Vulcan Steel result drives share price plummet

The S&P/NZX 50 index was flat today at 12,074.47. (Image: Getty)

Tue, 14 Feb 2023

The NZ government declared a national state of emergency today – the third time in the country’s history – while Vulcan Steel plunged more than 10% after revealing a first-half result below expectations.The S&P/NZX 50 index was flat today at 12,074.47. Turnover was $125.2 million.Vulcan told the market the decline in profitability of its businesses – excluding aluminium – reflected a 15% drop in sales volumes, increased cost pressures and high financing charges.The steel and metal distributor now expects earnin...

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