Pellet Price, page-882

Postaone, GRR  NEVER had problems to afford higher dividends from either cash pile or operational profit in the past years.
The problem is: the board, mainly Chinese origins, are representing their biggest shareholder Chinese ShaGang, which is a steel maker.
So you can see here if paying high dividend/reducing cash reserve is in the best interest of shareholders (well, Biggest shareholder actually).

Long story short: they can pay but they don't want to pay.
We can only hope this time Mrs Li and Mr Zhao (Chairwoman and CEO) run out of excuses of not to reward retail shareholders by paying reasonable dividend.

But who knows.