New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>As expected, Vulcan Steel (VSL) reported a weak 1H25. The Steel division remains under cyclical and competitive pressure.</li><li>Metals outperformed expectations, driven by stronger margins from higher aluminium prices and operational improvements in Ullrich.</li><li>Management provided a mixed but cautiously optimistic demand outlook, expecting volumes and pricing to firm gradually over the next 12 months. </li></ul>

As expected, Vulcan Steel (VSL) reported a weak 1H25. The Steel division remains under cyclical and competitive pressure.Metals outperformed expectations, driven by stronger margins from higher aluminium prices and operational improvements in Ullrich.Management provided a mixed but cautiously optimistic demand outlook, expecting volumes and pricing to firm gradually over the next 12 months. 

Vulcan Steel - 1H25 Result—Forging Ahead

Vulcan Steel Limited

Vulcan Steel - 1H25 Result—Forging Ahead