Vulcan Steel - Solid Steel Price, Down to Neutral
We downgrade Vulcan Steel (VSL) to NEUTRAL from OUTPERFORM. This reflects: (1) VSL now trading in-line with our view of fair value and peer multiples
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Vulcan Steel - Hybrid Sites — A Strong Alloy
Vulcan Steel (VSL) has a history of purchasing underperforming businesses and turning them into good ones, with the Ullrich acquisition in 2022...
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Vulcan Steel - Through the Trough, up to OUTPERFORM
The 1H24 result was above expectations, with volumes ahead and gross profit dollar per tonne (GP$/t) more robust than anticipated.
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Vulcan Steel - 1H24 Preview: Checking on the Steel
Vulcan Steel (VSL) will report its 1H24 result on Tuesday, 13 February. We expect 1H24 EBITDA down -30% with operating deleverage from volume...
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Vulcan Steel - Testing Its Mettle
EBITDA was down -29% on the prior period, driven by margin pressure from higher costs and operating deleverage from slower activity in NZ.
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