FY23 half-year report and financial statements

INTERIM REPORT 2023

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 2022 (“1H FY23”)
Previous corresponding reporting period Half year ended 31 December 2021 (“1H FY22”)
Release date 14 February 2023

Result for announcement to the market
Financial Performance (NZ$ million, unless stated) 1H FY23 1H FY22
Revenue from ordinary activities Up +38% to 638.0 463.0
EBITDA
1
before significant items
5
Down -3% to 115.1 1 18.1
EBIT
2
before significant items
5
Down -10% to 94.1 104.8
Net financing costs Up 145% to -17.4 -7.1
Profit before tax and significant items
5
Down -6% to 76.7 81.9
Income tax Down -20% to -22.4 -28.0
NPAT
3
from ordinary activities before significant items
5
Down -22% to 54.4 69.7
Significant items
4
Down -100% to - -15.8
NPAT from ordinary activities after significant items Up +1% to 54.4 53.9
Earnings per share before significant items Down -22% to 41.4 53.0

Net Tangible Assets (NTA, NZ$ per share)
As at 31 Dec 22 31 Dec 21
NTA per share attributable to Vulcan shareholders 1.21 0.96
Dividends (NZ cents per share) FY23 FY22
Amount Imputation* Franking** Amount Imputation* Franking**
Interim ordinary 24.5 100% 100% 27.5 100% 0%
Final ordinary dividend - - - 37.5 80% 100%

Record date for determining entitlements to 1H FY23 interim dividend 10 March 2023
1H FY23 Interim dividend payment date 6 April 2023
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 in FY22 - 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 2022,
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 2022.
* At 28% corporate tax rate in New Zealand. ** At 30% corporate tax rate in Australia.
Commentary on the results for the period
Additional disclosure requirements and supporting
information for the Appendix 4D are contained within
Vulcan’s FY23 Half Year Report. This Appendix should be
read in conjunction with Vulcan’s Half Year Financial
Report and other related releases.
This announcement was approved for release by Vulcan
Board of Directors.
VULCAN.COVULCAN INTERIM REPORT 2023
2

01
02
Half Year Operating
& Financial Review
Performance Highlights 5
Overview 6
Steel & Metals 7
Operating Expenditure and Aluminium Business Integration 8
Cash Flow 9
Balance Sheet and Dividends 10
Outlook 11
Our Principles 12
Our Ethos 13
Thank You 14
Financials
Financial Statements 16-25
Directors’ Declaration 26
Independent Auditor’s Review Report 27
Corporate Directory 28
It has been an eventful first half of FY23 at Vulcan, including
the purchase of Ullrich Aluminium, the largest acquisition
our company has made in its history.
Our business performed well despite an expected more
testing environment than our last financial year. Vulcan’s
1H FY23 results still represent one of the best periods for our
company after a record FY22. The team at Vulcan have the
tools, skills and experience to thrive through challenging
conditions on our journey of growth.
We are excited by the opportunities to create long-term
value for all of our stakeholders.
Inside
VULCAN.COVULCAN INTERIM REPORT 2023
3

We have our
eyes on the
future
01
Half Year Operating
and Financial Review
VULCAN.COVULCAN INTERIM REPORT 2023
4

Performance Highlights
ADJUSTED EBITDA
1,3

(EXCLUDING SIGNIFICANT ITEMS
4
)
(NZ$97m pre-IFRS 16
3,4,6
basis)
-3% on NZ$118m in 1H FY22
NZ$115m
INTERIM DIVIDEND
(TOTALLING NZ$32m)
vs NZ27.5c in 1H FY22
NZ 24.5c
CUSTOMERS TRANSACTED
WITH VULCAN
7
+1% on 11,839 in 1H FY22
11,941
SALES VOLUME
1
-8% on 138,265 tonnes in 1H FY22
127,354t
ADJUSTED NPAT
5

(EXCLUDING SIGNIFICANT ITEMS)
(NZ$57m pre-IFRS 16 basis)
-22% on NZ$70m in 1H FY22
NZ$54m
REVENUE
1
+38% on NZ$463m in 1H FY22
NZ$638m
2
OPERATING CASH FLOW
1
vs NZ$36m in 1H FY22
NZ$16m
GROSS MARGIN
-5.4% on 41.3% in 1H FY22
35.9%
GROSS PROFIT $/TONNE
1
1H FY23 on 1H FY22
+30%
1. Included five months of aluminium contribution in 1H FY23. 2. m - millions. 3. Earnings before interest, tax, depreciation and amortisation. 4.1H FY23: Statutory report included NZ$3m gain on acquisition as required by NZ IFRS 3 for accounting
treatment for business combination. 5. IFRS 16 - New Zealand accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20. 6. Pre-IFRS 16 - NZ International Accounting Standard 17 – accounting treatment
of leases prior to the introduction of IFRS 16 in FY20. 7. Based on customers that transacted with Vulcan at least once in the relevant period, and excludes aluminium customers.5
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Overview
Statutory basis
• Revenue of NZ$638m, up 38% from NZ$463m in 1H FY22
• EBITDA of NZ$115m, up 12% from NZ$102m in 1H FY22
• NPAT of NZ$54m, inline with 1H FY22
• EPS of 41.4 NZ cents, inline with 1H FY22

Adjusted basis (excluding offer costs)
• EBITDA was NZ$115m, down 3% in 1H FY23 from NZ$118m in 1H FY22
• NPAT of NZ$54m, down 22% in 1H FY23 from NZ$70m in 1H FY22
• EPS of 41.4 NZ cents, down 22% in 1H FY23 from 53.0 NZ cents in 1H FY22

In August 2022, Vulcan expanded its Metals segment product offering in the market
following the company’s acquisition of Ullrich Aluminium business across Australia and
New Zealand. Hence, the 1H FY23 result included five months of contribution from our
aluminium business.
The first half of FY23 trading reflected ongoing normalisation from the previous peak
demand period during FY22 as a result of COVID-19, and softness in Australian and
New Zealand economic conditions. Reported revenue including the contribution
from acquisition increased 38% year-on-year to NZ$638m in 1H FY23 compared with
NZ$463m in 1H FY22. When excluding acquisition, revenue was up approximately 9%
year-on-year (YoY) to NZ$503m in 1H FY23.
Overall, like-for-like sales volume including our aluminium business declined by 15% year-
on-year to approximately 127,000 tonnes in the first half of FY23. Our aluminium sales
tonnes which accounted for approximately 8% of Group volume fell by 17% YoY during the
five-month period in 1H FY23 compared with the corresponding period of FY22.
Encouragingly, active trading accounts for our Steel and Metals segment (excluding
aluminium) lifted 1% half-year-on-half-year in 1H FY23 compared with 2H FY22.
Reported overall gross profit per tonne lifted approximately 30% in 1H FY23 compared
with 1H FY22. Excluding the impact of aluminium, gross profit per tonne in 1H FY23 was 9%
ahead of 1H FY22 and remains steady compared with the full year of FY22.
Because of higher average cost and selling price in 1H FY23, gross margin declined 5.4%
to 35.9% in 1H FY23 compared with the 41.3% achieved in the corresponding period of
FY22. In addition, due to the negative impact of inflation on our operating cost base,
Vulcan’s adjusted EBITDA margin retreated 7.5 percentage points from a historic peak of
25.5% in 1H FY22 to 18.0% in 1H FY23.
Vulcan (ASX: VSL, NZX: VSL) an Australasian-wide industrial product distributor and value-added processor recorded a sound
performance for the six months ended 31 December 2022 (1H FY23, the first half of 2023 financial year)
Half Year Operating and Financial Review continued
MILLION NZ$EBITDAEBITNPATEPS (NZ cents)
(unless stated)1H FY231H FY221H FY231H FY221H FY231H FY221H FY231H FY22
Statutory basis115.1102.494.189.054.453.941.441.0
+ IPO Offer costs-15.8-15.8-15.8-12.0
Adjusted basis115.1118.194.1104.854.469.741.453.0
- Operating leases-18.3-11.8-4.0-2.92.82.02.21.5
Adjusted pre-IFRS16 basis96.8106.390.1101.957.271.743.554.6
VULCAN.COVULCAN INTERIM REPORT 2023
6

Steel
Steel revenue rose NZ$17m (5%) to NZ$317m in 1H FY23 from NZ$300m in 1H FY22.
Sales tonnes declined to approximately 94,500 tonnes in the first half of FY23, down
16% from 113,000 tonnes in the corresponding period of FY22. Average revenue per
tonne rose NZ$692 (26%) to NZ$3,351 in 1H FY23 from NZ$2,659 in 1H FY22.
Steel gross profit per tonne achieved in 1H FY23 was steady YoY compared with 1H FY22
but percentage gross margin was down 7.6 percentage points in 1H FY23 to 32.2% due
to higher average cost and selling compared with 39.8% achieved in 1H FY22.
Steel EBITDA margin declined 7.8% to 20.3% in 1H FY23 from 28.1% in 1H FY22. As a result,
EBITDA decreased NZ$20m to NZ$64m in 1H FY23 from NZ$85m in 1H FY22.

Metals
With five months of contribution from our aluminium business, Metals revenue
increased NZ$158m (98%) to NZ$321m in 1H FY23 from NZ$163m in 1H FY22. When
excluding the contribution from our aluminium business, Metals revenue rose
NZ$24m (15%) to NZ$187m.
Because of higher selling price for aluminium products, the average revenue per
tonne rose NZ$1,809 (28%) to NZ$9,772 in 1H FY23 from NZ$6,428 in 1H FY22.
On a like-for-like basis, Metals sales tonnes including aluminium declined to
approximately 33,000 tonnes in the first half of FY23, down 12% from the corresponding
period in FY22.
Excluding the impact of our aluminium business, Metals gross profit per tonne
achieved in 1H FY23 was ahead of the corresponding period in FY22.
The Metals segment EBITDA of NZ$67m in 1H FY23 included NZ$23m of contribution
from our aluminium business. Excluding this contribution, Metals EBITDA was
comparable to the NZ$44m recorded in 1H FY22.
Half Year Operating and Financial Review continued
POST IFRS 16
1
SteelMetals
1
MILLION NZ$ 1H FY231H FY22% Change1H FY231H FY22% Change
Revenue316.5300.35%321.4162.797%
Adjusted EBITDA
1
64.384.5-24%66.644.350%
Sales (000 tonnes)
94.5113.0-16%32.925.330%
Revenue /Tonne3,3512,65926%9,7726,42852%
EBITDA Margin
1
20.3%28.1%-7.8%20.7%27.2%-6.5%
1. Includes five months of contribution from the aluminium business acquired.
VULCAN.COVULCAN INTERIM REPORT 2023
7

Operating Expenditure (OPEX)
OPEX (before depreciation and amortisation) increased NZ$41m (56%) to NZ$114m in
1H FY23 from NZ$73m in 1H FY22. This reflected a combination of the aluminium business
acquired, higher headcount, and inflation on employee costs and other operating costs.
Due to the significant rise in general living costs, Vulcan paid to eligible employees
a living cost support bonus in 1H FY23 to help alleviate the financial pressures on
our team and their families. Travel cost was significantly higher during the period.
Identifiable costs incurred for our aluminium business integration programme in
1H FY23 accounted for approximately NZ$1.5m increase of the overall increase in OPEX.
Excluding the addition of our aluminium business and integration costs, OPEX (before
depreciation and amortisation) increased NZ$11m (15%) to NZ$84m in 1H FY23 from
NZ$73m in 1H FY22.
Cost management is a key discipline embedded in Vulcan’s business culture. With
current market conditions and general business confidence expected to prevail for
a period, Vulcan will further increase the company’s efforts on initiatives to mitigate
the impact of general inflation on our cost base.
Aluminium Business Integration Programme
The progress made in our aluminium business integration since acquisition has
been encouraging.
A joint executive team was established immediately after Vulcan took ownership of
the Ullrich Aluminium business on 1 August 2022. Key staff have also been appointed
to spearhead workstreams and identify opportunities for improvements.
A focus in 1H FY23 has been to familiarise our aluminium team with the Vulcan business
model as well as the company’s culture - our principles and ethos. This is an ongoing
investment of time by our leadership team which is expected to deliver improved
operational and earnings outcomes going forward.
In December 2022, we completed the migration of our NZ aluminium business operating
systems onto Vulcan’s platforms. This is a critical milestone as our team will have greater
visibility and more real-time information to facilitate timely decisions and business
improvement initiatives. We expect our Australian aluminium business to be operating on
Vulcan’s platforms by late-FY23.
Our aluminium product procurement process and product offering are currently being
streamlined which is anticipated to deliver positive benefits in FY24 and beyond.
Half Year Operating and Financial Review continued
MILLION NZ$ 1H FY231H FY22% Change
Employee Benefits70.747.350%
Selling & Distribution (S&D)
13.38.851%
Occupancy Costs
4.92.876%
General & Admin. (G&A)25.114.178%
Operating Expenses
1,2
114.073.056%
Employee numbers (at period end)
144084870%
Sales Volume (000 Tonnes)
127.4138.3-8%
Total OPEX/Tonne ($)
895.4528.070%
1. Exclude Depreciation & Amortisation
2. Before significant items (offer costs in 1H FY22)
VULCAN.COVULCAN INTERIM REPORT 2023
8

Cash Flows
Operating cash flows
Cash generated from our operations recorded a net NZ$16m inflow in 1H FY23
compared with NZ$36m achieved in 1H FY22. The cashflow generated from earnings
were applied toward:
• Higher payments for inventory received in 1H FY23
(discussed in the “Balance Sheet” section)
• Higher tax payments in 1H FY23 which were related to terminal payments
for higher FY22 earnings and FY23 provisional tax payments
• Increased funding costs which were due to higher debt level and interest
rate increases
Capital expenditure
Capital expenditure was NZ$11m 1H FY23 compared with NZ$5m in 1H FY22. We expect to
incur between NZ$25m and NZ$27m of capital expenditure in the current financial year.
Acquisition
The cash paid for our acquisition of the Ullrich Aluminium business in 1H FY23 amounted
to NZ$149m including debt assumed as part of the purchase. As agreed with the
vendor and announced previously, a total $20m of deferred settlement payments are
scheduled for 2H FY23 relating to working capital to be reduced.
Distribution
The NZ$49m dividend paid in 1H FY23 reflected the final ordinary dividend of 37.5 NZ
cents per share declared for FY22.
Half Year Operating and Financial Review continued
MILLION NZ$ 1H FY231H FY22% Change
Receipts from customers763.1522.246%
Payments to suppliers & employees
-681.5-456.849%
Interest paid
-7.6-1.3496%
Tax paid-50.0-22.8119%
Lease interest paid
-8.0-5.643%
Net cash flows from operating activities
16.035.6-55%
Capital expenditure
-10.7-5.3102%
Business acquisition-149.20.0n.m.
Lease liability payments
-10.3-6.266%
Dividends-49.3-68.0-28%
VULCAN.COVULCAN INTERIM REPORT 2023
9

Balance Sheet
Working capital
Net working capital (excluding cash and tax payable) increased to NZ$493m at
31 December 2022 from NZ$343m on 30 June 2022. The addition of our aluminium
business, higher stock level carried to accommodate previous longer lead times for
inventory from suppliers, the timing of payments for stock received, higher unit cost
for products and a decision taken to accommodate future growth led to greater
investment in inventory. Our investment requirement in stock should begin to
normalise in 2H FY23 and FY24.
Debt
Excluding lease liabilities of NZ$287m, Vulcan’s net debt was NZ$390m at 31 December
2022. This represented a NZ$203m increase compared with a net debt position of
NZ$187m excluding NZ$202m of lease liabilities on 30 June 2022. The increase since the
end of FY22 reflects a combination of the debt-funded acquisition of our aluminium
business and the timing of an increase in our working capital during 1H FY23.
At 1.7 times net debt to EBITDA cover and 16.3 times EBIT to net interest cover (twelve
months to 31 December 2022 basis
9
), Vulcan remains well within its banking covenants.
The company’s debt facilities are due to mature between July 2024 and July 2026.
To accommodate our aluminium business acquisition and working capital requirement,
Vulcan increased its total credit facilities from NZ$250m as at the end of FY22 to
NZ$429m in 1H FY23. Vulcan will continue to optimise between the cost of carrying
excess unutilised facilities and having sufficient funding flexibility with reference to credit
market conditions over time.
Funds Employed
Including NZ$176m shareholders’ funds and NZ$287m lease liabilities, Vulcan’s funds
employed were NZ$853m on 31 December 2022. The NZ$278m increase from NZ$575m
on 30 June 2022 reflects a combination of our aluminium business acquisition and
increased working capital requirement.
Dividends
10
The Board has declared a 24.5 NZ cent per share interim dividend. This dividend will be
fully franked at 30% tax rate for Australian resident shareholders, and fully imputed at
28% tax rate for New Zealand resident shareholders. Australian-domiciled shareholders
may benefit from their entitlement to receive an amount in supplementary dividend
payment as an offset against New Zealand non-resident withholding tax payable on
this imputed interim dividend.
Vulcan intends to impute or frank the company’s final dividend for FY23 to the maximum
level possible subject to New Zealand and Australian tax credits available. The company
does not envisage to be able to fully impute or fully frank all future dividends.
Half Year Operating and Financial Review continued
9. Pre-IFRS 16 basis as per agreement with lenders.
10. The company targets a 60%-80% annual distribution on statutory net profit after tax adjusted for significant items approved by the Board and
intends to pay between 40%-50% of the expected annual dividend as interim dividend with the balance of 50%-60% to be paid as a final dividend.
MILLION NZ$ 31 Dec 2230 Jun 22% Change
Trade and other receivables154.8157.2-2%
Inventories492.5353.239%
Less trade and other payables-154.1-167.1-8%
Working capital excluding tax items493.2343.344%
Tax payable
-7.7-29.7-74%
Working capital485.5313.655%
Property, plant equipment79.956.242%
Intangibles16.812.831%
Right-of-use assets261.7180.745%
Other assets and liabilities9.211.2-17%
Lease liabilities-286.8-202.342%
Net bank debt-390.4-186.9109%
Net assets / Shareholders funds176.0185.3-5%
VULCAN.COVULCAN INTERIM REPORT 2023
10

Outlook
As outlined in August 2022 with our full year FY22 results, we expected the present
financial year to be more challenging as the market begins to normalise from peak
demand trading conditions arising from COVID-19, and as economic headwinds
including higher interest rates begin to impact on the wider economy and our business.
We are encouraged by our margin performance in 1H FY23 despite a weaker market
environment. The demand conditions observed in 1H FY23 are not expected to materially
improve in 2H FY23 across the Australian and New Zealand markets. Based on current
monetary policy settings, current business confidence levels and the uncertainty
surrounding New Zealand’s national election in October 2023, there are risks of further
weakening in the New Zealand economy in the short term.
Our aluminium business has performed better in 1H FY23 than our initial expectations.
Our goal is to maintain the present momentum in the remainder of FY23.
Half Year Operating and Financial Review continued
Our aluminium
business has
performed
better in 1H FY23
than our initial
expectations
VULCAN.COVULCAN INTERIM REPORT 2023
11

Our
principles
Provide an enjoyable workspace
We want our employees to genuinely enjoy the work
that they do. Aside from having well resourced, high
standard facilities, we aim to create a workplace where
everyone feels listened to, valued and supported in
reaching their full potential.
Promote a safe working environment
By nature, working with steel and metals has inherent
risks, therefore ensuring our employees safety is our
primary, ongoing priority. Not only do we want our
employees to get home safely to their families every
night, we also want them to feel psychologically safe
and supported while at work.
Be financially prosperous
This enables us the freedom to invest in our business
and people to ensure we’re thriving, not just surviving.
It gives us the ability to determine our future success
from which everyone can prosper.
Remain ambitious
Ambition is about being courageous enough to try,
knowing that while we may not always succeed, we
will learn, grow, adapt and ultimately find a better way.
Innovation isn’t without risk, and we’re here to support
our employees in stepping outside of the box and
striving for greatness.
Balance the above
We know that balancing the above is critical to
our success.
We believe that by
creating the right
environment we
inspire the delivery
of amazing results.
VULCAN.COVULCAN INTERIM REPORT 2023
12

Our
ethos
Team first, with respect for the individual
We’ve got an “everyone supports the team, and the
team supports everyone” culture. No one person is
more important than another, therefore we value and
respect everyone’s individual perspectives and ensure
that all decision making reflects what’s best for the
team.
Each person responsible with minimum
misunderstanding
We trust everyone to have complete responsibility and
autonomy within their role. Our employees don’t have
someone looking over their shoulder and should feel
empowered and enabled to do their job to the best
of their ability, in a way that works best for them.
Relaxed, professional and committed
Work should be somewhere our employees enjoy
going every day. We don’t take ourselves too seriously
and our relaxed, yet committed environment ensures
everyone feels comfortable asking questions, receiving
feedback and supporting one another.
Support our local communities
The health and happiness of our people is directly
dependent on the health and happiness of those
around them. These extended networks of friends
and families across New Zealand and Australia, are
our local communities. Through understanding their
difficulties and helping support, uplift and improve the
lives of these people, we hope to foster meaningful and
lasting change.
Clear profit centre goals
Everyone has a clear understanding of their
responsibilities and goals and has the resources and
decision-making authority to achieve them.
At Vulcan we hold
ourselves to the highest
standards in our work,
how we do it and how
we treat one another.
VULCAN.COVULCAN INTERIM REPORT 2023
13

Our culture – our principles and ethos – remains the
primacy to delivering further successes. On behalf of
the Board, we thank our team, customers, suppliers and
shareholders for their ongoing commitment and support.
Russell Chenu Rhys Jones
DIRECTOR CHIEF EXECUTIVE OFFICER
MANAGING DIRECTOR
Thank you
VULCAN.COVULCAN INTERIM REPORT 2023
14

Navigating
through
challenges
02
Financials
VULCAN.COVULCAN INTERIM REPORT 2023
15

VULCAN INTERIM REPORT 2023
16
VULCAN.CO
Financial Statements
The accompanying notes form part of these Financial Statements.
UnauditedUnaudited
NZD $000’
Notes31 Dec 202231 Dec 2021
Revenue5 637,960 462,993
Cost of sales
(408,844)(272,013)
Gross profit
229,116 190,980
Other income5 34 -
Selling and distribution expenses (13,282)(8,768)
General and administrative expenses
(121,769)(93,199)
Total operating expenses
6 (135,051)(101,967)
Operating profit before financing costs
94,099 89,013
Financing income
15 3
Financing expenses
(17,373)(7,078)
Net financing costs
(17,358)(7,075)
Profit before tax
76,741 81,938
Tax expense
(22,386)(28,000)
Profit after tax
54,355 53,938
Other comprehensive Income
Items that may be reclassified to profit or loss when specific conditions are met
Exchange differences on translation of foreign operations
(10,139)(809)
Fair value gain/(loss) on cash flow hedges
(6,789)(51)
Tax effect of movement in cash flow hedges 1,915 20
Other comprehensive income, net of tax
(15,013)(840)
Total comprehensive income
39,342 53,098
Attributable to:
Owners of Vulcan Steel Limited 39,342 53,098
Basic earnings (cents per share)1041.441.0
Diluted earnings (cents per share)1041.441.0
Consolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income (unaudited)
FOR THE SIX MONTHS TO 31 DECEMBER 2022

VULCAN INTERIM REPORT 2023
17
VULCAN.CO
Financial Statements continued
The accompanying notes form part of these Financial Statements.
Consolidated Balance Sheet (unaudited)
AS AT 31 DECEMBER 2022
UnauditedAudited
NZD $000’
Notes31 Dec 202230 Jun 2022
ASSETS
Current Assets
Cash and cash equivalents
- 24,033
Trade and other receivables 154,787 157,240
Inventories 492,525 353,243
Derivative financial instruments
- 5,039
Total current assets
647,312 539,555
Non-Current Assets
Property, plant and equipment
79,884 56,161
Right-of-use assets
261,749 180,705
Intangible assets
16,821 12,785
Deferred tax assets 11,004 6,174
Total non-current assets
369,458 255,825
TOTAL ASSETS
1,016,770 795,380
LIABILITIES
Current Liabilities
Bank overdraft2,849-
Trade and other payables
154,082 167,149
Derivative financial instruments 1,761 -
Lease liabilities
21,486 14,004
Tax payable
7,734 29,716
Total current liabilities
187,912 210,869
Non-current Liabilities
Lease liabilities
265,349 188,276
Interest-bearing liabilities
387,558 210,970
Total non-current liabilities 652,907 399,246
TOTAL LIABILITIES 840,819 610,115
EQUITY
Share capital9 11,988 11,988
Retained earnings 162,307 157,230
Reserves 1,656 16,047
TOTAL EQUITY 175,951 185,265
TOTAL LIABILITIES AND EQUITY 1,016,770 795,380

VULCAN INTERIM REPORT 2023
18
VULCAN.CO
Financial Statements continued
The accompanying notes form part of these Financial Statements.
Consolidated Condensed Interim Statement of Changes in Equity (unaudited)
FOR THE SIX MONTHS TO 31 DECEMBER 2022
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 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
Share based payments reserve - - 300 - 300
Dividends paid
- (68,000) - - (68,000)
Balance as at 31 December 2021
11,988 123,321 300 3,906 139,515
Balance as at 1 July 2022 11,988 157,230 2,683 13,364 185,265
Comprehensive income
Profit after tax - 54,355 - - 54,355
Other comprehensive (loss) income
Foreign currency translation reserve - - - (10,139) (10,139)
Cash flow hedge reserve
- - - (4,874) (4,874)
Total comprehensive income
- 54,355 - (15,013) 39,342
Transactions with owners
Share based payments reserve - - 622 - 622
Dividends paid
- (49,278) - - (49,278)
Balance as at 31 December 2022 11,988 162,307 3,305 (1,649) 175,951

VULCAN INTERIM REPORT 2023
19
VULCAN.CO
Financial Statements continued
UnauditedUnaudited
NZD $000’
31 Dec 202231 Dec 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
763,082 522,208
Interest received
15 3
Payments to suppliers and employees (681,459)(456,822)
Tax paid (50,041)(22,840)
Interest paid
(7,598)(1,275)
Lease interest paid
(8,033)(5,626)
Net cash flows from operating activities
15,966 35,648
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for business acquisition (106,385) -
Debt acquired
(42,793)-
Sale of property, plant and equipment and intangibles
255349
Purchase of property, plant and equipment and intangibles
(10,687) (5,270)
Net cash flows used in investing activities (159,610)(4,921)
CASH FLOWS FROM FINANCING ACTIVITIES
Lease liability payments (10,271)(6,213)
Drawdown/(repayment) of borrowings
177,799 46,000
Dividends paid
(49,278)(68,000)
Net cash flows from financing activities
118,250 (28,213)
Net increase/(decrease) in cash
(25,394)2,514
Effect of foreign exchange rates
(1,488)(20)
Opening cash 24,033 10,163
Closing cash /
(overdraft)
(2,849) 12,657
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents (2,849) 12,657
Closing cash (2,849) 12,657
CASH FLOW RECONCILIATION
Profit after tax 54,355 53,938
Add/(deduct) non cash items:
Amortisation of right of use assets 14,284 8,987
Depreciation, amortisation and impairment of other assets 6,730 4,355
Net loss/(gain) on disposal of assets (61)(71)
Other non-cash items 99 (156)
21,052 13,115
Net working capital movements:
Trade and other receivables
44.061 4,795
Inventories
(18,848)(72,886)
Trade and other payables
(56,983)31,446
Taxation payable
(25,778)5,478
Deferred tax asset
(1,893)(238)
(59,441)
(31,405)
Net Cash flows from Operating Activities 15,966 35,648
The accompanying notes form part of these Financial Statements.
Consolidated Condensed Interim Statement of Cash Flows (unaudited)
FOR THE SIX MONTHS TO 31 DECEMBER 2022

VULCAN INTERIM REPORT 2023
20
VULCAN.CO
Financial Statements continued
Condensed Notes to the Interim Consolidated Financial Statements (unaudited)
AS AT AND FOR THE SIX MONTHS TO 31 DECEMBER 2022
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. There have been no changes to the nature of the business
during the current period.
The Company is a profit-oriented entity, domiciled in New Zealand, registered under the Companies Act 1993 and the financial
statements comply with this Act. The Company is listed on the Australian Securities Exchange (“ASX”) with a dual listing on the 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 2022 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 2022.
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 2022 and 31 December 2021.
Changes to accounting policies
There are no new standards or amendments to standards applicable to the Group for the six months ended 31 December 2022
that have materially impacted the financial statements. No 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
Dividend
On 24 August 2022, the Directors approved a final dividend of 37.5 cents per share totalling $49.3 million. The dividend record date
was 23 September 2022 and payment occurred on 7 October 2022. The dividend was fully franked and 80% imputed.
Acquisition
On 22 July 2022, the Company signed a conditional sale and purchase agreement with Gilbert Ullrich, the founder owner of Ullrich
Aluminium Company Limited (“Ullrich”) to acquire 100% of the company.
Key conditions in the sale and purchase agreement were satisfied on 1 August 2022 and the Company took control of Ullrich from
that date. The consideration for the acquisition has been fully debt-funded. The accounting for this acquisition is outlined in Note 15.

VULCAN INTERIM REPORT 2023
21
VULCAN.CO
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, supported by members of the Board of Directors) 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.
Aluminium - distribution of internally extruded standard and customised products and third party products including sheet, plate
and coil products.
Reporting is received on at least a monthly basis, and performance is measured based on underlying segment earnings before
interest, tax, depreciation and amortisation (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 2022Unaudited 31 Dec 2021
NZD $000’Steel MetalsCorporateTotalSteel MetalsCorporateTotal
Total operating revenue
316,535 321,425 - 637,960 300,311 162,682 - 462,993
EBITDA post IFRS16 64,257 66,567 (15,711) 115,113 84,498 44,344 (10,734) 118,108
Significant items - (15,753)
EBITDA post IFRS 16 and significant items 115,113 102,355
Depreciation & amortisation(21,014)(13,342)
EBIT 94,099 89,013
Finance costs(17,358)(7,075)
Profit before tax 76,741 81,938
Tax expense(22,386)(28,000)
Reported NPAT attributable to shareholders 54,355 53,938
Depreciation & amortisation of PPE & intangibles(6,730)(4,355)
Amortisation of right of use assets(14,284)(8,987)
Total depreciation & amortisation(21,014)(13,342)
Finance income15 3
Finance charges - interest, line fees & other(9,340)(1,452)
Finance charges on lease liabilities(8,033)(5,626)
Finance charges(17,358)(7,075)
Principal lease payments(7,205)(10,968)(131)(18,304)(6,711)(5,128) - (11,839)
Adjusted EBITDA pre-IFRS16 57,052 55,599 (15,842) 96,809 77,787 39,216 (10,734)106,269
Significant items
1
IPO costs - - - - - - (15,753)(15,753)
Total significant items - - (15,753)(15,753)
TOTAL ASSETS
2
383,983 605,879 26,908 1,016,770 424,303 319,486 51,591 795,380
TOTAL LIABILITIES
2
165,501 240,367 434,951 840,819 201,836 146,548 261,731 610,115
Geographical InformationNZAustraliaCorporateTotalNZAustraliaCorporateTotal
TOTAL OPERATING REVENUE 239,240 398,720 - 637,960 171,353 291,640 - 462,993
EBITDA post IFRS 16 and significant items 57,433 73,391 (15,711) 115,113 52,470 76,372 (26,487) 102,355
TOTAL NON CURRENT ASSETS
2
107,599 230,937 30,922 369,458 57,330 173,912 24,583 255,825
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 liabilities for the comparative period have been presented at 30 June 2022.

VULCAN INTERIM REPORT 2023
22
VULCAN.CO
5. REVENUE
6. EXPENSES
NZD $000’
Unaudited
31 Dec 2022
Unaudited
31 Dec 2021
Total operating revenue 637,960 462,993
Other income 34 -
NZD $000’
Unaudited
31 Dec 2022
Unaudited
31 Dec 2021
Profit before tax includes the following expenses:
Employee benefit expenses65,618 43,775
Defined contribution plans5,120 3,507
Depreciation and amortisation21,014 13,342
Selling and distribution13,282 8,768
Occupancy costs4,940 2,778
IPO costs - 15,753
Other expenses25,077 14,044
Total selling, general and administrative expenses 135,051 101,967
7. EMPLOYEE SHARED BASED COMPENSATION
Performance Share Rights Plan
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”). 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.
An additional 372,417 PSR’s (FY23 Grant) were granted in the current period with a combined face value of $2,495,000. Grants previously
issued were the FY22 Grant of 391,622 PSR’s with a combined face value of $2,945,000.
The total expense recognised in the period to 31 December 2022 in relation to equity settled share based payments was $621,683 (2021:
$300,000). 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”). A VIU approach is used to estimate the recoverable amount of the CGU to which
each goodwill component is allocated.
There are no indicators of impairment at 31 December 2022.

VULCAN INTERIM REPORT 2023
23
VULCAN.CO
9. SHARE CAPITAL
10. EARNINGS PER SHARE
Unaudited 31 Dec 2022 Audited 30 Jun 2022
FULLY PAID ORDINARY SHARES
Number of
Shares
Share Capital
$000
Number of
Shares
Share Capital
$000
Opening balance 131,408,572 11,988131,408,57211,988
Issue of shares - -
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 11,988 131,408,572 11,988
Unaudited
31 Dec 2022
Unaudited
31 Dec 2021
Profit after tax ($000) 54,355 53,938
Weighted average ordinary shares outstanding (number of shares)131,408,572 131,408,572
Basic earnings per share (cents per share)41.441.0
Diluted earnings per share (cents per share)41.441.0
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 hierarchy, 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 (2021: 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 $4,732,423 (30 June 2022: $4,382,445).
13. CONTINGENT LIABILITIES
There is a bank guarantee with National Australia Bank Limited of $10.6m (30 June 2022: $11.0m) over property in Australia.
14. RELATED PARTY TRANSACTIONS
The Company has related party relationships with its controlled entities 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 its directors and shareholders. In addition to this, a long term incentive plan has been entered into by the Group for its key
management personnel which includes two executive directors. Refer to note 7 for details on this arrangement.

VULCAN INTERIM REPORT 2023
24
VULCAN.CO
15. ACQUISITION OF SUBSIDIARY
On 22 July 2022, the Company signed a conditional sale and purchase agreement with Gilbert Ullrich, the founder owner of Ullrich Aluminium
Company Limited (“Ullrich”) to acquire 100% of the company. Key conditions of the sale and purchase agreement were satisfied on 1 August
2022 and the Company took control of Ullrich from that date.
Ullrich is a major integrated distributor of industrial aluminium products in Australasia with a large sales network, extrusion facilities and
fabrication operations. The acquisition of Ullrich significantly adds to the network reach and scale of the Group and supports the Group’s
growth strategy.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below.




Consideration transferred
The acquisition of Ullrich was settled in cash amounting to $107,750,000 with a further $20,000,000 payable by 30 June 2023.
Acquisition-related costs amounting to $793,617 are not included as part of consideration transferred and have been recognised
as an expense in the consolidated statement of profit or loss, as part of administration expenses.
Identifiable net assets
The fair value of the trade and other receivables acquired as part of the business combination amounted to $34,247,131 with a gross
contractual value of $35,509,898. The best estimate at acquisition date of the contractual cash flows not to be collected is $1,262,767.

Goodwill
The calculation of goodwill of $291,802 arising from the acquisition consists of growth expectations, expected future profitability, the skills
and expertise of Ullrich’s workforce and expected cost synergies. Goodwill has been allocated to the metals division and is not expected
to be deductible for income tax purposes.



NZD $000’2022
Fair value of consideration transferred
Amount settled in cash107,750
Deferred cash settlement20,000
Total127,750
Recognised amounts of identifiable net assets
Property, plant and equipment23,139
Customer list value3,468
Deferred tax assets1,319
Right-of-use assets421
Total non-current assets28,347
Inventories 126,775
Trade and other receivables 34,247
Prepayments 9,138
Cash and cash equivalents 1,365
Total current assets171,525
Borrowings 42,793
Tax payable 5,606
Total non-current liabilities48,399
Other liabilities 5,212
Capitalised lease obligations 444
Trade and other payables 18,359
Total current liabilities24,015
Identifiable net assets127,458
Goodwill on acquisition292
Cash settled to date on acquisition 107,750
Cash acquired (1,365)
106,385
Debt acquired/assumed 42,793
Net cash outflow on acquisition149,178
Acquisition costs charged to expenses794

VULCAN INTERIM REPORT 2023
25
VULCAN.CO
Ullrich’s contribution to the Group results
Ullrich contributed $134,350,295 revenue and $20,552,887 to the Group’s profit before tax for the period between the date of acquisition and
the reporting date.
If the acquisition of Ullrich had been completed on the first day of the financial year, estimated Group revenues for the full half-year would
have been $662,827,475 and estimated Group profit before tax would have been $79,075,503.
16. EVENTS OCCURRING AFTER BALANCE DATE
On 14 February 2023, the Directors approved an interim dividend of 24.5 cents per share totalling $32.2m. The dividend record date is
10 March 2023 and payment will occur on 6 April 2023. The dividend will be fully franked and fully imputed.
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.

VULCAN INTERIM REPORT 2023 DIRECTOR’S DECLARATION
26
VULCAN.CO
The unaudited interim financial statements of Vulcan
Steel Limited and its subsidiaries (the Group) for the
half year ended 31 December 2022 were authorised
for issue on 14 February 2023 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

VULCAN HALF YEAR REPORT 2022 AUDITORS REPORT
27
VULCAN.CO
INDEPENDENT AUDITORS REVIEW REPORT
TO THE SHAREHOLDERS OF VULCAN STEEL LIMITED
Conclusion
We have reviewed the consolidated condensed interim financial statements of Vulcan Steel Limited (‘the Company’) and
its subsidiaries (‘the Group’) on pages 16 to 25 which comprise the consolidated condensed interim balance sheet as at
31 December 2022, and the consolidated condensed interim statement of profit or loss and other comprehensive income,
consolidated condensed interim statement of changes in equity and consolidated interim statement of cash flows for the
six months ended on 31 December 2022, and condensed notes to the interim consolidated financial statements 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 2022 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, we have no relationship with or interests in Vulcan Steel Limited or its subsidiaries.
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
14 February 2023

VULCAN HALF YEAR REPORT 2022 CORPORATE DIRECTORY
28
VULCAN.CO
BOARD OF DIRECTORS
Russell Chenu (Chairman)
Wayne Boyd
Rhys Jones
Adrian Casey (appointed 20 October 2022)
Bart De Haan
Carolyn Steele
Pip Greenwood (retired 20 October 2022)
Peter Wells (retired 20 October 2022)
EXECUTIVE TEAM
Rhys Jones
CHIEF EXECUTIVE OFFICER / MANAGING DIRECTOR
Kar Yue Yeo
CHIEF FINANCIAL OFFICER
Adrian Casey
CHIEF OPERATING OFFICER
REGISTERED OFFICE
New Zealand
Grant Thornton New Zealand Limited
152 Fanshawe Street
Auckland, New Zealand
Australia
Pitcher Partners Advisors Proprietary Limited
Level 13, 664 Collins Street
Docklands, VIC 3008
ADMINISTRATIVE OFFICE
29 Neales Road
East Tamaki
Auckland, New Zealand
SHARE REGISTRY
Vulcan’s register of securities is maintained by Link Market
Services Limited, and is held at the following addresses:
In Australia:
Level 12, 680 George Street
Sydney, NSW 2000
Telephone: +61 1300 554 474
in New Zealand:
Level 30, PWC Tower
15 Customs Street West
Auckland 1010
Telephone: +64 9 375 5998
AUDITORS
Deloitte Limited
COMPANY NUMBERS
NZ Incorporation: 681317
Vulcan Steel Limited NZBN: 9429038466052
Vulcan Steel Pty Limited ABN: 61 100 061 283
Corporate Directory

29
VULCAN.CO