On Monday, the steelmaker reported a $2.81 billion net profit after a before tax earnings of $3.79 billion.

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That $3.7 billion figure is the company's biggest earnings year since it was spun off from BHP in 2002.

The steelmaker had a strong year - the second-half pre-tax earnings were $1.58 billion, only bested in company history by the first half earnings of $2.20 billion.

BlueScope CEO Mark Vassella called it "an outstanding result".

"We saw continued strong demand for our steel products and solutions despite recent macroeconomic and geopolitical volatility," Mr Vassella said.

"We worked hard to improve our service levels which have been impacted by supply chain and pandemic related disruptions.

"It's truly heartening to see our people continue to step up, to serve our customers, and to operate safely and with great resilience. This record result is their record result."

The Australian Steel Products division, which included the Port Kembla steelworks saw a 92 per cent increase in pre-tax earnings to $1.2 billion.

The steelmaker was continuing to explore ways to reduce energy use and greenhouse gas emissions at Port Kembla.

"This includes further increasing our use of scrap, the more efficient use of indigenous gases, the potential for injecting hydrogen-rich coke ovens gas into the blast furnace, trials of biomass injection into the blast furnace and a range of off-gas heat and energy reuse opportunities," a BlueScope statement said.

"We are also pursuing breakthrough decarbonisation technology with continued progression of the assessment of a pilot hydrogen-based direct reduced iron melter and a hydrogen electrolyser."

The feasibility study for the reline of the No6 blast furnace was "progressing well".

"This project includes a range of improved environmental controls, along with technology options that will enable incremental greenhouse gas intensity reductions.

"Importantly, our planning for the reline builds a bridge to future adoption of breakthrough lower emissions steelmaking, once it is technically and commercially viable."

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