Glencore sees first loss in four years

Glencore sees first loss in four years

Glencore has reported its first annual loss in four years as hefty charges took a toll.

Now questions are being asked about when CEO Ivan Glasenberg will go.

Julian Satterthwaite reports.

Glencore posted its first annual loss in four years on Tuesday (February 18).

The world's biggest commodities trader took a 2.8 billion dollar charge over problems including the closure of its African copper business.

That took it to a net loss of 404 million dollars, from a profit of over 3.4 billion dollars a year earlier.

Glencore has also been battered by falling demand for coal in Europe, as climate change fears mount.

And it faces multiple corruption probes in Nigeria, Venezuela and the Democratic Republic of Congo.

Now questions are being asked about the future of boss and number two shareholder Ivan Glasenberg.

Back in 2018 he said he would step aside in three-to-five years.

On Tuesday he would only answer 'don't know' when asked if he would quit this year.

Glencore shares were down about 4% in morning trade.