BlueScope Steel, Australia's biggest steelmaker, announced on Monday that it had reduced its net loss to 84.1 million AU dollars (77.6 million U.S. dollars) in the 2012/13 financial year.

The company said the result was a significant turnaround in financial performance compared to the 2011/2012 financial year, in which BlueScope recorded a loss of 1.04 billion AU dollars.

Sales for the year fell by 14 percent to 7.27 billion AU dollars.

BlueScope Chairman Graham Kraehe said the company was pleased with the financial recovery and improving performance.

"The steel industry has faced substantial challenges since 2008, " he said in a statement.

"BlueScope's financial position has been strengthened and the company is well placed to benefit from any recovery in the Australian economy and has the ability to grow in key overseas markets."

The board of BlueScope has decided there will be no final dividend for the year, the steelmaker said.

BlueScope expects to maintain its performance and deliver a profitable first-half result for the current financial year, even though the outlook for domestic demand remains uncertain. Endi

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