Vulcan Steel FY26 Result—Exiting at a Strong Run-Rate
Vulcan Steel (VSL) reported stronger-than-expected top-line FY26 growth, but higher costs tempered NPAT. The cyclical improvement was evident in...
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Vulcan Steel FY26 Preview—Testing the Metal
Vulcan Steel (VSL) will report its FY26 result on 25 August. We are positive heading into the result and expect VSL to deliver solid growth...
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Primer: Vulcan Steel (VSL AU) - Aug 2026
Vulcan Steel is currently navigating a cyclical downturn, reflected in declining revenue and profitability over the last three years. This is...
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Vulcan Steel Solid Steel Up to OUTPERFORM
We upgrade our rating on Vulcan Steel (VSL) from NEUTRAL to OUTPERFORM. We acknowledge the ongoing uncertainty around the shape of the cyclical...
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Vulcan Steel 1H26 Result—Roll(Form)Ing With The Cycle
We estimate underlying Steel segment tonnes per trading day were up +4% in 2H25, with Metals up +3%, while gross profit per tonne increased +1%.
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