Glencore Plc said it will cut about $1 billion of costs after a review of its sprawling network of mines and smelters, as it raised the long-term profit forecast for its commodity trading unit for the first time since 2017.
Glencore’s position as both a large producer and third-party trader of metals and minerals sets it apart from rivals, which broadly focus on one or the other business. The company has been grappling with lower prices for some of its key commodities — particularly coal, which is traditionally its biggest earner. Its refining business has also been hit by some of the lowest metal processing fees on record.
Glencore didn’t provide details of how the cost reductions would be achieved, but said they would be fully implemented by the end of 2026. It will give a further update when it reports financial results next week.
Across the industry, the world’s biggest miners are looking…
