NZX Corporate Action Notice

• Accelerated Renounceable Entitlement Offer ('AREO') to raise up to A$87.1 million
• Offer price of A$5.95 per new share
• Fully underwritten by Barrenjoey Markets Pty Limited and Forsyth Barr Group Limited

Vulcan Steel Limited has announced an Accelerated Renounceable Entitlement Offer ('AREO') to raise up to approximately A$87.1 million (approximately NZ$96.3 million). The AREO will comprise a pro-rata accelerated institutional entitlement offer, an institutional shortfall bookbuild, a pro-rata retail entitlement offer, and a retail shortfall bookbuild. The offer price is A$5.95 per new share. Eligible institutional shareholders who have taken up all of their entitlements may apply for additional new shares under the shortfall institutional bookbuild, and eligible retail shareholders who have taken up all of their entitlements may apply for additional new shares under the retail shortfall bookbuild. Fractional entitlements to new shares will be rounded up to the nearest whole number of shares. The AREO is fully underwritten by Barrenjoey Markets Pty Limited and Forsyth Barr Group Limited.