Glencore’s Worst Profit Shows Miners Still Reeling From Rout
- ‘It’s still trying to get balance sheets in order:’ Macquarie
- Company plans to trim net debt to as low as $16.5 billion
Glencore Wants to Cut Debt to as Low as $16.5 Billion
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Glencore Plc’s lowest profit in its five-year history as a public company shows that for all its success in soothing investor concerns about a debt-heavy balance sheet, it’s still a long road to recovery.
Weak raw-material prices caused profit at the commodities giant to plunge 66 percent in the first half to $300 million. The shares dropped 3.1 percent in London even as Glencore promised to cut debt even further and said it may resume paying dividends next year.