Vulcan Steel ASX CEO Connect Conference Presentation

Vulcan Steel Limited
29 Neales Road East Tamaki Auckland New Zealand
e: investor@vulcan.co | w: vulcan.co
Vulcan Steel Limited (“Vulcan”)

ASX/NZX Release

12 April 2022
Vulcan to present at the ASX CEO Connect Virtual Conference
Please find attached a copy of Vulcan’s presentation (ASX: VSL, NZX: VSL) for the ASX
CEO Connect Virtual Conference on Tuesday 12 April.
Investors can access Vulcan’s virtual session at the following web link:
https://www2.asx.com.au/investors/investment-tools-and-resources/events/ceo-
connect

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.

FINANCIALS VULCAN.CO
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ASX CEO CONNECT CONFERENCE
12 April 2022

ASX CEO CONNECT CONFERENCEVULCAN.CO
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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

ASX CEO CONNECT CONFERENCE VULCAN.CO
Agenda
Overview
Financials
Outlook and Guidance
Q&A
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 VULCAN.CO
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Overview
ASX CEO CONNECT CONFERENCE VULCAN.CO

OVERVIEWVULCAN.CO
5
Vulcan Steel’s (Vulcan) History
Founded in 1995
in New Zealand,
Vulcan is an
industrial product
distributor and
value-added
processor.
Expanded into
the Victorian
market.
Expanded into
the Queensland
market.
Acquired
Sandvik’s
Australia and
New Zealand
Stainless steel
business.
Acquired
engineering steel
businesses in
Australia.
Consolidated
interests in Horan
Steel NSW.
Vulcan operates
29 logistics and
processing
facilities across
19 regions - 9 in
Australia and 10
in New Zealand.
Successfully
listed on the ASX
on 4 November
2021 at an IPO
offer price of
A$7.10, with an
equivalent A$930
million market
capitalisation
which has
since risen to
approximately
A$1.1 billion.
19952002200720142018201920202021
The journey so far...

OVERVIEWVULCAN.CO
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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
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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
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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
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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
Winner - 2021 New Zealand Deloitte Top 200 Awards for Best Growth Strategy
which recognises company for outstanding growth performance

OVERVIEWVULCAN.CO
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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 VULCAN.CO
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Financials
ASX CEO CONNECT CONFERENCE VULCAN.CO

1H FY22 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
FINANCIALSVULCAN.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.

FINANCIALS
VULCAN.CO
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• 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

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• 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.

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

SECTION TITLEVULCAN.CO
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Outlook &
Guidance
ASX CEO CONNECT CONFERENCE VULCAN.CO

OUTLOOK & GUIDANCEVULCAN.CO
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• 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.

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Q&A
ASX CEO CONNECT CONFERENCE VULCAN.CO

FINANCIALS VULCAN.CO
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VULCAN.CO