Steelmaker ArcelorMittal reported higher annual revenue on Thursday and beat earnings expectations as net income more than doubled.
The shares moved lower, however, on disappointment over the reinstated dividend. After a two-year suspension of payments, the company proposed a full-year 2017 dividend of just 10 US cents a share.
Nevertheless, the Luxembourg-based, Netherlands-listed company beat market forecasts with full-year earnings before interest, tax, depreciation and amortisation of $8.41bn - up 34.4% on 2016.
Full-year net income of $4.6bn was more than double the $1.8bn seen in 2016.
The company said it would continue to prioritise deleveraging - reducing its net debt - so as to sustain investment grade ratings on its outstanding corporate bonds.
ArcelorMittal said market conditions were favourable. "The demand environment remains positive and steel spreads remain healthy," it said.