New Zealand Superannuation Fund increases stake in Vulcan Steel

The New Zealand Superannuation Fund (NZSF) increased its ownership in Vulcan Steel Ltd (VSL) to 6.688%, up from 5.143% previously, between June 27, 2024, and September 4, 2025. This change represents a total holding of 9,480,917 ordinary shares.

The increase stems from multiple transactions, including the on-market purchase of 1,910,399 ordinary shares for NZD 13,981,331.68 and the allotment of 1,622,108 ordinary shares through an accelerated renounceable entitlement offer for NZD 11,112,807.78. During the same period, NZSF also sold 810,192 ordinary shares on-market for NZD 6,787,573.10.

As of the disclosure date, NZSF holds 6.688% of VSL's total 141,754,400 ordinary shares. The fund's interest is held by New Zealand Central Securities Depository Limited, with 6.159% managed by NZSF's internal equities portfolios and 0.530% by Mint Asset Management Limited.