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>Vulcan Steel's (VSL) FY23 result was in line with recent guidance and our expectations.</li><li>Lower volumes and margin pressure impacted the Steel division, while Metals held up better with Ullrich Aluminium (Ullrich) providing a timely maiden contribution.</li><li>Reduced volumes were largely driven by NZ which slowed again over the final weeks of the year with the upcoming general election weighing on activity. </li></ul>

Vulcan Steel's (VSL) FY23 result was in line with recent guidance and our expectations.Lower volumes and margin pressure impacted the Steel division, while Metals held up better with Ullrich Aluminium (Ullrich) providing a timely maiden contribution.Reduced volumes were largely driven by NZ which slowed again over the final weeks of the year with the upcoming general election weighing on activity. 

Vulcan Steel - FY23 Result — Bending, Not Breaking

Vulcan Steel Limited

Vulcan Steel - FY23 Result — Bending, Not Breaking