Are Steel Distributors Like Vulcan Steel (ASX:VSL) Resilient?
Highlights The trans-Tasman steel processor lifted earnings and declared a higher full-year dividend at its August result. Weak Chinese steel margins and falling output show how fragile the steel chain remains upstream of distributors. Inventory management and higher-margin processing work are the levers that decide how well it rides the cycle. Vulcan Steel (ASX:VSL), the steel distributor and processor with sites across Australia and New Zealand, sits at the far end of the iron ore chain, ye...
