Commodities
Glencore Posts Steep Profit Fall as Energy Crisis Fades
- Company is seeking to reduce debt after Teck coal deal
- Commodity trading profit dropped sharply as volatility eased
Signage at the Glencore Plc headquarters in Zug, Switzerland.
Photographer: Jose Cendon/BloombergThis article is for subscribers only.
Glencore Plc reported a steep drop in annual profit and lowered its dividend, after markets retreated from the price spikes and wild swings that drove blockbuster earnings in the aftermath of Russia’s invasion of Ukraine.
Glencore reported core earnings of $17.1 billion, half the record number it posted a year ago, though still one of its best-ever performances. The commodity trader and miner saw profits soar in 2022 as Russia’s invasion of Ukraine sent energy prices to records and dislocated global trade flows, but many of those pressures have now eased. Glencore fell 5.2% in London trading by 8:42 a.m.