An iterative joint beamforming algorithm taking the low-resolution phase shifters (PSs) into account is proposed for millimetre-wave communications. Furthermore, performance degradation incurred by the low-resolution PSs is analysed. Simulation results show that the proposed algorithm can achieve comparable performance with the existing alternatives in terms of the array gains and convergence rates but with limited hardware cost. Thus, the proposed scheme can be an acceptable tradeoff between the performance and hardware complexity.