Annual Meeting of shareholders presentation

Vulcan Steel Limited (ASX: VSL, NZX: VSL)

ASX and NZX release

1 November 2024

2024 Annual meeting of shareholders – Presentations

Attached are the following documents in connection with Vulcan Steel Limited’s (Vulcan)
2024 annual meeting of shareholders (Annual Meeting) to be held at 11:00am NZT
(9:00am AEDT) today (Friday, 1 November 2024):
 presentation;
 address from the Chair of the Board of Directors, Russell Chenu; and
 address from the Managing Director and Chief Executive Officer, Rhys Jones.
As previously notified, Vulcan’s Annual Meeting is a hybrid meeting, allowing shareholders
to attend in person (at MUFG Corporate Market’s offices (previously called Link Market
Services) at level 30, PwC Tower, 15 Customs Street West, Auckland CBD, New Zealand) or
virtually via an online portal.
Information about the Annual Meeting is also available at
https://investors.vulcan.co/investor-centre/?page=annual-meetings-of-shareholders

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 Chair of the Board.

About Vulcan
Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and value-
added processor with 66 logistics and processing facilities employing approximately 1,300
staff across the company’s Steel and Metals divisions.

ANNUAL MEETING OF SHAREHOLDERS
1 NOVEMBER 2024

Our culture is founded on teamwork and a shared
commitment to continuous improvement. It is this
collective ambition for growth that propels us forward.
Focusing on what we can control, creating momentum
with each coordinated effort ensures we navigate
challenges with purpose, and turn them into progress.
Welcome
WE THANK YOU FOR SUPPORTING US ON THIS JOURNEY
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
22

Agenda
01
02
03
04
05
06
07
CHAIR ADDRESS
SHORT VIDEO
Q&A
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER ADDRESS
RESOLUTIONS FOR APPROVAL
VOTING
GENERAL BUSINESS
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
3

MUFG Corporate Markets helpdesk
New Zealand – 0800 200 220
Australia – 1800 990 363
Voting and asking questions
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
4

Adrian Casey
EXECUTIVE DIRECTOR AND
CHIEF OPERATING OFFICER
Your Board
Russell Chenu
CHAIR AND INDEPENDENT
NON-EXECUTIVE DIRECTOR
Rhys Jones
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
Wayne Boyd
NON-EXECUTIVE DIRECTOR
Retiring at close of this Annual Meeting
Bart de Haan
INDEPENDENT NON-EXECUTIVE DIRECTOR
Nicola Greer
INDEPENDENT NON-EXECUTIVE DIRECTOR
Carolyn Steele
INDEPENDENT NON-EXECUTIVE DIRECTOR
Sarah-Jane Lawson
COMPANY SECRETARY
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
5

Your Lead Team
Rhys Jones
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
Kar Yue Yeo
CHIEF FINANCIAL OFFICER
Adrian Casey
CHIEF OPERATING OFFICER
James Wells
CHIEF INFORMATION OFFICER
Gavin Street
CHIEF COMMERCIAL OFFICER
Helene Deschamps
LEADERSHIP DEVELOPMENT
Lou Cadman
NEW ZEALAND LEADER
Matthew Lee
AUSTRALIAN LEADER
Bradley Childs
AUSTRALIAN LEADER
Richard Love
AUSTRALIAN LEADER
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
6

Video
Working at Vulcan
01
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
7

Agenda
01
02
03
04
05
06
07
CHAIR ADDRESS
SHORT VIDEO
Q&A
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER ADDRESS
RESOLUTIONS FOR APPROVAL
VOTING
GENERAL BUSINESS
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
8

Chair
address
Russell Chenu
02
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
9

Chair address
• A good FY24 performance considering operating conditions
• Further executed on our growth strategy with the integration
of systems for our aluminium business now completed
• Board update
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
10

FY24 dividend of NZ 24 cents per share
• Vulcan’s declared dividend of NZ$31.5m for FY24
represented a 79% payout on the company’s NZ$40m
net profit after tax (adjusted for significant items)
• The company has a current target payout ratio of 60%
to 80% of NPAT (adjusted for significant items)
• For New Zealand shareholders, the overall imputation was
65% for FY24 dividends (compared with 76% in FY23)
• For Australian shareholders, the FY24 dividends were fully
franked (as were dividends in FY23)
0
10
20
30
40
50
60
70
in NZ$ centsin A$ cents
FY24
22.8
FY23
51.4
FY24
24.0
55.0
FY23
TOTAL DECLARED DIVIDEND PER SHARE
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
11

Vulcan’s share price performance
Compared to ASX300 performance
• -17.5% vs S&P/ASX300 in the last 12 months
• -5.2% vs S&P/ASX300 since IPO (November 2021)
Compared to NZX50 performance
• -4.5% vs S&P/NZX50 Capital Index in the last 12 months
• 25.2% vs S&P/NZX50 Capital Index since IPO
(November 2021)
1. Data based on closing prices as at 23 October 2024.
2. VSL.NZ gross return including dividends was -5% vs S&P NZX50 Gross Index in the last 12 months and +36% vs S&P/NZ50 Gross Index since IPO.
ASX300, VSL.AX PERFORMANCE
1
0
20
40
60
80
100
120
140
160
Oct-24
Sep-24
Aug-24
Jul-24
Jun-24
May-24
Apr-24
Mar-24
Feb-24
Jan-24
Dec-23
Nov-23
Oct-23
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
Oct-22
Sep-22
Aug-22
Jul-22
Jun-22
May-22
Apr-22
Mar-22
Feb-22
Jan-22
Dec-21
Nov-21
VSL.NZS&P/ASX300
0
20
40
60
80
100
120
140
160
Oct-24
Sep-24
Aug-24
Jul-24
Jun-24
May-24
Apr-24
Mar-24
Feb-24
Jan-24
Dec-23
Nov-23
Oct-23
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
Oct-22
Sep-22
Aug-22
Jul-22
Jun-22
May-22
Apr-22
Mar-22
Feb-22
Jan-22
Dec-21
Nov-21
VSL.NZS&P/NZX50 Capital Index
S&P/NZX50 CAPITAL INDEX & VSL.NZ PERFORMANCE
1,2
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
12

Vulcan’s environment and sustainability update
2024 EMISSIONS BREAKDOWN
Diesel NZ
Petrol AU
Diesel AU
Electricity NZ
Petrol NZ
Electricity AU
13,865
t CO
2
e
Environment
• Scope 1 and 2 greenhouse gas (GHG) emissions
were approximately 100 tonnes lower in FY24, at
13,865 tonnes, compared with FY23
• Total Group Scope 1 and 2 GHG emissions were
13,963 tonnes in FY23 including 5,536 tonnes from
our aluminium business acquired in August 2022
Inclusions FY24 Tonnes CO
2
FY24 PercentFY23 Tonnes CO
2
FY23 PercentYoY percentage change
1
Scope 1
6,532 47.1% 6,400 45.8%2.1%
Scope 2
7,333 52.9% 7,563 54.2%-3.0%
Scope 1 and 2 13,865 13,963 -0.7%
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
13

MD & CEO
address
Rhys Jones
03
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
14

Sound financial returns in FY24
1. ROCE - Return on Capital Employed. 2. m – millions. 3. EBITDA - Earnings before interests, tax, depreciation and amortisation. 4. NPAT - Net profit after tax. 5. Cash Conversion: (EBITDA - lease payments - capital expenditure)/(EBITDA - lease payments)
6. Debt cover: Net debt to pre-IFRS 16 EBITDA. 7. IFRS 16 - International Financial Reporting Standard 16 relates to accounting for operating leases.
ADJUSTED EBITDA
3
NZ$
-33% on $219m in FY23
$148m
ADJUSTED NPAT
4
NZ$
-58% on $95m in FY23
$40m
OPERATING CASHFLOW NZ$
+16% on $145m in FY23
$169m
CASH CONVERSION
5

down 8% from 95% in FY22
87%
NET DEBT COVER
6

up 0.7x from 1.9x in FY23
2.6x
ROCE
1
-7.9% from 21.3% in FY23
13.4%
REVENUE NZ$
-15% on $1,245m in FY23
$1,064m
2
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
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Operational highlights
* Based on customers that transacted with Vulcan at least once in 2H FY24 vs 2H FY23 (excludes aluminium customers)
** Percentage of customers orders delivered in full and on time
+3.6%69 7.9 %
Growth in active customer base*Number of hybrids sites
added or hybridised in FY24
FY24 DIFOT**
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
16

Vulcan’s business
Vulcan added aluminium to the company’s steel and metals distribution and processing services offering in August 2022
Circa 22,500 monthly active trading accounts which operate across a range of end-markets
PLATE PROCESSING
Processes steel plate to customer
specifications (including cutting,
drilling, tapping, counter-sinking
and folding)
STEEL DISTRIBUTION
Distributes steel hollows,
merchant products (bars,
beams, angles, channels) and
unprocessed coil and plate
COIL PROCESSING
Processes steel coil to
customer specifications
(including sheeting and slitting)
STAINLESS STEEL
Distributes stainless steel
hollows, bars, fittings and
sheets/plate, and processes
stainless steel plate
ENGINEERING STEELS
Distributes high performance
engineering steel and metal
products, and processes engineering
steel and metal products
ALUMINIUM
Extrude and distribute standard
and customised products and
third party products including
sheet, plate and coil products
METALSSTEEL
87%
VIC
NSW
QLD
North Island
WA
TAS/ACT/NT
South Island
SA
MARKET SEGMENTS*
19%
20%
10%
6%
5%
5%
3%
3%
29%
CUSTOMER*
8%
1%
91%
Other Customers
Customers #2-#20
Customer #1
GEOGRAPHY*
25%
18%
12%
6%
3%
2%
25%
10%
N
e
w

Z
e
a
l
a
n
d

3
5
%
A
u
s
t
r
a
l
i
a

6
5

%


Fabricating
Manufacturing
Engineering
Mining
Transport
Sheetmetal
Other
Food & Agriculture
Rollformers
* Based on FY24 data.
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
17

Vulcan’s network
Opportunity to drive more operating leverage
from our footprint and scale
LAUNCESTON
HOBART
SYDNEY x 3
CANBERRA
MELBOURNE x 3
ADELAIDE x 2
KURRI KURRI
BATHURST
DARWIN
CAIRNS
ROCKHAMPTON
CALOUNDRA
ALBURY
DUNDOWRAN
PERTH x 2
BUNBURY
COFFS HARBOUR
BRISBANE x 6
NEWCASTLE x 3
GOLD COAST x 2
TOWNSVILLE x 2
MACKAY x 2
NAPIER x 2
DUNEDIN
WELLINGTON
NEW PLYMOUTH
HAMILTON x 2
PALMERSTON NORTH x 2
INVERGARGILL x 2
NELSON x 2
CHRISTCHURCH x3
TIMARU
TAURANGA x 2
AUCKLAND x 7
WHANGAREI x 2
1. Including aluminium customers.
66
STRATEGICALLY LOCATED SITES
1
,
326
COMPANY EMPLOYEES
22.5k
ACTIVE CUSTOMERS
1
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
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Growth strategy and update
• Strong track record in
brownfield expansions -
additional sites identified
for expansion
• Focus on new customer
wins and increased share
of wallet
• Expanded into 10 regional
markets through greenfield
initiatives across Australasia
• New opportunities identified
to expand footprint within
Australasia
• Increasing the breadth
and depth of our network
offering over time
• Successfully introduced and
cross sold two major product
categories in the last eight
years
• Added aluminium products
into our offering in FY23
• Considering opportunities
in other steel segments
• Acquired and successfully
integrated 11 businesses
since 1995
• Acquired Ullrich Aluminium
in August 2022
• Opportunities for further
consolidation
• Ongoing focus on productivity
gains to offset cost inflation
• 17 growth initiatives previously
identified in FY22 are now in
revenue generation phase
• The business is now focused
on increasing the breadth of
its geographic and product
footprint
• Ongoing focus on lifting
customer engagement
and volumes
Brownfield
expansion
Entry into new
geographies
Expansion of

offering and
hybrid locations
Mergers and
Acquisitions
Business

improvement
initiatives
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
19

Priorities for FY25
Maintain and further
nurture customer
service mindset
and owner operator
culture in a currently
hostile economic
environment
Position ourselves
to take advantage
of the emerging
economic upswing



Build bench strength
in Australia and New
Zealand to support
growth



Explore other
complementary
product platforms

and adjacencies


Continue with new
hybrid sites rollout





12345
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
20

Vulcan’s health and safety & community update
0
5
10
15
20
25
30
35
FY24FY23FY22FY21FY20FY19FY18
LTIFRLTIFR (Severe)
19.7
18.6
21.4
16.0
30.2
1.9
13.5
0.6
0.0
18.9
0.0
3.6
0.6
1.3
LOST TIME INJURY FREQUENCY RATE (LTIFR)
(per 1,000,000 hours worked)
Health and safety
• Committed to providing a safe and healthy work environment
• Trialling artificial intelligence assisted technology to
mitigate high risk events across a range of workspaces
Community and social
• Support to local community
organisations:
Halberg Youth Council
New Zealand Dance Company
Auckland Rescue Helicopter Trust
Arts Centre Melbourne
• Workplace and personal support
to all employees and immediate
family
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
21

Trading in 1QFY25
• Revenue decline of 13% year-on-year (yoy) was driven by lower
average selling price and volume compared with previous
corresponding period
• The yoy weakness in 1QFY25 EBITDA was principally due to
a combination of lower volume and margin
• Sales tonnes per day in 1QFY25 declined by 10% YoY
- Steel segment volume declined by 12% YoY; and
- Metals segment volume declined by 7% YoY
NZ$m1QFY25
2
1QFY24
3
Change
Revenue
1
263.1304.0-13%
EBITDA
1
33.14 7. 5-30%
Volume (000 tonnes)
1
5 7. 864.5-10%
1. Based on unaudited management accounts post IFRS16.
2. 1QFY25: Three months from 1 July 2024 to 30 September 2024.
3. 1QFY24: Three months from 1 July 2023 to 30 September 2023.
IMAGE TBC BASED ON CONTENT
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
22

FY25 outlook
• As outlined in our 1QFY25 trading update on 21 October 2024,
business conditions for our industry remained soft across most
market verticals and geography, especially in New Zealand.
These conditions are expected to continue for the balance of
the 2024 calendar year.
• Despite the challenging conditions, Vulcan is more optimistic
now about 2025. Since August 2024, the Reserve Bank
of New Zealand’s reduction of the official cash rate has
boosted business confidence and pre-sales activity among
our customers though the timing of these improvements
translating into tangible results in 2025 remains uncertain.
• In Australia, financial market participants are expecting the
Reserve Bank of Australia to begin reducing its official cash rate
target early next year. We anticipate better trading conditions
for certain operations in some locations in 2025 as business
confidence grows and other present industry disruption in that
market subsides.
• Since the end of FY24, our net debt has further reduced by
$22m to NZ$254m at 30 September 2024. We will stay agile
and manage working capital appropriately.
IMAGE TBC BASED ON CONTENT
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
23

Q&A
04
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
24

Resolutions
for approval
05
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
25

• That the Board of Vulcan is authorised to fix the fees and
expenses of Deloitte Limited (New Zealand), as Vulcan’s
auditor, for the financial year ending 30 June 2025
• Proxies received:
FOR 43,850,060 shares (33.2738%)
OPEN/UNDIRECTED 1,429,348 shares (1.0846%)
AGAINST 4,567 shares (0.0035%)
ABSTAIN 1,880 shares (0.0014%)
TOTAL VOTED 45,283,975 shares of 131,785,392 shares (34.3619%)
RESOLUTION 1
Auditor’s remuneration
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
26

RESOLUTION 2
Re-election of Carolyn Steele
as a director
• That Carolyn Steele, who retires and in accordance with the
terms of Vulcan’s Constitution and is eligible for re-election,
be re-elected as a director of Vulcan
• Proxies received:
FOR 42,936,039 shares (32.5803%)
OPEN/UNDIRECTED 1,429,348 shares (1.0846%)
AGAINST 918,915 shares (0.6973%)
ABSTAIN 1,553 shares (0.0012%)
TOTAL VOTED 45,284,302 shares of 131,785,392 shares (34.3622%)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
27

• That Russell Chenu, who retires and in accordance with the
terms of Vulcan’s Constitution and is eligible for re-election,
be re-elected as a director of Vulcan
• Proxies received:
FOR 42,700,851 shares (32.4018%)
OPEN/UNDIRECTED 1,429,348 shares (1.0846%)
AGAINST 1,154,334 shares (0.8759%)
ABSTAIN 1,322 shares (0.0010%)
TOTAL VOTED 45,284,533 shares of 131,785,392 shares (34.3623%)
RESOLUTION 3
Re-election of Russell Chenu
as a director
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
28

RESOLUTION 4
Grant of performance share rights
to Rhys Jones as MD and CEO
• That, for the purposes of ASX Listing Rule 10.14 and for all other
purposes, the issue of 321,188 performance share rights to
Vulcan’s Managing Director and Chief Executive Officer,
Rhys Jones, under Vulcan’s FY25 long-term incentive plan
and on the terms and conditions set out in the Explanatory
Notes be approved
• Proxies received:
FOR 43,546,652 shares (33.0436%)
OPEN/UNDIRECTED 1,129,474 shares (0.8571%)
AGAINST 601,005 shares (0.4560%)
ABSTAIN 8,724 shares (0.0066%)
TOTAL VOTED 45,277,131 shares of 131,785,392 shares (34.3567%)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
29

RESOLUTION 5
Grant of performance share rights
to Adrian Casey as COO
• That, for the purposes of ASX Listing Rule 10.14 and for all other
purposes, the issue of 105,263 performance share rights to
Vulcan’s Chief Operating Officer, Adrian Casey, under Vulcan’s
FY25 long-term incentive plan and on the terms and conditions
set out in the Explanatory Notes be approved
• Proxies received:
FOR 43,544,696 shares (33.0421%)
OPEN/UNDIRECTED 1,129,474 shares (0.8571%)
AGAINST 602,562 shares (0.4572%)
ABSTAIN 9,123 shares (0.0069%)
TOTAL VOTED 45,276,732 shares of 131,785,392 shares (34.3564%)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
30

Voting
06
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
31

General
Business
07
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2024VULCAN.CO
32

Thank-you for joining us.
VULCAN.CO

Address from Vulcan Steel Limited’s Chair of the Board of Directors, Russell Chenu

Ladies and Gentlemen, fellow shareholders.
The Year in Review
Vulcan experienced continuing economic headwinds in all of our major market segments in Australia and
New Zealand in the financial year ended June 2024. As a result of elevated interest rates and inflation, there
was reduced business and consumer confidence in both countries—and our sales volume declined 9%, with
sales revenue down by 15%, compared with the previous year.
Notwithstanding this challenging environment, Vulcan’s cash flow was strong and we reduced net debt by
$64 million from $340 million at June 2023 to $276 million at June 2024.
Significantly, in the two years since Vulcan debt-funded the acquisition of Ullrich Aluminium for $165 million,
the Company’s net debt has declined by almost $160 million from a peak of $435 million. This is also after
$137 million of dividends that were paid to shareholders during this two-year period.
We finished FY2024 with cash and unutilised committed banking facilities of $124 million.
Our teams have continued to focus on realisation of synergies arising from the acquisition of Ullrich in August
2022.
Rhys will address the FY24 financial year’s outcomes in more detail in his address.
Dividend
The dividend declared for FY2024 was $0.24 per share, amounting to $31.5 million, representing 79% of net
profit after tax. The dividend was 65% imputed for New Zealand shareholders and 100% franked for Australian
shareholders.
Climate Disclosure Report and Sustainability
The Company’s annual report for FY2024 included our inaugural climate-related disclosures prepared in
accordance with New Zealand legislation. Preparation of this report required a significant effort by
management, assisted by external advisors, and was overseen by the Board Audit and Risk Committee.
We disclosed a modest reduction in scope 1 and scope 2 carbon emissions in FY2024 compared with the
prior year.
Board
I thank all my director colleagues for their contributions during the year. We have made considerable
progress in consolidating our efforts and achievements in the transition from a private to a listed enterprise
in the three years since the company’s initial public offering in 2021.
I would like to acknowledge the work undertaken by the Board’s People and Remuneration Committee and
senior management in leading our people development programmes aimed at having a strong bench of
talent to support the company’s significant growth aspirations.
We made an announcement a few weeks ago advising that Wayne Boyd will be retiring as a director
following this meeting.
Together with Peter Wells, Wayne was a founding shareholder of Vulcan. He has been a director since 1995
and has made a sterling contribution for almost 30 years to Vulcan’s growth and success.
Wayne has been a wonderful colleague and wise counsel to many people in Vulcan and he leaves with our
best wishes for his retirement.
Thank you Wayne.
In due course, we intend to recruit and recommend a replacement for Wayne.

Address from Chair of Board

Outlook
Vulcan operates in a highly cyclical industry. The company is very experienced in managing through periods
of reduced demand like we experienced in FY2024 and which has persisted so far into the FY2025 year.
However, opportunities for a robust business with a strong balance sheet abound in this type of market -
and we remain relentlessly focused on delivering superior customer service, investing in our people
development programmes and investing in our physical infrastructure, such as our distribution facilities and
IT systems, to build our capability.
This commitment is aimed at preparing Vulcan to be in the best possible position to leverage our
considerable strengths when the market turns and business activity begins to increase.
On behalf of your Board, I would like to thank all of our employees for their commitment, our customers for
their trust in our company and you, our shareholders, for your continuing support.
I will now ask Rhys to present his Chief Executive’s address.

Address from Vulcan Steel Limited’s Managing Director and
Chief Executive Officer, Rhys Jones

Thank you Russell, and welcome everyone to Vulcan Steel’s 2024 Annual Shareholders’ Meeting.
Summary of FY2024 Performance
The past year has been the most challenging period since at least the GFC with poor global economic
growth rates suppressing product prices while domestically both Australia and New Zealand’s central
banks maintained high interest rates to reduce historically high inflation. Despite these multiple
challenges Vulcan Steel’s financial performance produced a number of highlights.
Our business generated $169m of operating cash flow from an EBITDA of $148m at a gross margin of
35.2%. The EBITDA of $148m on sales revenue of $1,064m represented a return on sales of 13.9%. Our
$99m EBIT represented a return on capital employed of 13.4%. Excluding the impact of lease
accounting standard IFRS 16, our return on capital employed was 19.6% in FY2024. This is a key
performance metric and incentive hurdle.
A net profit after tax of $40m was achieved while the net debt to EBITDA cover was 2.6 times at the
end of the financial year. We are pleased with the improving trend in operational and financial
performance at aluminium which when coupled with new hybrid site openings will continue to make
a meaningful contribution to our financial performance.
Vulcan’s Business
Despite adverse economic conditions which saw significant declines in construction, manufacturing
and capital investment our team was able to grow our active customer base by 3.6% whilst achieving
a DIFOT of 97.9%. The aluminium business was fully integrated into our metals division with seven
aluminium sites exited of which six were integrated into existing locations creating hybrid sites. We
have opened one greenfield hybrid site in Victoria while expanding three existing sites to become full
hybrids. By investing and growing the metals division through the creation of hybrid sites, despite the
challenging economic climate, we believe this will generate excellent outcomes in the coming years.
The deliberate and multi-year strategy of diversifying our portfolio to include metals and steel across
a significantly broader geographic base was clearly beneficial this past year. The metals division of
aluminium, engineering steels and stainless proved to be more resilient than the steel division due to
the broader range of customer segments served and geographic reach.
Vulcan’s Network
We now operate in 66 locations with plans in place to widen our footprint next year through the
implementation of more hybrid sites. The geographic coverage and market knowledge has been
greatly enhanced by the acquisition of Ullrich Aluminium. The network will continue to grow in a
planned manner which emphasises high customer service, complementary products and high
inventory availability. The inventory management disciplines are now in place across the entire
network while there has been a significant increase in the number of customers that now purchase
multiple product verticals. The hybrid sites confer improved multi product availability to our
customers while reducing unit costs through scale benefits. This mutually enhancing process is
particularly beneficial in smaller regions which have previously experienced poor local product
availability and high transport costs.
Growth Strategy
The core screening criteria behind Vulcan’s growth strategy is that it must add value to the customer
and Vulcan’s shareholders. Careful consideration is also paid to ensuring readily actionable
synergies are present.

Address from Managing Director and Chief Executive Officer
In the current environment we have concentrated on ensuring we maintain or improve our share of a
customers’ total spend by offering other products in our range or services such as product processing.
The proprietary Vulcan IT system enables the screening of these individual customer growth
strategies to be continually and easily targeted and monitored.
The organic growth strategy of opening new hybrid sites will continue into the foreseeable future
which over coming years will primarily become new greenfield sites where we have weak or no
geographic coverage. This expansion plan will be a deliberate and focused approach.
Mergers or acquisitions of businesses that operate in our existing portfolio or are adjacent to our
portfolio which offer consolidation opportunities or geographic diversification are also being
identified. These options are constantly reviewed and considered.
FY 2025 Priorities
The priorities for the coming year include:
1. Ensuring that Vulcan’s customer service mindset and owner operator culture are resilient and
nurtured in a currently hostile economic environment.
2. Position ourselves to take full advantage of the upswing in economic activity that is forecast to
emerge in the near future.
3. Build bench strength in Australia and New Zealand to enable Vulcan to grow seamlessly.
4. Explore other complementary product platforms and adjacencies while rolling out new hybrids.
Health and Safety, Employee and Community Initiatives
Improving our performance in health and safety remains a top priority. The programme to improve
the safety systems and processes at aluminium has developed well with strong support from our
colleagues. We have invested in Inviol which is an AI based health and safety system which identifies
high risk activities through surveillance in real time and alerts anyone in danger of their risk. This tool
is also used to coach colleagues who have been notified of being in a dangerous position.
A significant safety risk exists when we commence a hybrid site as typically new products are being
handled. Dedicated training is conducted to reduce this risk before any hybrid commences.
As a distributed business with sites across Australasia it is critical that a consistently high standard of
leadership and cultural alignment is maintained. One initiative which has been highly effective to
achieving these goals is the leadership hub where over 60 people meet online and learn in a
structured environment how to share and reflect on their own leadership experiences as well as the
academic literature around that issue. To create a transparent but non-threatening environment
where leaders share their successes and challenges is a great example of how our culture is key driver
of our performance.
It is critical in an environment where the economic news has been overwhelmingly negative that our
colleagues know and understand the direction of Vulcan, how we are going to get there as a team
and their individual role and accountability within the team. The alignment of all our colleagues to
think and act as one team to service our customers to the highest standards possible is reinforced
three times a year by our “Principles and Ethos” roadshow where every person in the Company is
provided with a detailed description of how our values and behaviours are to be applied. These
interactive sessions provide clarity or reassurance but most importantly unity.
Vulcan continues to contribute to the wider arts, sports and educational community through long
standing partnerships and the direct involvement of our colleagues. Vulcan is proud to support the
Halberg Youth Council, the New Zealand Dance Company, the Arts Centre Melbourne and the
Auckland Rescue Helicopter Trust.

Address from Managing Director and Chief Executive Officer
First Quarter Trading Update
In the September quarter trading, revenue decline of 13% year-on-year (yoy) was driven by lower
average selling price and volume compared with previous corresponding period. The 30% year-on-
year decline in 1Q FY25 EBITDA was principally due to a combination of lower volume and margin. Sales
volume first three months of FY25 declined by 10% year driven by 12% year-on year decline in our Steel
segment volume and 7% year-on-year decline in our Metals segment.
Outlook
As outlined in our September quarter 2024 trading update last month, business conditions for our
industry remained soft across most market verticals and geography, especially in New Zealand. These
conditions are expected to continue for the balance of the 2024 calendar year.
Despite the challenging conditions, Vulcan is more optimistic now about 2025. Since August 2024, the
Reserve Bank of New Zealand's reduction of the official cash rate has boosted business confidence
and pre-sales activity among our customers though the e timing of these improvements translating
into tangible results in 2025 remains uncertain.
In Australia, financial market participants are expecting the Reserve Bank of Australia to begin
reducing its official cash rate target early next year. We anticipate better trading conditions for
certain operations in some locations in 2025 as business confidence grows and other present industry
disruption in that market subsides.
Our net debt since the end of FY24 has further reduced by $22m to NZ$254m at the end of September
2024. We will stay agile and manage working capital appropriately.
Closing
As always, our employees are the critical element for our company’s success, which is even more so
in difficult times. Therefore, I want to thank our employees for their personal commitment and great
teamwork, as well as our customers for their ongoing support over the past year. Our culture, and
our employee work ethic and teamwork continue to shine through despite a difficult market
environment.