Veluwse Stoomtrein Maatschappij (Dutch pronunciation: [ˈveːlyusə ˈstoːmtrɛi ˌmaːtsxɑpɛi]) (VSM) is a Dutch heritage railway between Apeldoorn and Dieren. It passes through the villages of Lieren/Beekbergen, Loenen, and Eerbeek.
Rides on steam trains are popular with tourists visiting the region, and that is why VSM operates mainly during the summer vacation. VSM, founded in 1975, is operated by volunteers.
In March 2011 one of the individuals who possessed a number of locomotives decided to sell his collection. This could have meant that VSM would lose some of the biggest and most popular locomotives in their collection. VSM decided to buy the whole collection in order to keep for future generations.