Vulcan Steel shares jump as profit forecast lifted by 25pc

Australasian steel distributor and processor Vulcan Steel has lifted its full-year profit forecast by 25 per cent on booming demand and prices for steel products used in construction and infrastructure projects, triggering a 7 per cent rise in its shares in early trading on the ASX on Tuesday.

The company, which is dual-listed on the Australian and New Zealand stock exchanges after raising $372 million in fresh capital in a float late last year, said on Tuesday that while there was renewed pressure on supply chains because of the Ukraine war, both demand and prices were strong.