Vulcan Steel faces headwinds in challenging year, eyes future growth

Vulcan Steel Limited reported a challenging FY25 with sales volume declining 6.4% to 213,827 tonnes and revenue falling 11% to NZ$948 million. Statutory net profit after tax (NPAT) also saw a significant drop of 61% to NZ$16 million. However, the company demonstrated strong financial management by reducing net debt by NZ$44 million, ending FY25 at NZ$232 million. A total dividend of NZ$0.06 per share was declared, representing a 55% payout of adjusted NPAT.

The company is strategically focused on growth, evidenced by the acquisition of Roofing Industries in September 2025 for NZ$88 million. This acquisition, funded by a NZ$96.6 million equity raise, expands Vulcan into New Zealand's roofing segment. For FY26, Vulcan anticipates a gradual stabilization in volume activity, with recovery expected to strengthen in the second half.

Board and management changes are also underway, with Rhys Jones transitioning to incoming chair and non-executive director, and Gavin Street appointed as the incoming managing director and CEO, effective January 1, 2026. The company remains committed to health and safety, launching a "Safety Step Change Programme" and investing in new technologies.