BlueScope may further expand its star performer, the North Star mill in the US, as the steelmaker enjoyed its highest, underlying annual profit in its 20-year history, but cautioned it was likely to be a high point in this cycle.

Chief executive Mark Vassella said steel prices were now coming off after hitting unsustainable levels in the US, adding there had been some “hesitancy” on new orders because end customers were wary in a falling price environment, and not necessarily because of a rise in interest rates.