Vulcan Steel executives convert performance rights to ordinary shares

Vulcan Steel Limited has applied for the quotation of 101,055 new ordinary fully paid shares (ASX:VSL), issued on September 25, 2025. These shares resulted from the exercise of performance share rights (VSLAA) granted under Vulcan's long-term incentive plan. The shares are being issued for nil consideration, with an estimated value of AUD 7.25 per security.

Key management personnel (KMP) Rhys Jones, Adrian Casey, and Kar Yue Yeo participated in this conversion. Rhys Jones converted 67,427 performance share rights, Adrian Casey converted 16,814, and Kar Yue Yeo converted 16,814. These conversions also led to a lapse of the remaining balance of FY23 performance share rights for Rhys Jones (154,372) and Adrian Casey (38,495).

Following these transactions, Vulcan Steel’s total quoted ordinary fully paid shares will increase to 146,529,960. The total unquoted performance share rights will be 1,643,273. The newly quoted shares will rank equally with existing issued shares of the same class from their issue date.