Vulcan shows nerves of steel as profit tanks

Vulcan Steel's profit has declined by 55%. (Image: NZME)

Tue, 27 Aug 2024

Dual-listed metals firm Vulcan Steel has posted a better-than-expected result driven by cost containment.Like Steel & Tube, which reported yesterday, Vulcan Steel has suffered lower volumes because of a slowdown in the market.Global steel prices have declined 4% in the 12 months to June 30, compared with the year prior.Vulcan reported revenue at $1.06 billion, 15% down from $1.25b in the prior 12-month period. The company said this was because of lower volume and average selling prices compared with the previous year.Net profit after t...

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