Steel and Tube has reported a 143% rise in its half-year net profit.
The company, which is listed on the stock exchange and is half-owned by Australian's OneSteel, made $20.8 million in the six months to December.
That compares to $8.6 million in the same period a year earlier.
Steel and Tube says it benefited from strong global demand for steel products earlier in 2008 though demand slowed noticeably towards the end of the year.
The company expects the tough environment this year will substantially affect its earnings in the second half.