Europe

Glencore net up, outlook better as commodity price revive

FILE - This April 14, 2011 file picture shows the Glencore headquarters in Baar, Switzerland.   The chief executive of Glencore Ivan Glasenberg says thursday Fen. 23, 2017,  the Swiss mining and metals company is better positioned than ever before as core profits rose 48 percent last year, amid recovering commodity prices and cost cutting policies. (AP Photo/Keystone, Urs Flueeler, file)

FILE - This April 14, 2011 file picture shows the Glencore headquarters in Baar, Switzerland. The chief executive of Glencore Ivan Glasenberg says thursday Fen. 23, 2017, the Swiss mining and metals company is better positioned than ever before as core profits rose 48 percent last year, amid recovering commodity prices and cost cutting policies. (AP Photo/Keystone, Urs Flueeler, file)  (The Associated Press)

The chief executive of Glencore says the Swiss mining and metals company is better positioned than ever before as core profits rose 48 percent last year, amid recovering commodity prices and cost cutting policies.

The Baar, Switzerland-based company reported net income before exceptional items rose to $1.99 billion in 2016, compared to $1.34 billion a year earlier, a time when Glencore was steeped in high debt and seen by some as on the brink of collapse.

CEO Ivan Glasenberg pointed to "increasingly favorable fundamentals," and Glencore said Thursday that it expects "sustained" reduction in zinc and copper cost structures into this year.

Glencore says it's raised $6.2 billion thanks to a cost-cutting program launched in September 2015, including the $3.1 billion sale of half of its agriculture business.