ASX Appendix 3Y - Change of Director's Interest Notice - AC

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Rule 3.19A.2
Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11

Name of entity: Vulcan Steel Limited
ARBN: 652 996 015 (incorporated in New Zealand)

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for
the director for the purposes of section 205G of the Corporations Act.

Name of Director
Adrian John Casey
Date of last notice
11 November 2025
Date of this notice
14 November 2025

Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be
disclosed in this part.

Direct or indirect interest
Direct
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant
interest.

N/A

Date of change
6 November 2025

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

Appendix 3Y Page 2 01/01/2011

No. of securities held prior to change
17,214 ordinary shares held by Adrian John
Casey

5,870,711 ordinary shares held by Adrian
John Casey, Henderika Fiona Casey and
B.W.S Trustee Company 2012 Limited as
trustees of the Casey Family Trust. Adrian
Casey is a beneficiary of that trust.

91,217 performance share rights granted to
Adrian Casey (with vesting date of 1 July
2026, subject to the satisfaction of certain
conditions) under Vulcan’s FY24 long-term
incentive plan.

105,263 performance share rights granted to
Adrian Casey (with vesting date of 1 July
2027, subject to the satisfaction of certain
conditions) under Vulcan’s FY25 long-term
incentive plan.

Class
Fully paid ordinary shares
Number acquired
N/A
Number disposed
17,214 ordinary shares

Value/Consideration
Note: If consideration is non-cash, provide details and estimated
valuation

NZ$144,597.60

No. of securities held after change
5,870,711 ordinary shares held by Adrian
John Casey, Henderika Fiona Casey and
B.W.S Trustee Company 2012 Limited as
trustees of the Casey Family Trust. Adrian
Casey is a beneficiary of that trust.

91,217 performance share rights granted to
Adrian Casey (with vesting date of 1 July
2026, subject to the satisfaction of certain
conditions) under Vulcan’s FY24 long-term
incentive plan.

105,263 performance share rights granted to
Adrian Casey (with vesting date of 1 July
2027, subject to the satisfaction of certain
conditions) under Vulcan’s FY25 long-term
incentive plan.

126,624 performance share rights granted to
Adrian Casey (with vesting date of 1 July
2028, subject to the satisfaction of certain
conditions) under Vulcan’s FY26 long-term
incentive plan.

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3

Nature of change
Example: on-market trade, off-market trade, exercise of options, issue
of securities under dividend reinvestment plan, participation in buy-
back
On-market trade

The on-market trade relates to the disposal of
17,214 ordinary shares, of which 16,814
ordinary shares had been issued to Adrian
Casey on 25 September 2025 following the
vesting of 16,814 performance share rights
under Vulcan’s FY23 long-term incentive plan
(as disclosed in the ASX Appendix 3Y dated
25 September 2025) and the balance of 400
ordinary shares had been issued to Adrian
Casey on 25 September 2024 following the
vesting of performance share rights under
Vulcan’s FY22 long-term incentive plan (as
disclosed in the ASX Appendix 3Y
30 September 2024). The sale of shares
was made to fund satisfaction of a tax liability
associated with the recent vesting of
performance share rights and issue of
shares.

Following the on-market trade, Adrian John
Casey and his fellow trustees of the Casey
Family Trust (Henderika Fiona Casey and
B.W.S Trustee Company 2012 Limited)
continue to hold the same number of ordinary
shares in Vulcan Steel Limited (being
5,870,711 ordinary shares) as they did at the
time of the initial public offering of Vulcan in
November 2021.


Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be
disclosed in this part.

Detail of contract
N/A
Nature of interest


N/A
Name of registered holder
(if issued securities)

N/A
Date of change
N/A
No. and class of securities to which
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed

N/A
Interest acquired
N/A

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

Appendix 3Y Page 4 01/01/2011

Interest disposed
N/A
Value/Consideration
Note: If consideration is non-cash, provide details
and an estimated valuation

N/A
Interest after change
N/A

Part 3 –
+
Closed period

Were the interests in the securities or contracts
detailed above traded during a
+
closed period
where prior written clearance was required?



No. Securities were sold within Vulcan
Steel Limited’s permitted 28-day trading
window (following VSL’s annual meeting
of shareholders on 31 October 2025).

However, written pre-approval is still
required under Vulcan’s Securities
Trading Policy. Written pre-approval was
granted on 6 November 2025.

If so, was prior written clearance provided to
allow the trade to proceed during this period?
N/A
If prior written clearance was provided, on what
date was this provided?
N/A