The boss of Vulcan Steel, a $1.1 billion-plus steel distribution and processing company charging toward a potential dual listing on the Australian and New Zealand stock exchanges, says it is poised to benefit as customers seek to reduce their dependence on China.

Rhys Jones, chief executive, said the COVID-19 pandemic was triggering some large structural shifts in sovereign capabilities among manufacturers, governments and policy makers which were likely to underpin extra demand for the group’s steel products.