Glencore's Profits Halve Amid Lower Commodity Prices and Market Stability

The mining giant reduces dividend and shifts focus to debt management following the acquisition of Teck Resources' coal business.

Glencore Plc reported a significant drop in annual profit, with core earnings halving to $17.1 billion from the previous year's record earnings.
The decline in profits is attributed to lower commodity prices, particularly for coal, nickel, and cobalt, amid a less volatile market environment.
Glencore reduced its dividend to $1.6 billion and did not announce a new share buyback program, shifting focus to debt management after acquiring Teck Resources Ltd.'s coal business.
The company's commodity trading business also experienced a sharp decline in earnings, with energy trading profit dropping by 67%.
Despite the current challenges, Glencore's CEO anticipates an improvement in demand conditions in western markets later in the year, following expected interest rate cuts.