Arrium has posted an 83 per cent net profit increase for the year to June 30.
AAP reports that the steel and mining company, formerly known as OneSteel, recorded a $296 million net profit, with weakness in steel offset by increased sales in its mining business.
Overall revenues were up 2.4 per cent to $7.0 billion.
Arrium cut 120 jobs in its steel division, which has had its margins under pressure, in May and June.
News Corp reports that Arrium saw record iron ore sales for fiscal year 2014.
The company also decreased its debt from $2.1 billion to $1.7 billion.