Vulcan to present at the Macquarie Australia Conference

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

4 May 2022
Vulcan to present at the Macquarie Australia Conference
Please find attached a copy of Vulcan’s presentation (ASX: VSL, NZX: VSL) for the
Macquarie Australia Conference on Wednesday 4 May.

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 850
staff across the company’s Steel and Metals divisions.

1
MACQUARIE AUSTRALIA
CONFERENCE PRESENTATION
4 May 2022

2
The material contained in this document is
a presentation of information about Vulcan Steel
Limited’s (“Vulcan”) activities current as of 4 May 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
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Agenda
Introduction
Overview
Trading Update
Guidance & Summary
Q&A
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Vulcan is an industrial distributor and processor of steel and metal products across Australia and New Zealand
Vulcan’s Total Shareholder Return
since listing
We achieved pro-forma NPAT of
NZ$61m in FY21 and NZ$70m in the
first half of 2022 financial year
Listed on the ASX and NZX six months
ago on 4 November 2021
On Australian Dollar basis, our market capitalisation has
risen by 34% (A$315m) from A$933m based on the offer
price at listing to A$1.25 billion
1
.
On NZ Dollar basis, our market capitalisation has risen by
39% (NZ$381m) from NZ$976m to NZ$1.36bn
1
.
In addition, we delivered A$34m (NZ$36m) in interim
divdend to shareholders.
Introduction
1. Based of Vulcan closing share prices on the ASX and NZX, respectively, as at 26 April 2022
1. Based of Vulcan closing share prices on the ASX and NZX, respectively, as at 26 April 2022.
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Overview
VULCAN.COMACQUARIE AUSTRALIA CONFERENCE

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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.

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Vulcan’s 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.
(previously 50%
owned)
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$933
million market
capitalisation
which has
since risen to
approximately
A$1.25 billion.
19952002200720142018201920202021
The journey so far...

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Trans-Tasman positions with a national footprint and significant
scale drive operating leverage and supply chain capability
Operational Footprint
SteelStainless steelEngineering steelHybrid
29
850+
12k
Sites across Australia
and New Zealand,
strategically located
to serve the local
customer base
Company Employees
Active Customers
2
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. 2. Customers who have traded at least once with Vulcan in the past twelve months.

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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
Our Business Model at a Glance
1. Relates to both Australia and New Zealand in FY21A.

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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 and Metals’
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

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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.
This is up to an annualised 80 tonnes per day of
additional sales (approximately 7% higher compared
with FY21)
These initiatives are expected to begin delivering
revenue in FY23.
Growth Initiatives Update

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Our H&S and ESG Initiatives
Environment
• Greenhouse gas CO2 emissions of 9.4k tonnes in 2021
• Vulcan’s 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
LOST TIME 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
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
• Currently trialling a new AI-based on-truck worksafe technology

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1H FY22 Performance Highlights
REVENUE
OPERATING CASH FLOW
(INCLUDING OFFER COSTS)
GROSS MARGIN
RETURN ON
CAPITAL EMPLOYED
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
+12.0% on 23.9% in 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%
35.9%
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. Post IFRS 16 basis.
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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$250m
A Strong Financial Position
0
60
120
180
240
300
CurrentDec-21Jun-21
250
200200
Committed FacilitiesUncommitted Facilities
160160
4040
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Banking CovenantDec-21Jun-21
3.00
0.68
0.62
0
100
200
300
400
500
600
Dec-21Jun-21Dec-20
453.5
406.5
418.6
197.1
85.9
123.5
194.7
69.8
154.1
139.5
113.3
200.6
Shareholders’ FundsNet DebtLease Liabilities
BANKING FACILITIES
NET DEBT COVER (NET DEBT/EBITDA, PRE IFRS 16)
FUNDS EMPLOYED (NZ$ million)
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Trading
Update
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• Group Revenue
- Up 34% year-on-year (YOY) in 3Q
1
FY22 – consistent with the 34% YOY
growth achieved in 1H
2
FY22
• Group Margin
- Gross profit per tonne improved in 3Q
1
FY22 compared with 1H
2
FY22
• Volume (Tonnes Per Day, TPD)
- Overall TPD down 5% sequentially in 3Q
1
FY22 compared 1H
2
FY22
- Steel segment TPD was down 6% in 3Q
1
FY22 compared
with 1H
2
FY22
- Metals segment TPD was flat in 3Q
1
FY22 compared
with 1H
2
FY22
Trading Conditions since 1H FY22
1. March Quarter. 2 December half year. Management data which has not been subject to audit or audit review.
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Economic Outlook
A region of two halves
• Our business volume is leveraged to primary and industrial activities
across manufacturing, building, infrastructure, transport, mining,
agriculture and food production
• Overall business confidence
- Australia: The indicators for business confidence & conditions are
both positive and have been trending up in the past three months
1

- New Zealand: The indicators for business confidence
2
have been
negative since mid-2021, but own activity outlook
2
remains
positive in the agriculture and manufacturing sector
• Interest rate levels
- The pace of increase will likely dampen the appetite
for new projects
• Inflationary pressure
- Will likely impact on the economics of new
business investments
- Will continue to impact on Vulcan’s own
operating cost base
1. NAB Business survey, published 12 April 2022. 2. ANZ Business Outlook survey, published 28 April 2022
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Global Steel Market Dynamics
Geopolitical uncertainty
• War impacting on steel supply from Russia and Ukraine
• Dampening steel demand globally in the short term
• Constraining nickel supply in the short term
China COVID-19 lockdown restriction
• Constraining domestic steel consumption in the short term
• Expect producers to turn to the export market
Oct-20 fcstApr21 fcstOct-21 fcstApr-22 fcst
1200
1300
1400
1500
1600
1700
1800
1900
2000
20222022
2021
2023
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
ChinaWorld
0
20
40
60
80
100
120
140
160
180
200
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
Dec-21
Jan-22
Feb-22
Mar-22
GLOBAL STEEL DEMAND FORECAST (m tonnes)WORLD CRUDE STEEL PRODUCTION (m tonnes)
m - million, fcst- forecast. Source: World Steel Association

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Steel & Freight Price Tracks
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
Dec-22
0
2000
4000
6000
8000
10000
12000
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
0
10000
20000
30000
40000
50000
60000
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-1
1
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
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
Dec-22
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)
HRC & Seaborne Freight Price TrackStainless & Nickel Price Track

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SECTION TITLEVULCAN.CO
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Guidance
& Summary
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VULCAN.CO
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• Upgraded profit guidance on 26 April
- EBITDA: Pre-IFRS 16 basis: +23%
- NPAT: Pre-IFRS 16: +24%
Guidance & Summary
Earnings GuidanceSummary
MILLION NZ$PRO FORMA* EBITDA
PRO FORMA* NPAT
(Before offer costs) Post-IFRS 16Pre-IFRS 16Post-IFRS 16Pre-IFRS 16
New Guidance Range**236-242212-218136-1401 40-144
Previous Guidance
194-204170-180107-114111-118
Dollar Change***
40402828
% Change ***20%23%25%24%
* 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.
• We have an ambitious culture
• Invest for growth for the long term
• The Vulcan team and shareholder interests are aligned
- Board members, management and employees collectively
own 31% interest in the company
- KMP
1
have opted only for long term incentives
• A strong focus on our customer service
• A disciplined approach to delivering growth through organic
initiatives and value-accretive acquisitions, as demonstrated
by our track record in earnings growth and return on capital
• A balanced financial management strategy intended to support
growth opportunities and a 60-80% dividend payout policy
1 Key Management Personnel – CEO, COO & CFO

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Q&A
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VULCAN.CO
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