The world's largest steel producer, Arcelor Mittal, has reported profits for 2006 of $7.97bn (�4.07bn) and plans to return $2.4bn to shareholders. It is the first set of results from the combined company, but they represent a 3.5% fall based on figures calculated as if it had existed the previous year.
The group's shares, which are listed in Paris, have gone up 19% since the start of the year as steel prices have risen.
Arcelor Mittal will buy back $590m of stock and pay dividends of $1.8bn.
The company's chief executive, Lakshmi Mittal, said the maiden figures vindicated the decision to merge.
"This strong set of pro-forma numbers clearly demonstrates the benefits of the merger between Arcelor and Mittal Steel," he said.
Arcelor Mittal is three times the size of its nearest rival and has annual production of more than 100 million tonnes.
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