Russian steel giant Evraz said it expected the global steel industry to remain challenging in 2012, as it unveiled its maiden full year figures as a FTSE 100 company.
Evraz' share price has been hit recently by falling steel prices and the firm said the market continued to face challenges and was likely to remain volatile this year.
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This meant its cost base was increasing due to the ongoing strengthening of the Rouble, the firm said.
"Our current expectation is for a modest overall rise in steel consumption, driven by demand from the emerging markets," said Chief Executive Alexander Frolov
Evraz reported a pre-tax profit of $873m, up from $633m in 2010.
However, net profits slipped below market expectations as did earnings per share, which dropped from 39c to 36c per share over the period.
The firm announced a a gross final dividend of 17c per share.
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