Earlier this week the steelmaker announced a $1.5 billion full-year profit – a jump of more than 100 per cent on the previous financial year and it’s best result since 2005.

Also, since the 2015 steel crisis, BlueScope shares have increased almost sixfold from just over $3 a share to almost $18 this week.

The foundation of this week’s result was in the cost-cutting of 2015, where jobs were cut and those who remained agreed to a pay freeze and a temporary loss of conditions to keep the lights on at Port Kembla.

Mr Vassalla said the point of the cuts was to ensure the company could better weather the peaks and troughs of the cyclical steel industry.

“What’s probably most important is that what we’re trying to do is build a business that’s resilient to whatever point of the cycle we’re in,” Mr Vassalla said.

“Where we were 10 years ago was we had a model that really wasn’t sustainable so when the cycle turned we were at risk. What we’re trying to do is ensure that that’s not the case, that we build a resilient business model.”

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Mr Vassalla said “there’s no doubt” that, without the cuts in 2015. there would be no $1.5 billion profit, nor would BlueScope still be a steel-making business.

“That’s why it’s so important for us to maintain that focus,” Mr Vassalla said.

“You can get swept up in the current market environment but I’ve  been around long enough to see this thing change many times.

“That’s why it’s so important for us to maintain the focus on productivity and competitiveness.”

He felt those who left the steelworks in 2015 wouldn't feel ambivalent about this week’s big profit.

“We’re very, very empathetic to the people who have left the business,” he said.

“We treat them fairly, we pay them appropriately and reward them adequately.

“I think if you ask some of those people who left back in 2015, they’re in a caravan somewhere or enjoying retirement.”