26.08.2010 • NewsGlencoreEBIT EBITDAPotash

Glencore Profit Surges on Metals Price Rebound

Switzerland's Glencore International, the mining and commodities trading giant, said on Thursday first half net income jumped 42%, spurred by a sharp rise in metal prices.

Revenues leapt more than 50%t to $70 billion thanks to a threefold increase in industrial activities, with a slight rise in the contribution from trading.

The privately-held Glencore, which is preparing for a future as a listed company after issuing a $2.2 billion convertible bond last year, earned $1.563 billion  excluding exceptional items for the period, compared to $1.097 billion in the year earlier period.

Glencore, the largest shareholder in mining giant Xstrata, said earnings before interest, tax, depreciation and amortisation (EBITDA), rose to $2.630 billion from $1.554 billion in the same period in 2009, when commodities prices were weighed down by the effects of the financial crisis.

EBITDA is a key metric for heavily indebted companies like Glencore, as it is used to assess their ability to service their borrowing. The company's net debt rose to $13.6 billion from $10.2 billion, while debt coverage was largely unchanged due to increased earnings and operating cashflow, the company said.

The Glencore results rounded off a solid first half for mining companies, which have been helped by a rebound in the price of industrial metals such as aluminium and copper, with averages first half prices of the latter up 76% compared with 2009.

Other miners to report strong numbers recently include Potash suitor BHP Billiton, which on Wednesday posted its best half-year earnings in two years, and Rio Tinto, which reported record profit earlier this month.

Interview

Specialty Chemicals in a Shifting World
Adapting to Tariffs and Strengthening Regional Networks

Specialty Chemicals in a Shifting World

Jennifer Abril, President & CEO of SOCMA, discusses the impact of new tariffs and the importance of regional supply networks in the specialty chemical industry.

Virtual Event

Digitalization in the Chemical Industry
CHEManager Spotlight

Digitalization in the Chemical Industry

Save the Date: October 22, 2025
The event will be promoted to a combined audience of over 100,000 professionals across Europe through the CHEManager and CITplus networks.

most read

Photo
28.07.2025 • NewsChemistry

VCI Welcomes US-EU Customs Deal

The German Chemical Industry Association (VCI) welcomes the fact that Ursula von der Leyen, President of the European Commission, and US President Donald Trump have averted the danger of a trade war for the time being.