Manganese producer OM Holdings Ltd (ASX:OMH) has posted a 75 per cent increase in annual net profit, underpinned by strong demand from Chinese and global steel production.
In the 2010 calendar year the diversified minerals group says revenue grew 9.7 per cent to $307.5 million.
CEO Peter Toth says the 2011 manganese market outlook is positive and the industry fundamentals remain solid.
Mr Toth says this view is fuelled by factors such as the recovery of global steel production, an expectation that Chinese crude steel output will grow, and, a trend of manganese unit consumption.
OM Holdings has declared a final dividend of two cents per share.
In the 12 months to 31 December 2010, OM Holdings booked a net profit of $48.8 million.
