Vulcan completes Ullrich Aluminium third payment

Vulcan Steel Limited (Vulcan)
ASX/NZX/Media Release
23 September 2022


Vulcan completes Ullrich Aluminium acquisition
Vulcan (ASX: VSL, NZX: VSL) advises that it has completed the third payment required
under the sale and purchase agreement dated 22 July 2022 (Agreement) with Gilbert
Ullrich (the Vendor) relating to the acquisition of Ullrich Aluminium Co Limited (Ullrich).

Following finalisation of Ullrich’s financial accounts to 31 July 2022, Ullrich’s Net Tangible
Assets (NTA, the acquisition consideration excluding net debt) have been confirmed
as NZ$127.75m. This is NZ$3.25m lower than the projected NTA of NZ$131.0m which was
provided for in the Agreement.

The difference between the projected and finalised NTA relates largely to agreed
adjustments to Ullrich’s asset value. Accordingly, the settlement payment to the Vendor
has been adjusted to reflect this.

ENDS

Kar Yue Yeo
Investor and media contact
Email: karyue.yeo@vulcan.co
Phone: +64 9 273 7214
This announcement was authorised by Vulcan’s Board of Directors.

About Vulcan
Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and
value-added processor with 72 logistics and processing facilities employing 1,500 staff
across the company’s Steel and Metals divisions
.