Australasian steel and metal products distributor and value-added processor Vulcan Steel has reported 119% YoY surge in profit for the year ended 30 June 2022. Vulcan's Managing Director and CEO Mt Rhys Jones said “Notwithstanding the disruptions caused by COVID19 and major floods across parts of Queensland and New South Wales during the year, Vulcan's FY22 Adjusted NPAT of approximately NZD 142 million exceeded our prospectus forecast by 89%. Stock management, staff development and service level are our priorities to ensure customers remain well-served. The fact that we have been able to broadly maintain our DIFOT3 at approximately 96% in the most trying of times is a credit to everyone and the outstanding teamwork at Vulcan. The strong FY22 performance has enabled the company to invest in our staff, working capital and processing capacity and support the debt funding for our acquisition of Ullrich to position the company for long term growth.”FY 2022NPAT of NZD 124 million, up 91% YoYEBITDA of NZD 224 million, up 68% YoYAdjusted NPAT of NZD 142 million, up 119% YoYAdjusted EBITDA of NZD 243 million, up 82% YoYFor Australia and New Zealand, Vulcan expects a more challenging industry environment in FY23 due to the impact of higher interest rates. New Zealand business confidence remains weak while in Australia economic activity appears more resilient for now. Some normalization in industry margins will likely occur in FY23. Vulcan's FY23 EBITDA guidance of NZD 215-235 million reflects these business cycles and industry headwinds.