Economics
BHP Cuts China Steel Forecast as Profit Slumps 52% on Prices
- Company dividend increased 2.5 percent to $1.24 a share
- China growth estimate at slowest since 1990 hits raw materials
Commodities Rout Hits BHP Billiton Profits
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BHP Billiton Ltd. reported full-year profit plunged 52 percent on tumbling commodity prices and cut its long-term forecasts for steel output in China, its largest customer.
Underlying profit was $6.4 billion in the year ended June 30 from $13.3 billion a year earlier, the world’s biggest mining company said Tuesday in a statement. BHP will increase its dividend by 2.5 percent to $1.24 a share.