FY23 underlying profit falls 37
FY23 final dividend 0.80share
Shares ease by 1.2 to A42.98 by 0200 GMT

MELBOURNE, Aug 22 Reuters BHP Group on Tuesday said it saw solid growth from some sectors in China as it logged its weakest annual profit since 2020, but added it was too early to assess the impact of Beijing39;s policy measures on the country39;s housing market.

In an earnings call to reporters, CEO Mike Henry said steel demand from Chinese sectors outside new housing starts, such as infrastructure, green infrastructure, automotive and property completions had been pretty strong.

The world39;s biggest miner, though, was keeping a close eye on how Beijing39;s policy steps to support housing starts translated into a real world impact, he said.

A recovery in the world39;s secondlargest economy has lost steam due to a worsening property slump, weak consumer spending and tumbling credit growth, adding to the case for authorities to release more policy stimulus.

While cutting its forecast for China39;s growth to 55.5 from 5.756.25, BHP still expects China to produce more than a billion metric tons of steel this year for the fifth year running, a relative bright spot in global markets. Western demand for commodities on the other hand has been seen hurt by the lagging impact of interest rate hikes.

In the near term, while the outlook for the developed world is uncertain, we expect China and India to remain relative sources of stability for commodity demand, BHP said….