Vulcan completes Retail Entitlement Offer

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

Vulcan Steel Limited (ASX: VSL, NZX: VSL)
ASX/NZX/Media release
16 September 2025
NOT FOR RELEASE TO WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Vulcan completes Retail Entitlement Offer
Vulcan Steel Limited (Vulcan) advises that it has completed the retail entitlement offer
component (Retail Entitlement Offer) of its 1 for 9 fully underwritten pro rata accelerated
renounceable entitlement offer (Entitlement Offer). The Entitlement Offer, announced on
Tuesday, 26 August 2025, will raise approximately A$87.1 million (approximately NZ$96.3
million) through the issue of 14.6 million new Vulcan shares (New Shares).
The institutional component of the Entitlement Offer was completed on Wednesday,
27 August 2025, raising gross proceeds of approximately A$59.4 million.
Summary of the Retail Entitlement Offer
Under the Retail Entitlement Offer, eligible retail shareholders were able to:
 take-up all, part or none of their entitlement;
 take-up their full entitlement and also apply for additional New Shares beyond their
pro rata entitlement. Any application for New Shares above their pro rata
entitlement will be included in the retail shortfall bookbuild (Retail Shortfall
Bookbuild) and made at the retail shortfall bookbuild price (defined below); or
 do nothing and receive any premium from the sale of their entitlements in the Retail
Shortfall Bookbuild.
Eligible retail shareholders taking up their entitlements
 Eligible retail shareholders subscribed for approximately 2.7 million New Shares,
raising approximately A$15.9 million. This represented a participation rate of
approximately 57% of the New Shares offered under the Retail Entitlement Offer to
eligible retail shareholders.
 Eligible retail shareholders who took up their entitlements in full also applied for
approximately A$3.3 million of additional New Shares under the Retail Entitlement
Offer. Those applications for additional New Shares will be taken into account in the
Retail Shortfall Bookbuild.
Sale of entitlements in the Retail Shortfall Bookbuild
 Approximately 2.0 million New Shares, representing the remaining entitlements not
taken up by eligible retail shareholders, and entitlements of ineligible retail
shareholders, will be offered for sale for the benefit of those shareholders in the Retail
Shortfall Bookbuild to be conducted after market close today, Tuesday,
16 September 2025.

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

 The retail bookbuild shortfall price per New Share (Retail Shortfall Bookbuild Price)
will be equal to or above the offer price of A$5.95 per New Share (Offer Price). Eligible
retail shareholders who applied for additional New Shares in the Retail Shortfall
Bookbuild will be allocated shares at the Retail Bookbuild Shortfall Price (subject to
scaling in accordance with the allocation policy described in the Retail Offer
Booklet).
 Any premium, being the excess of the price at which the New Shares are sold
through the Retail Shortfall Bookbuild above the Offer Price (Retail Premium), will be
paid to eligible retail shareholders who did not take up their entitlements in full and
ineligible retail shareholders (less any applicable withholding tax) on or about
Monday, 29 September 2025. There is no guarantee that there will be any Retail
Premium. The ability to sell New Shares under the Retail Shortfall Bookbuild and the
ability to obtain any Retail Premium will be dependent upon various factors,
including market conditions.
Allotment of New Shares
The New Shares to be issued as part of the Retail Entitlement Offer and the Retail Shortfall
Bookbuild will be allotted and commence trading on the ASX and NZX on Monday,
22 September 2025. Those New Shares will rank equally with existing Vulcan shares from the
date of issue and will be entitled to any future dividends paid by Vulcan after the relevant
allotment date.
Further information and shareholder enquiries
Shareholders can call 1800 502 914 (within Australia) between 8:30am to 5:00pm (AEST)
weekdays or +64 9 375 5998 (within New Zealand) between 8:30am to 5:00pm (NZST)
weekdays for more information.
Key dates related to the Entitlement Offer are appended.

ENDS

Kar Yue Yeo and Sarah-Jane Lawson
Investor and media contacts
Email: karyue.yeo@vulcan.co
Email: sarah-jane.lawson@vulcan.co
Phone: +64 9 273 7214

This announcement was authorised by Vulcan’s Board of Directors.

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

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 1,350
employees across the company’s Steel and Metals divisions.

This announcement has been prepared for publication in Australia and New Zealand and
may not be released to US wire services or distributed in the United States. This
announcement does not constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or any other jurisdiction. Any securities described in this
announcement have not been, and will not be, registered under the US Securities Act of 1933
and may not be offered or sold in the United States except in transactions exempt from, or
not subject to, the registration requirements of the US Securities Act and applicable US state
securities laws.

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O










Key dates for the Entitlement Offer

Retail Entitlement Offer
Retail Shortfall Bookbuild (for retail entitlements not
taken up and retail entitlements of ineligible retail
shareholders)
Tuesday, 16
September 2025
Announcement of results of Retail Shortfall Bookbuild Wednesday,
17 September 2025
ASX settlement of New Shares issued under the Retail
Entitlement Offer
Friday, 19 September
2025
ASX allotment and trading of New Shares issued under
the Retail Entitlement Offer on the ASX
Monday,
22 September 2025
NZX settlement, allotment and trading of New Shares
issued under the Retail Entitlement Offer on the NZX
Monday,
22 September 2025
Holding statements in respect of New Shares issued
under the Retail Entitlement Offer dispatched
Tuesday,
23 September 2025
Retail Premium expected to be paid to eligible retail
shareholders who elected not to take-up their
entitlements and ineligible shareholders
On or about Monday,
29 September 2025

These dates are indicative only and are subject to change without notice. All dates refer to
the date in Australian Eastern Standard Time (AEST). Subject to applicable laws and the ASX
Listing Rules, Vulcan has the right to amend the timetable with the consent of the
underwriters.