Glencore Is Looking Lonely as Rivals Look to Abandon Coal Business
- Vale and Evraz join others in plotting exit from coal business
- Glencore could make ‘abnormal profits’ as it runs down assets
Photographer: Chris Ratcliffe/Bloomberg
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Glencore Plc is cutting an increasingly isolated figure as a major coal miner as one by one its biggest rivals look to abandon the most polluting fuel.
Russian steelmaker Evraz Plc said Tuesday it was considering options for demerging its coking coal business, five days after Brazilian iron-ore giant Vale SA took a first step to exiting the fossil fuel. Nearly every other major miner is the process of walking away from thermal coal, used in power stations.