BlueScope Steel's bottom-line net profit for the first half of 2025/26 came in at $390.8 million, up 118 per cent from $179.1 million in the previous corresponding period.
The result was underpinned by a four per cent lift in sales revenue to $8.2 billion, setting the group up for an 81 per cent increase in underlying earnings before interest and tax to $557.5 million.
New chief executive Tania Archibald, who on Monday is presenting her first set of results, said BlueScope saw high volumes across its key markets.
"This result is a clear demonstration of the strength and diversity of our portfolio during a period of sustained low Asian steel spreads," she said in a statement.
"BlueScope is approaching an inflection point.
"The current $2 billion investment program is entering the final phase and the company is poised to deliver materially stronger cash flows. As the investment phase ramps down, the delivery phase ramps up."
BlueScope owns the key Port Kembla steelworks in southern NSW and the North Star operation in the US, which uses scrap to produce hot-rolled steel at low cost, and has assets in New Zealand and Asia.
In January, the company rejected a $13.2 billion approach from the Stokes family-controlled SGH and Steel Dynamics of the US, which at the time equated to $30 a share.
The would-be predators later signalled their offer had effectively fallen to $29 per share after BlueScope announced it would hand back $438 million to shareholders.
SGH chief executive Ryan Stokes recently said the proposal was full and fair, although he was comfortable about moving on if BlueScope shareholders didn't see it that way.
BlueScope is forecasting its second-half underlying earnings before interest and tax to be between $620 million and $700 million - an improvement on the first half.
It declared a dividend for the six months ended December 31 of 65 cents per share.
BlueScope shares ended Friday at $29.16.
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