Rio Tinto Group lowered its dividend after profits fell more than expected, adding to a mixed earnings season for the world’s commodity giants as demand wavers while costs creep higher.

Underlying profit fell 38% to $13.28 billion in 2022, Rio said in a statement, with softer prices of everything from iron ore to copper weighing on revenues. The result missed estimates.

Shareholders will get a final dividend of $2.25 a share, down from $4.17 a share.

Rio’s results echoed those from other major diversified miners. BHP Group’s half-year earnings also fell from a record, while Vale SA was hurt by cost inflation. Glencore Plc. had a better outing, posting its best-ever profit thanks to a global coal boom. Anglo American reports on Thursday.

Rio’s revenues fell last year to $55.6 billion, from $63.5 billion. Its huge iron ore unit posted a 22% fall in sales.

The miner is coming off a volatile year for industrial metals, with record prices in the first half giving way to a second-half slump amid fears for the global economy. Rio gets the majority of its sales from China, where iron ore has rallied in recent weeks on signs of a recovery in demand.