Ann: Preliminary unaudited 1HFY21 underlying EBIT of around $530M, page-7

Yes the global steel price can be very volatile and current high prices will return to more normal level once production returns and demand is more balanced. BlueScope's business model of maximising Australia domestic returns and expanding in the US market is working to give reasonable profits through the down cycle and making hay while the sun shines(now). If the high global prices hang on for the next few months the H2 profit will be huge. Hopefully a large Australian profit in FY21 will go a long way in reducing the tax loss still on the books($1.3B) and will lead to the ability to give out franked dividends in a couple of years. IMO