Vulcan keeps dividend at top end of range

Integrating Ullrich Aluminium took more effort than expected. (Image: Vulcan Steel)

Tue, 29 Aug 2023

Vulcan Steel’s board announced a smaller cut to the dividend than some analysts were anticipating as it reported earnings in line with its very recent forecast. The steel and metal distributor warned of a weaker result in July, saying it spent twice as much on integrating Ullrich Aluminium than it had anticipated and that the tougher market was squeezing margins and sapping sales volumes. The board declared a final dividend of 30.5 cents per share, payable on Oct 12 with a record date of Sept 28, taking the annual return to 55 c...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Rain falls, lakes fill, wholesale electricity prices fall

Meridian Energy said the major hydro lakes are returning to normal levels.

Ian Llewellyn 12:40pm

World

Attacks on Australia's Reserve Bank a 'disappointing diversion'

Investment giant fears bank independence is under threat.

The Wall Street Journal 10:45am

Attacks on Australia's Reserve Bank a 'disappointing diversion'

Property

'Prudent steps': Ryman amends covenants and extends debt

A $115 million bank facility has been extended nearly two years.

Gregor Thompson 10:40am

'Prudent steps': Ryman amends covenants and extends debt

Sponsored

Best place in the world to work

Fiji's business events have unique appeal to New Zealanders.

Tourism Fiji

Sponsored

How to determine retirement lifestyle

Managing wealth not just about accumulation, but how to use it.

Milford

More Infrastructure

Infrastructure

Avoiding a future of stranded assets

Six green stars for new industrial buildings a rare achievement.

Andrea Malcolm 5:00am

Infrastructure

Transpower appoints energy veteran as new CEO

Transpower, the entity responsible for electric power transmission in New Zealand, has appointed energy sector veteran James Kilty as its new chief executive.Kilty has been the CEO of Powerco, an electricity and gas distribution company, for the past three years.His departure fro...

Staff reporters 09 Sep 2024