BLOOMBERG.COM
Glencore Plc signaled the end of a business turnaround with annual profit rising 48 percent on higher commodity prices and strong trading results. The commodity trader and miner headed by billionaire Ivan Glasenberg reported earnings that topped analysts estimates and delivered the best trading results since the commodities supercycle peak in 2008. Glencore also said it may consider paying a special dividend this year. The 60-year-old Glasenberg has turned around the business from a 2015 crisis, when investors dumped shares on concern debt was too high to weather a prolonged downturn in commodities. A little over a year later, debt levels have been cut in half thanks to asset sales, cost cuts and rebounding metals prices.
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Glencore Plc signaled the end of a business turnaround with annual profit rising 48 percent on higher commodity prices and strong trading results. The commodity trader and miner headed by billionaire Ivan Glasenberg reported earnings that topped analysts estimates and delivered the best trading results since the commodities supercycle peak in 2008. Glencore also said it may consider paying a special dividend this year. The 60-year-old Glasenberg has turned around the business from a 2015 crisis, when investors dumped shares on concern debt was too high to weather a prolonged downturn in commodities. A little over a year later, debt levels have been cut in half thanks to asset sales, cost cuts and rebounding metals prices.
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