(Reuters) -Australia's Fortescue reported its smallest full-year profit in five years on Tuesday, largely in line with estimates, as prices of iron ore remained under pressure due to oversupply concerns and slowing China demand.

Increased shipments from Australia, Brazil and South Africa, combined with reduced steel output in China, pressured iron ore prices for most of the financial year, denting earnings at major miners, including larger rivals BHP and Rio Tinto,.

The world's fourth-largest iron ore miner said attributable net profit after tax came in at $3.37 billion for the year ended June 30, down from $5.68 billion a year ago. That compares with the LSEG-compiled average analysts' estimate of $3.43 billion.

This was Fortescue's weakest performance since fiscal year 2020.

The Perth-based miner declared a final dividend of A$0.60 per share, down from last year's A$0.89 per share.