Australian steelmaker BlueScope Steel has posted a net profit of A$1.19 billion ($875.45 million) for the full financial year 2020-21 ended on June 30, compared to a net profit of A$96.5 million in the previous financial year.

The company attributed the increase in its net profit to the higher underlying EBIT.

The company’s sales revenues in the given period increased by 14 percent year on year to A$12.87 billion ($9.44 billion), due to higher global steel prices and strong demand, partly offset by the unfavorable impacts from a stronger Australian dollar exchange rate.

Meanwhile, BlueScope’s underlying EBIT in the given year rose by 206 percent year on year to A$1.72 billion ($1.26 billion) due to stronger steel spreads.

As for the beginning of the first half of the financial year 2021-22, the company expects orders and shipments in key markets to remain robust. The company expects underlying EBIT to be in the range of A$1.8-2.0 billion in the first half of the financial year 2021-22.