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How Vulcan Steel Limited makes money — FY2025
Revenue $948.0m · EBITDA $112.1m (11.8% of revenue) · Net profit $15.7m (1.7% of revenue) · Balance date 30 June 2025
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $948.0m | Reported | |
| Operating costs (net of other income) | −$835.9m | Derived * | Reported operating expenses $212.5m do not reconcile; not used. |
| EBITDA | $112.1m | Reported | |
| Depreciation & amortisation | −$18.2m | Reported | |
| EBIT | $93.9m | Reported | |
| Interest (net finance costs) | −$23.9m | Reported | |
| Income tax | — | Not reported | Included in the balancing item. |
| Tax and other items (net cost) | −$54.3m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $15.7m | Reported |
- * operating costs: $835.9m = Revenue − EBITDA
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: Vulcan Steel Limited Annual Report (PDF, NZX)
Vulcan Steel Limited board of directors
7 current directors, average tenure 4.5 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Rhys Jones | Chair | No | 2006 | 20.2 yrs | Audit & Risk Committee, Remuneration Committee |
| Carolyn Mary Steele | Independent Director | Yes | 2025 | 1.1 yrs | Audit & Risk Committee (Chair), Remuneration Committee |
| Adrian Casey | Executive Director | No | 2022 | 4.2 yrs | Audit & Risk Committee, Remuneration Committee (Chair) |
| Nicola Jean Greer | Independent Director | Yes | 2023 | 3.0 yrs | Audit & Risk Committee (Chair), Remuneration Committee |
| Bart de Haan | Independent Director | Yes | 2025 | 1.1 yrs | Audit & Risk Committee, Remuneration Committee (Chair) |
| Russell Chenu | Non-Independent Director | No | 2025 | 1.1 yrs | Audit & Risk Committee, Remuneration Committee |
| Gavin Street | Director | Not recorded | 2026 | 0.9 yrs | — |
VSL governance score breakdown
Vulcan Steel Limited scores 77/100 (Very Good) on the NZXplorer Governance Risk Score for FY2026, based on 73% data coverage. See the GRS methodology.
- Board structure
- 19/25
- Shareholder rights
- 20/20
- Executive remuneration
- 2/10
VSL dividends
The most recent Vulcan Steel Limited dividend on record is 3.00 cents per share, for FY2026 (interim).
Vulcan Steel Limited largest shareholders
Top 1 registered holders of VSL as disclosed for FY2025. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | Top 20 largest shareholders combined | 86.53% |
VSL government contracts
Vulcan Steel Limited has been named as an awarded supplier on 1 New Zealand government contract published on GETS, most recently on 27 Nov 2024. None of them discloses an award value.
Most frequent agency: Department of Corrections.
| Awarded | Agency | Contract | Value |
|---|---|---|---|
| 27 Nov 2024 | Department of Corrections | Supply of ferrous and non-ferrous metals | not disclosed |
Full government procurement analysis on PublicData · All NZX companies with government contracts
Source: MBIE GETS Open Data. An award of $0 or blank is treated as undisclosed.
Recent VSL NZX announcements
The 10 most recent filings by Vulcan Steel Limited to the NZX.
- ASX Appendix 3Y - Change of Director's Interest Notice - GSCapital Change
- ASX Appendix 3G –Notification regarding unquoted securitiesCapital Change
- ASX Appendix 3Y - Change of Director's Interest Notice - ACCapital Change
- Results of 2026 Annual Meeting of ShareholdersAGM
- 2026 Annual meeting of shareholders presentationAGM
- 2026 Annual meeting of shareholders presentation amendedAGM
- FY26 ASX Appendix 3A.1 - DividendDividend
- Notice of 2026 Annual Meeting/Proxy FormAGM
- ASX Appendix 3Y – Change Director's Interest -Russell ChenuInsider/Shareholder Notice
- ASX Appendix 3Y – Change Director's Interest - Adrian CaseyInsider/Shareholder Notice
Vulcan Steel Limited (VSL) — frequently asked questions
What does Vulcan Steel Limited do?
Vulcan Steel is Australasia's leading independent distributor and processor of steel and metals, serving construction, manufacturing, and mining sectors. Vulcan Steel Limited is listed on the NZX under the ticker VSL, in the Materials sector.
What is the Vulcan Steel Limited (VSL) share price?
Vulcan Steel Limited (NZX:VSL) shares closed at $7.00 on 11 November 2026, up 0.72% on the previous close. At that price its market capitalisation was about $1.04 billion, based on 148,567,172 shares on issue as at 4 January 2026.
Who are the directors of Vulcan Steel Limited?
Vulcan Steel Limited has 7 current directors: Rhys Jones (Chair), Carolyn Mary Steele (Independent Director), Adrian Casey (Executive Director), Nicola Jean Greer (Independent Director), Bart de Haan (Independent Director), Russell Chenu (Non-Independent Director) and Gavin Street (Director). Average board tenure is 4.5 years.
Who is the chair of Vulcan Steel Limited?
Rhys Jones chairs the Vulcan Steel Limited board, and has been a director since 2006.
Who is the CEO of Vulcan Steel Limited?
Rhys Jones is the Managing Director and Chief Executive Officer of Vulcan Steel Limited.
What was Vulcan Steel Limited's most recent dividend?
The most recent Vulcan Steel Limited dividend on record is 3.00 cents per share for FY2026 (interim).
Who are the largest shareholders of Vulcan Steel Limited?
The largest registered holder of VSL shares in the FY2025 top-20 register was Top 20 largest shareholders combined, with 86.53%.
What is Vulcan Steel Limited's governance score?
Vulcan Steel Limited has an NZXplorer Governance Risk Score of 77/100 (Very Good) for FY2026, based on 73% data coverage.
When was the last Vulcan Steel Limited annual meeting?
The most recent Vulcan Steel Limited annual meeting on record was held on 21 October 2026.
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