BHP Group's (ASX:BHP) annual profit drops by 37% amidst weakening metals demand in China

BHP Group's (ASX:BHP) full-year profit from ongoing operations fell 37% amounting to $13.4 billion, below analysts' expectations, due to low demand for products like iron ore from China's struggling economy.

A year after BHP's highest-ever profit, the company's earnings from iron ore, copper, coal, and nickel saw double-digit percentage drops.

BHP said that despite China's weak economy, it expects steel production to surpass one billion tons this year.

Additionally, the company will distribute a final dividend of 80 cents per share compared to $1.70 the year before.