GENEVA – Swiss commodities producer Glencore says it narrowed its net loss in the first half of 2016, after paring down billions of dollars' worth of assets to slash debt amid a difficult market for raw materials.
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The Baar, Switzerland-based company says its net loss shrank to $369 million in the first six months, from $676 million a year earlier.
CEO Ivan Glasenberg says Glencore has "largely achieved" targeted asset disposals of up to $5 billion after launching a debt-reduction plan in September.
He cited a "more constructive tone of markets in recent months" and improved pricing for many of its main commodities, but acknowledged core markets remain volatile.
Glencore has about 150 mining and metallurgical sites and markets over 90 commodities including copper, zinc and nickel to industrial customers.