to
NZ$107m-NZ$114m from previously $93m-$100m.
In summary, Vulcan is performing well despite a disrupted environment. The company is
progressing its strategy for future growth. The Vulcan team, as it has done for many years,
remains engaged in delivering value-accretive growth to shareholders over time.
Half Year Operating and Financial Review continued
Global steel
demand
1
was
estimated to have
risen 4.5% in 2021
and is forecast to
lift a further 2.2%
in 2022.
1. World Steel Association.
POST IFRS 16PRO FORMA* EBITDA
PRO FORMA* NPAT
MILLION NZ$ Post-IFRS 16Pre-IFRS 16Post-IFRS 16Pre-IFRS 16
New Guidance Range**194-204170-180107-114111-118
Previous Guidance
174-184150-16093-10097-104
Dollar Change***
20201414
% Change ***11%13%1 5%14%
* Pro forma financial information as described in Vulcan’s Prospectus which was included to enable readers to examine what the
company considers to be its underlying financial performance of the business presented on a consistent basis.
** Subject to ongoing risks outlined in the Company’s Prospectus lodged on 15 Oct 2021.
*** Compared with previous guidance range, at the mid-point.

11
HALF YEAR REPORT FY22VULCAN.CO
We believe that by creating the right
environment we inspire the delivery
of amazing results for our clients.
Our
Principles
Be financially prosperous
Provide an enjoyable workspace
Remain ambitious
Promote a safe working environment
Balance the above

12
VULCAN.CO
At Vulcan we hold ourselves to the
highest standards in our work, how we
do it and how we treat one another.
Our
Ethos
Team first but respect the individual
Responsibility with minimum misunderstanding
Clear profit centre unit goals
Relaxed, professional, committed
Support our local communities
HALF YEAR REPORT FY22

HALF YEAR REPORT FY22VULCAN.CO
13
We regard the preservation of our culture – our principles
and ethos – as primacy to delivering more future successes.
As an industrial distributor and value-added processor,
the Vulcan team continues to focus on improving our high
service level and product availability to meet the needs of
our growing and diverse customer base. On behalf of the
Board, we would like to express our appreciation to our team,
customers, suppliers and shareholders for their ongoing
perseverance, commitment and support as we embark on
our flight as a public company.
Russell Chenu Rhys Jones
DIRECTOR CHIEF EXECUTIVE OFFICER
MANAGING DIRECTOR
Thank you

HALF YEAR REPORT FY22VULCAN.CO
14
Financial
Statements
HALF YEAR REPORT FY22VULCAN.CO

FINANCIAL STATEMENTSVULCAN.CO
15
UnauditedUnaudited
NZD $000’
Notes31 Dec 202131 Dec 2020
Revenue5462,993 344,120
Cost of sales
(272,013)(222,884)
Gross profit
190,980 121,236
Other income - 3,067
Selling and distribution expenses(8,768)(8,488)
General and administrative expenses
(93,199)(70,396)
Total operating expenses
6(101,967)(78,884)
Operating profit before financing costs
89,013 45,419
Financing income
3 11
Financing expenses
(7,078)(6,194)
Net financing costs
(7,075)(6,183)
Profit before tax
81,938 39,236
Tax expense
(28,000)(10,130)
Profit after tax
53,938 29,106
Other comprehensive Income
Items that may be reclassified to profit or loss when specific conditions are met
Exchange differences on translation of foreign operations
(809)(522)
Net fair value gain (loss) on cash flow hedges
(31)(1,808)
Other comprehensive income, net of tax
(840)(2,330)
Total comprehensive income
53,098 26,776
Attributable to:
Owners of Vulcan Steel Limited53,098 26,776
Basic earnings per share (cents)10$0.41$0.22
Diluted earnings per share (cents)10$0.41$0.22
Financial Statements
Consolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income (unaudited)
For the six months to 31 December 2021
The accompanying notes form part of these Financial Statements.

FINANCIAL STATEMENTSVULCAN.CO
16
UnauditedAudited
NZD $000’
Notes31 Dec 202130 Jun 2021
ASSETS
Current Assets
Cash and cash equivalents
12,657 10,163
Trade and other receivables 123,346 128,141
Inventories 264,418 191,532
Derivative financial instruments
1,175 1,227
Total current assets
401,596 331,063
Non-Current Assets
Property, plant and equipment
52,428 51,831
Right-of-use assets
182,292 179,002
Intangible assets
12,924 13,302
Deferred tax assets 7,493 7,255
Total non-current assets
255,137 251,390
TOTAL ASSETS
656,733 582,453
LIABILITIES
Current Liabilities
Trade and other payables
171,340 139,894
Lease liabilities
12,817 13,078
Tax payable
19,239 13,761
Total current liabilities
203,396 166,733
Non-current Liabilities
Lease liabilities
187,822 181,603
Interest-bearing liabilities
126,000 80,000
Total non-current liabilities 313,822 261,603
TOTAL LIABILITIES 517,218 428,336
EQUITY
Share capital9 11,988 11,988
Retained earnings 123,321 137,383
Reserves 4,206 4,746
TOTAL EQUITY 139,515 154,117
TOTAL LIABILITIES AND EQUITY 656,733 582,453
Financial Statements continued
Consolidated Condensed Interim Balance Sheet (unaudited)
As at 31 December 2021
The accompanying notes form part of these Financial Statements.

FINANCIAL STATEMENTSVULCAN.CO
17
NZD $000’Notes
Share
Capital
Retained
Earnings
Share Based
Payment
Reserve
Other
Reserves
Attributable
to Owners of
Vulcan Steel Ltd
Balance as at 1 July 2020 11,862 120,551 - 2,557 134,970
Comprehensive income
Profit after tax
- 29,106 - - 29,106
Other comprehensive (loss) income
Foreign currency translation reserve - - - (522)(522)
Cash flow hedge reserve
- - - (1,808)(1,808)
Total comprehensive income
- 29,106 - (2,330) 26,776
Transactions with owners
Issue (buyback) of shares9(3,194) - - - (3,194)
Dividends declared
- (35,000) - - (35,000)
Balance as at 31 December 2020
8,668 114,657 - 227 123,552
Balance as at 1 July 2021 11,988 137,383 - 4,746 154,117
Comprehensive income
Profit after tax - 53,938 - - 53,938
Other comprehensive (loss) income
Foreign currency translation reserve - - - (809)(809)
Cash flow hedge reserve
- - - (31)(31)
Total comprehensive income
- 53,938 - (840) 53,098
Transactions with owners
Issue (buyback) of shares
9 - - - - -
Share based payments reserve
- - 300 - 300
Dividends paid
- (68,000) - - (68,000)
Balance as at 31 December 202111,988 123,321 300 3,906 139,515
Financial Statements continued
Consolidated Condensed Interim Statement of Changes in Equity (unaudited)
For the six months to 31 December 2021
The accompanying notes form part of these Financial Statements.

FINANCIAL STATEMENTSVULCAN.CO
18
Financial Statements continued
Consolidated Condensed Interim Statement of Cash Flows (unaudited)
For the six months to 31 December 2021
UnauditedAudited
NZD $000’
31 Dec 202131 Dec 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
522,208 389,339
Interest received
3 1 1
Payments to suppliers and employees(456,822)(306,802)
Tax paid(22,840)(11,586)
Interest paid
(1,275)(614)
Lease interest paid
(5,626)(5,662)
Net cash flows from operating activities
35,648 64,686
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of property, plant and equipment and intangibles
349 10,079
Purchase of property, plant and equipment and intangibles
(5,270)(1,917)
Net cash flows from investing activities(4,921)8,162
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital
- (3,194)
Lease liability payments(6,213)(5,738)
Drawdown (repayment) of borrowings
46,000 (17,391)
Repayment of shareholder advance
- 433
Dividends paid
(68,000)(40,000)
Net cash flows from financing activities
(28,213)(65,890)
Net (decrease) increase in cash
2,514 6,958
Effect of foreign exchange rates
(20)(66)
Opening cash 10,163 14,196
Closing cash
12,657 21,088
RECONCILATION OF CLOSING CASH
Cash and cash equivalents 12,657 21,088
Closing cash 12,657 21,088
CASH FLOW RECONCILIATION
Profit after tax 53,938 29,106
Add (deduct) non cash items:
Amortisation of right of use assets 8,987 9,098
Depreciation, amortisation and impairment of other assets 4,355 5,176
Net loss (gain) on disposal of assets(71)(3,058)
Other non-cash items(156)434
13,115 11,650
Net working capital movements:
Trade and other receivables4,795 3,830
Inventories(72,886) 20,878
Trade and other payables31,446 1,380
Taxation payable5,478 111
Deferred tax asset(238)(2,269)
(31,405) 23,930
Net Cash flows from Operating Activities 35,648 64,686
The accompanying notes form part of these Financial Statements.

FINANCIAL STATEMENTSVULCAN.CO
19
Financial Statements continued
Condensed Notes to the Interim Consolidated Financial Statements (unaudited)
As at and for the six months to 31 December 2021
1. REPORTING ENTITY
Vulcan Steel Limited (the “Company”) together with its subsidiaries (the “Group”) is primarily involved in the sale and distribution of
steel and metal products, with operations in New Zealand and Australia.
The Company is a profit-oriented entity, domiciled in New Zealand, registered under the Companies Act 1993 and listed on the
Australian Securities Exchange (“ASX”) with a dual listing on the New Zealand Stock Exchange (“NZX”) main board (under the code
“VSL”). The Company is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
2. BASIS OF PREPARATION
Statement of compliance
These consolidated condensed interim financial statements for the six months ended 31 December 2021 have been prepared
in accordance with New Zealand generally accepted accounting practice (NZ GAAP) as appropriate for Tier 1 for-profit entities’
interim financial statements. The Group financial statements have been prepared in accordance with the New Zealand equivalent
to International Accounting Standard 34 - Interim Financial reporting (NZ IAS 34). In complying with NZ IAS 34, these statements
comply with International Standard 34 - Interim Financial Reporting.
These consolidated condensed interim financial statements have not been audited. The financial statements comply with IAS
34 Interim Financial Reporting and have been the subject of review by the auditor, pursuant to NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity, issued by the External Reporting Board. They do not
include all of the notes normally included in an annual financial report, and should be read in conjunction with the audited
financial statements for the year ended 30 June 2021.
Basis of measurement
The consolidated condensed interim financial statements have been prepared on the basis of historical cost with the exception
of the revaluation of certain financial assets and liabilities (including derivative instruments) at fair value through profit or loss and
other comprehensive income.
The Statement of Profit or Loss and Other Comprehensive Income has been prepared so that all components are stated exclusive
of GST. All items in the Balance Sheet are stated net of GST, with the exception of receivables and payables, which include GST
invoiced. The cash flows from operating activities are presented inclusive of GST.
Functional currency
The consolidated condensed interim financial statements are presented in NZD which is the Company’s functional currency.
All amounts have been rounded to the nearest thousand, unless otherwise stated.
Significant accounting policies
The accounting policies and computation methods used in the preparation of the consolidated condensed interim financial
statements are consistent with those used as at 30 June 2021 and 31 December 2020.
In addition, the Company has establised a Long-Term Incentive Plan (LTIP), effective 1 July 2021. The fair value of Performance
Share Rights (PSRs) are recognised as an expense in the Statement of Profit or Loss over the vesting period of the rights with a
corresponding entry to the share based payments reserve.
Changes to accounting policies
There are no new standards or amendments to standards applicable to the Group for the six months ended 31 December 2021
that have materially impacted the financial statements. The Group has early-adopted the amendments to NZ IAS 1 Presentation
of Financial Statements - Classification of Liabilities as Current and Non-Current. No impact has been had on the financial
statements as a result of adoption. No other changes to accounting policies have been made during the period and policies have
been consistently applied to all periods presented.
3. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
Impact of COVID-19
The COVID-19 pandemic is likely to have both negative and positive impacts for the industry and Vulcan. COVID-19 lockdown
restrictions in Australia and New Zealand impacted Vulcan’s operations and are expected to continue to do so over the 2022
calendar year.
It is not possible to isolate the financial impact of COVID-19 from the underlying performance of the business. The full future impact
of COVID-19 on the steel industry in Australia and New Zealand is still unclear.
Capital Structure
The Company listed on the ASX with a dual listing on the NZX main board (under the code “VSL”) on 4 November 2021.
Distribution prior to public listing
The $68.0m dividend paid in the first half of FY22 reflects an $18.0m ordinary distribution of 13.7 cents per share (paid on 18 August
2021) and a $50m special distribution prior to its public listing, as outlined in the Company’s prospectus (15 October 2021). In the
prior period dividends of $35.0m were declared and paid. A dividend of $5.0m declared on 8 June 2020 was paid 30 August 2020.

FINANCIAL STATEMENTSVULCAN.CO
20
4. OPERATING SEGMENTS
Vulcan comprises the following operating segments based on internal reports that are reviewed and used by the Chief Operating
Decision Maker (CODM - comprising the CEO and Managing Director) in assessing performance and in determining the allocation
of resources:
Steel business across Australia and New Zealand
Steel distribution – the sale of hollows, merchant products including bars, beams, angles, channels, unprocessed coil and plate;
Plate processing – cutting, drilling, tapping, countersinking and folding of plates to customer requirements;
Coil processing – sheeting & slitting to customer specifications.
Metals business across Australia and New Zealand
Stainless steel – the sale of stainless steel products including hollows, bars, fittings and sheets, and processing services including
cutting, drilling, tapping, countersinking and folding of plates to customer requirements, as well as sheeting & slitting of stainless
coil;
Engineering steel - the sale of high-performance steel and metal products, and cutting service to specification.
Reporting is received on at least a monthly basis, and performance is measured based on underlying segment earnings before
interest, tax, depreciation, amortisation and significant items (EBITDA). EBITDA is used to measure performance as the CODM
believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that
operate within this industry.
The Group has a diverse range of customers from various industries, with no single customer contributing more than 10% of the
Group’s revenue.
Interest income and expenses are not allocated to segments, as decisions are made on a pre-NZ IFRS 16 Leases basis and other
interest income and expense related activities are driven by the central corporate function, which manages the cash position of
the Group.
Assets and liabilities are provided to the CODM on a Group basis, and are separately reported with respect to the individual
operating segments.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment revenue
are measured in a manner consistent with that of the financial statements.
The following is an analysis of the Group’s results by reportable segment:


Unaudited 31 Dec 2021Unaudited 31 Dec 2020
NZD $000’Steel MetalsCorporateTotalSteel MetalsCorporateTotal
Total operating revenue
300,311 162,682 - 462,993 211,018 133,102 - 344,120
EBITDA (post IFRS16) 84,498 44,344 (10,734) 118,108 38,473 24,012 (2,792) 59,693
Significant items(15,753) -
EBITDA (post IFRS 16 and significant items) 102,355 59,693
Depreciation & amortisation(13,342)(14,274)
EBIT89,013 45,419
Finance costs(7,075)(6,183)
Profit before tax81,938 39,236
Tax expense(28,000)(10,130)
Reported NPAT attributable to shareholders53,938 29,106
Depreciation & amortisation of PPE & intangibles(4,355)(5,176)
Amortisation of right of use assets(8,987)(9,098)
Total depreciation & amortisation(13,342)(14,274)
Finance income3 1 1
Finance charges - interest, line fees & other(1,452)(533)
Finance charges on lease liabilities(5,626)(5,662)
Finance charges(7,075)(6,183)
Principal lease payments(6,711)(5,128) - (11,839)(6,479)(4,921) - (11,400)
Underlying EBITDA (pre-IFRS16)77,787 39,216 (10,734)106,269 31,994 19,091 (2,792)48,293
Significant items
1
IPO costs - - (15,753)(15,753) - - - -
TOTAL ASSETS
2
357,485 261,371 37,877 656,733 315,436 231,401 35,616 582,453
TOTAL LIABILITIES
2
214,676 147,790 154,752 517,218 195,186 124,973 108,177 428,336
Geographical InformationNZAustraliaCorporateTotalNZAustraliaCorporateTotal
TOTAL OPERATING REVENUE 171,353 291,640 - 462,993 129,930 214,190 - 344,120
EBITDA (post IFRS 16 and significant items) 52,470 76,372 (26,487) 102,355 29,446 33,039 (2,792) 59,693
TOTAL NON CURRENT ASSETS
2
57,719 171,340 26,078 255,137 60,541 164,581 26,268 251,390
1. Significant Item means any income or expense of such size, nature or incidence that is relevant to the user’s understanding
of the performance of the entity and is disclosed as a “Significant Item” in the financial statements.
2. Assets and liabilites for the comparative period have been presented at 30 June 2021.

FINANCIAL STATEMENTSVULCAN.CO
21
5. REVENUE
6. EXPENSES
NZD $000’
Unaudited
31 Dec 2021
Unaudited
31 Dec 2020
Total operating revenue 462,993 344,120
Other income - 3,067
Other income relates to a gain on sale of property.
There is no strong seasonal impact on operating revenue earned.
NZD $000’
Unaudited
31 Dec 2021
Unaudited
31 Dec 2020
Profit before tax includes the following expenses:
Employee benefit expenses43,775 38,667
Defined contribution plans3,507 3,162
Depreciation and amortisation13,342 14,274
Selling and distribution8,768 8,488
Occupancy costs2,778 2,528
IPO costs15,753 -
Other expenses14,044 11,765
Total selling, general and administrative expenses 101,967 78,884
7. EMPLOYEE SHARED BASED COMPENSATION
The Company has established a Long-Term Incentive Plan (LTIP), effective 1 July 2021, to assist in the motivation, retention and reward of
eligible employees. The LTIP is designed to align the interests of employees with the interests of Shareholders by providing an opportunity for
certain employees to receive an equity interest in the Company.
The Board may determine the individual employees who are eligible to participate in the LTIP from time to time. Determination of eligibility is
at the Board’s sole and absolute discretion.
Under the LTIP, the Company may grant Performance Share Rights (PSR) to a Participant. Each PSR unit entitles the holder (at no cost to the
Participant) to one ordinary share in the Company. Unless otherwise stated, PSR grants are to be made annually on 1 July.
All incentives have a 3-year vesting period. The LTIs are split into 2 components (“Tranche 1” and “Tranche 2”). Each Tranche contains 195,811
PSR and a combined face value of $2,945,000. The vesting criteria for Tranche 1 is based on Return on Capital Employed (“ROCE”) thresholds
while Tranche 2 is based on the Company’s total shareholder return (“TSR”) ranking relative to a “Benchmark Group”. For both tranches the
individual must remain employed by the Company.
The Benchmark Group comprise all companies in the ASX 300 index (excluding mining, energy and financial companies). The measurement
of both the Company’s and benchmark TSRs will be the gross return based upon any capital gains (losses) and the cash component of
dividends only (i.e., excluding returns attributable to franking credits). The share price returns of the Company and/or the Benchmark Group
will also be adjusted for:
- The impact of bonus issues and /or capital reconstructions; and
- Referenced to the 20-day Volume Weighted Average Price (“VWAP”) of the Company’s share price prior to the testing date.
The fair value of PSRs are recognised as an expense in the Statement of Profit or Loss over the vesting period of the rights with a
corresponding entry to the share based payments reserve.
The total expense recognised in the period to 31 December 2021 in relation to equity settled share based payments was $300,000 (2020: $nil).
No rights were exercised during the year.
8. IMPAIRMENT TESTING AND INTANGIBLES
The annual impairment test is performed as at 30 June each year. Goodwill is considered to be impaired if the carrying amount of the
relevant cash generating units (“CGUs”) exceeds its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less
costs of disposal (“FVLCOD) and its value-in-use (“VIU”). We use a VIU approach to estimate the recoverable amount of the CGU to which
each goodwill component is allocated. Based on this assessment, no impairment was identified for any CGU, therefore a FVLCOD calculation
was not required.
Goodwill and other intangible assets with indefinite useful lives are tested at least annually for any impairment. All CGUs were tested for
impairment at the prior reporting date. The recoverable amounts of CGUs have been determined on a consistent basis to 30 June 2021.
No impairment indicators have been subsequently identified.

FINANCIAL STATEMENTSVULCAN.CO
22
9. SHARE CAPITAL
10. EARNINGS PER SHARE
Unaudited 31 Dec 2021Audited 30 Jun 2021
FULLY PAID ORDINARY SHARES
Number of
Shares
Share Capital
$000
Number of
Shares
Share Capital
$000
Opening balance 131,408,572 11,988131,383,57211,862
Issue of shares - - 25,000126
Employee share based payment plans - - - -
Repurchases of shares - - - -
Repayments of debt and equity securities - - - -
Number of shares on issue 131,408,572 11,988 131,408,572 11,988
Closing balance 131,408,572 1 1,988 131,408,572 1 1,988
Unaudited
31 Dec 2021
Unaudited
31 Dec 2020
Profit after tax ($000) 53,938 29,106
Weighted average ordinary shares outstanding (number of shares)131,408,572 131,383,572
Basic earnings per share (cents per share)$0.41$0.22
Diluted earnings per share (cents per share)$0.41$0.22
11. FINANCIAL INSTRUMENTS
NZ IFRS 13 for financial assets and liabilities measured at fair value requires disclosure of the fair value measurements by level from the fair
value hierachy, described as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; or
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (prices) or indirectly
(derived from prices); or
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
All the Group’s financial instruments held at fair value have been measured at the fair value measurement hierarchy of level 2 (2020: level 2).
The carrying value of the Group’s financial assets and liabilities approximate the fair values.
12. CAPITAL COMMITMENTS
Total capital expenditure contracted as at balance date but not provided for in the accounts was $4.5m (30 June 2021: $5.2m).
13. CONTINGENT LIABILITIES
There are no contingent liabilities as at balance date (30 June 2021: nil).
14. RELATED PARTY TRANSACTIONS
The Company has related party relationships with its subsidiaries and with key management personnel.
Related party transactions continue to include key executive remuneration, lease payments on the buildings and dividends paid by the
Group to certain directors, shareholders and key management personnel. In addition to this, a new long term incentive plan has been
entered into by the Group for its key management personnel which includes the managing director. Refer to note 7 for details on this
arrangement.
15. EVENTS OCCURRING AFTER BALANCE DATE
On 10 February 2022, the Directors approved an interim dividend of 27.5 cents per share totalling $36.1 million. The dividend record date is
11 March 2022 and payment will occur on 8 April 2022.
No other matters or circumstances have arisen since the end of the financial period which significantly affect the company, the results of
those operations, or the state of affairs of the company in future financial years.


As at 31 December 2020 the Company had repurchased 875,000 shares for $3,193,750.
The shares were subsequently re-issued in the period ended 30 June 2021.

FINANCIAL STATEMENTSVULCAN.CO
23
The unaudited interim financial statements of Vulcan
Steel Limited and its subsidiaries (the Group) for the
half year ended 31 December 2021 were authorised
for issue on 10 February 2022 in accordance with
a resolution of the directors.
In accordance with ASX Listing Rule 4.2A.2A, the
directors declare that, as at that date, and in the
directors’ opinion:
1. There are reasonable grounds to believe the Group
will be able to pay its debts as and when they
become due and payable: and
2. The relevant interim financial statements and notes
comply with the accepted accounting standards
in New Zealand.
For and behalf of the Board
Russell Chenu Rhys Jones
DIRECTOR CHIEF EXECUTIVE OFFICER
MANAGING DIRECTOR
Directors’ Declaration

FINANCIAL STATEMENTSVULCAN.CO
24
INDEPENDENT AUDITORS REVIEW REPORT
TO THE SHAREHOLDERS OF VULCAN STEEL LIMITED
Conclusion
We have reviewed the consolidated condensed interim financial report of Vulcan Steel Limited (‘the Company’)
and its subsidiaries (‘the Group’) on pages 15 to 22 which comprise the consolidated condensed interim balance sheet
as at 31 December 2021, and the consolidated condensed interim statement of profit or loss and other comprehensive
income, statement of changes in equity and statement of cash flows for the six months ended on that date, and
a summary of significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial
statements of the Group do not present fairly, in all material respects, the financial position of the Group as at
31 December 2021 and its financial performance and cash flows for the 6 months ended on that date in accordance
with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the
Auditor’s Responsibilities for the Review of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
Other than in our capacity as auditor and the provision of investigating accountant services in relation to the
Company’s IPO, we have no relationship with or interests in Vulcan Steel Limited or its subsidiaries. These services
have not impaired our independence as auditor of the Group.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim
financial statements in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting and for such internal control as the directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due to fraud
or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the
interim financial statements, taken as a whole, are not prepared, in all material respects, in accordance with NZ IAS
34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. The procedures performed
in a review are substantially less than those performed in an audit conducted in accordance with International
Standards on Auditing (New Zealand) and consequently do not enable us to obtain assurance that we might identify
in an audit. Accordingly we do not express an audit opinion on the interim financial statements.
Restriction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we
might state to the company’s shareholders those matters we are required to state to them in a review report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the company’s shareholders as a body, for our engagement, for this report, or for the conclusions we
have formed.
Andrew Boivin, Partner
for Deloitte Limited
Auckland, New Zealand
10 February 2022

CORPORATE DIRECTORYVULCAN.CO
25
Corporate Directory
BOARD OF DIRECTORS
Russell Chenu (Chairman)
Peter Wells
Wayne Boyd
Rhys Jones
Barthold De Haan
Pip Greenwood
Carolyn Steele (appointed 16 August 2021)
EXECUTIVE TEAM
Rhys Jones
CHIEF EXECUTIVE OFFICER / MANAGING DIRECTOR
Kar Yue Yeo
CHIEF FINANCIAL OFFICER
Adrian Casey
CHIEF OPERATING OFFICER
REGISTERED OFFICE
Grant Thornton New Zealand Limited
152 Fanshawe Street
Auckland, New Zealand
www.vulcan.co
AUDITORS
Deloitte Limited
COMPANY NUMBERS
NZ Incorporation: 681317
Vulcan Steel Limited NZBN: 9429038466052
Vulcan Steel Pty Limited ABN: 61 100 061 283

HALF YEAR REPORT FY22VULCAN.CO
26
26
VULCAN.CO

---

Vulcan Steel Limited
29 Neales Road East Tamaki Auckland New Zealand
e: investor@vulcan.co | w: vulcan.co
Vulcan Steel Limited (“Vulcan”)
Finalist - 2021 Deloitte Top 200 Awards for Best Growth Strategy
ASX/NZX/Media Release
10 February 2022
Vulcan half year result and earnings upgrade
Vulcan (ASX: VSL, NZX: VSL) an Australasian-wide industrial product distributor and
value-added processor is pleased to announce a record half-year performance for the
six months ended 31 December 2021 (1H FY22), its inaugural result as a publicly listed
company since 4 November 2021.
• Reported NPAT of NZ$54 million (m), up 85% from NZ$29m in 1H FY21
• Reported EBITDA was NZ$102m, up 71% from NZ$60m in 1H FY21
• Adjusted NPAT NZ$70m, up 139% from NZ$29m in 1H FY21
• Adjusted EBITDA was NZ$118m, up 98% from NZ$60m in 1H FY21
• Revenue of NZ$463m, up 35% from NZ$344m in 1H FY21


Commenting on the results, Vulcan’s Managing Director and CEO Rhys Jones said,
“Notwithstanding COVID-19, our businesses have traded well in the first six months of
our 2022 financial year. Our sales volumes in 1H FY22 were up an overall 10%, driven by
a 10% rise in our Steel segment and an 8% increase in our Metals segment.
“We remain ambitious and continue to focus on improving our high service level and
product availability to meet the needs of our growing and diverse customer base. To
this end, Vulcan’s strong 1H FY22 cash generation enables the company to further
invest in our staff, working capital and processing capacity for growth, and to preserve
financial flexibility for potential acquisitions and distribution of profits to shareholders.
“Accordingly, our Board has declared a fully imputed 27.5 NZ cents per share Interim
dividend (unfranked) which reflects Vulcan’s policy range
1
outlined in our prospectus
(15 October 2021).”

1
The company targets a 60%-80% annual distribution on statutory net profit after tax adjusted for significant items approved by
the Board and intends to pay between 40%-50% of the expected annual dividend as interim dividend with the balance of 50%-
60% to be paid as a final dividend.
In million NZ$
(unless stated)1H FY221H FY21% Change1H FY221H FY21% Change
Reported NPAT
1
53.929.185%55.931.577%
Reported EBITDA
2
102.459.771%90.648.387%
Adjusted NPAT
1, 3
69.729.1139%71.731.5127%
Adjusted EBITDA
2, 3
118.159.798%106.348.3120%
Dividend (NZ cents per share)
6
27.529.1-5%27.529.1-5%
1 NP A T - Net P ro fit A fter Tax
2 EB ITDA - Earnings B efo re Interest, Tax, Depreciatio n and A mo rtisatio n
3 A djusted fo r significant items - o ffer co sts incurred by Vulcan fo r the public listing o f the co mpany
4 New Zealand IFRS 1 6 – accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20
5 New Zealand International Accounting Standard 17 – accounting treatment of leases prior to the introduction of IFRS 1 6 in FY20
6 1 H FY21 dividend was made prio r to public listing and included NZ1 9.2cps o f special dividend
Post-IFRS 16
4
Pre-IFRS 16
5

Vulcan Steel Limited
29 Neales Road East Tamaki Auckland New Zealand
e: investor@vulcan.co | w: vulcan.co
Outlook & Earnings Guidance
Activity level and margins in 1H FY22 have been ahead of expectations and broad-
based across our sector exposure including manufacturing, mining, agriculture, food
processing, transport and construction sector in Australia and New Zealand.
The prospect for steel demand globally remains supportive. However, ongoing COVID-
19 impact on the global and Australasian economies and supply chain, as well as
expectations of rising interest rates and inflation could lead to variable activity level in
2H FY22 and into FY23. Also, with seasonally fewer trading days in the second half of this
financial year compared to the first half and previous corresponding period, Vulcan
expects overall 2H FY22 sales volume to be lower than 1H FY22.
In the short term, some normalisation in margins could occur in 2H FY22 and FY23. Our
focus remains on driving margin performance over time.
Accordingly, Vulcan is increasing its proforma post-IFRS 16 EBITDA guidance by
approximately 11% at the mid-point to NZ$194m-NZ$204m from previously $174m-
$184m, and proforma post IFRS 16 NPAT guidance by approximately 15% at the mid-
point to NZ$107m-NZ$114m from previously $93m-$100m.
In summary, Vulcan is performing well despite a disrupted environment. The company
is progressing its strategy for future growth. The Vulcan team, as it has done for many
years, remains engaged in delivering growth in shareholder value over time.
Half year results webcast
Vulcan’s management will present the company’s result for the half year ended 31
December 2021 at 11.00am NZDT (9.00am AEDT) today, Thursday 10 February 2021, via
webcast.
The webcast is available from Vulcan’s website at www.vulcan.co/investor.
ENDS

Kar Yue Yeo
Investor and media contact
Email: karyue.yeo@vulcan.co
Phone: +64 9 273 7214

This announcement was authorised by Vulcan Board of Directors

About Vulcan
Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and
value-added processor with 29 logistics and processing facilities employing over 800
staff across the company’s Steel and Metals divisions.