BlueScope chief executive Mark Vassella is no stranger to the ups and downs of the steel industry. He had a rough introduction to the spotlight in mid-2017, with Australia’s biggest steel-making group shedding $1.7 billion in sharemarket value on the day it announced he would be the new boss.

That 2017 sell-off was prompted by a warning of a softer few months ahead. Four-and-a-half years on, Mr Vassella is riding much higher with BlueScope having just reported its highest first-half profit for 20 years, on booming demand in its North American business and a jump in earnings from Australia as the house construction and renovations market surged.