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.
Commenting on its results and outlook, Lakshmi Mittal, chairman and chief executive (left), said: "The combination of improving market fundamentals and delivery against our strategic objectives contributed to a successful year for the company.
"While we will retain a deleveraging bias, we are also investing selectively in opportunities that will strengthen the foundations of sustainable value creation.
"The market environment remains supportive but the industry must continue to address the twin challenges of overcapacity and unfair trade.”
Shares in ArcelorMittal were down 2.03% at €28.98 on the Amsterdam Stock Exchange in mid morning trade.