Glencore returns to profit, capping turnaround

ZURICH: Mining giant Glencore reported a swing back into profit, completing a dramatic turnaround driven by aggressive cost-cutting and helped by rising commodities prices. The Switzerland-based company posted a 2016 profit of $1.4 billion (1.3 billion euros), compared to a staggering $5 billion loss the year prior. When commodity prices nosedived in 2015, investors turned on Glencore amid concerns that the company’s towering debt, which had hit $30 billion, could prove unsustainable with the value of its assets in decline. Chief Executive Ivan Glasenberg, seen as a maverick in the mining world, acted boldly to get debt under control. He scrapped dividends, sold assets and reined in production in a campaign that trimmed debt to $15.5 billion, according to Thursday’s results. — AFP