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Commodity giant Glencore says it cuts debt ahead of schedule

Swiss commodity giant Glencore cuts debt ahead of schedule amid weak prices, share-price drop

Commodity giant Glencore says it cuts debt ahead of schedule

GENEVA (AP) -- Commodities group Glencore says its asset sales, production cuts and cost reductions have helped lower its towering debt sooner than expected.

The Swiss-based company, hit by plunging commodity prices in a sluggish world economy, says it's now prepared if prices fall further.

Glencore in September announced a $10.2 billion plan to cut debt and issue shares as its share price plunged.

CEO Ivan Glasenberg said Thursday the company has shown "significant delivery on those commitments, with $8.7 billion achieved to date. He said it's aiming to cut net debt by almost $3 billion to $13 billion by end of 2016. It's now targeting debt of $18 billion to 19 billion by then, down from the low $20 billion range previously.

He said the company is slowing production to reduce supply.


Updated : 2021-09-20 13:11 GMT+08:00