Weird..GTA IV is notorious for being a crappy PC port but with your specs, I don't think it should be a problem...Maybe your GPU is causing problems since its a dual gpu card. I recall mods like ICEnhancer and stuff always ran better on Nvidia GPUS too. I run an i5 3470 and a 7870 XT and back when I played GTA IV, it ran pretty well.
Some people report launching it from its actual executable instead of from Steam boosts their framerate as well.