Vulcan Steel slashes dividend as earnings drop 30pc in first half

Last year was difficult and 2024 is not looking much better yet.

Tue, 13 Feb 2024

Vulcan Steel expects an improved second half of the year after difficult trading conditions drove the Australasian steel distributor’s earnings down by 30% in the first half, leading to a 51% reduction in its interim dividend.The company’s earnings before interest, tax, depreciation and amortisation fell to $81.8 million in the half, from $115m in the previous corresponding period, while its net profit after tax dropped 52% to $26.1m.Revenue fell 12% to $564m, but Vulcan’s gross margin fell by just half a percentage point to 3...

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