Glencore has announced a 26% drop in earnings in 1H15 on “substantially weaker commodity prices,” the company said in its half-year report. Adjusted EBITDA was US$4.6 billion, down from US$6.5 billion in 1H14.
“Against a challenging backdrop for many of our commodities, we have taken a range of pre-emptive actions in respect of our balance sheet, operations and capital spending/recycling in order to preserve out current credit rating and sustain our track on equity distributions,” said Glencore’s CEO Ivan Glasenberg.
Glencore’s coal production dropped 4% to 68.7 million t in 1H15, primarily due to the market-driven decision to cut production. The company also placed its Optimum Coal business in South Africa into business rescue proceedings – the local equivalent of bankruptcy protection.
Edited by Jonathan Rowland.
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