Vulcan Steel revenue up, profit down, says economy likely picked up in late 2025

Vulcan has about 1650 employees across its steel and metals segments. Photo / Supplied

Vulcan Steel says it’s navigating a complex mix of challenges in New Zealand and Australia but the December quarter signalled a recovery in both countries.

The steel company, based in East Tāmaki, posted first-half revenue of $535.4 million, up 8.% from a year earlier.

Net profit after tax was $8.3m, down 9.3%.

A 2.5c per share interim dividend was declared when the company announced its result this morning.

Managing director and chief executive Gavin Street said the economic climate in New Zealand and Australia was mixed, with both countries navigating complex macroeconomic realities.

“The December quarter showed signs of recovery in both countries with increased volumes year on year, though the pressure on margins remained.”

He said the first-half FY26 highlight was the successful acquisition of Roofing Industries funded through a $93.8m capital raise.

“In 2026, we will continue to invest in our business with new processing capability and execute our hybrid site strategy which are important steps in enhancing our network reach and service capability.”

Vulcan in its outlook said industry profitability was still challenging and uncertainties in global trade policy posed a potential risk.

But in New Zealand, falling interest rates were stimulating higher levels of sales inquiry and activity, the company said.

It said in Australia, the volume activity achieved in the first six months was expected to continue but regional and business segment variations were likely to persist.

Vulcan said it cut debt by $30.1m to $202.3m.

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