Glasenberg forced to trade Glencore out of a hole amid rout
Commodity company is forced to rely on trading unit as profits from mining division evaporate
Mon, Feb 29, 2016 - 5:50 AM
Mr Glasenberg joined Glencore on the coal desk in South Africa in the 80s and rose to become head of the division in 1991 after stints in Hong Kong, Shanghai and Australia, and was instrumental in a shift of strategy following a management buyout that saw the company add more industrial assets to complement its trading arm.
GLENCORE plc's billionaire chief executive officer, Ivan Glasenberg, is having to trade his way out of a hole.
With profits from his mining division evaporating, the debt-laden commodity company's reliance on trading jumped to an unprecedented 76 per cent of earnings in the...