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Glencore

Glencore plc
Company typePublic limited company
LSE: GLEN
JSE: GLN
FTSE 100 Component
IndustryCommodities
Metals and Mining
Founded1974 (1974)
(as Marc Rich + Co AG)
FounderMarc Rich
Headquarters
Area served
Worldwide
Key people
ProductsMetals and minerals, energy products, agricultural products
RevenueDecrease US$217.829 billion (2023)[1]
Decrease US$7.317 billion (2023)[1]
Decrease US$3.210 billion (2023)[1]
Total assetsDecrease US$123.869 billion (2023)[1]
Total equityDecrease US$38.237 billion (2023)[1]
Owner
Number of employees
140,000 (2024)[3]
Websiteglencore.com

Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. Glencore's oil and gas head office is in London and its registered office is in Saint Helier, Jersey. The current company was created through a merger of Glencore with Xstrata on 2 May 2013.[4] As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies.[5] In the 2020 Forbes Global 2000, Glencore International was ranked as the 484th-largest public company in the world.[6] As of July 2022, it was the world's largest commodity trader.[7] In 2023, the company was ranked 59th in the Forbes Global 2000.[8]

As Glencore International, the company was already one of the world's largest integrated producers and marketers of commodities. It was the largest company in Switzerland as well as the world's largest commodities trading company, with a 2010 global market share of 60% in internationally tradable zinc, 50% in internationally tradable copper, 9% in the internationally tradable grain market and 3% in the internationally tradable oil market.[9][10][11]

Glencore has a number of production facilities all around the world and supplied metals, minerals, crude oil, oil products, coal, natural gas and agricultural products to international customers in the automotive, power generation, steel production and food processing industries.[10] The company was formed in 1994 by a management buyout of Marc Rich + Co AG (itself founded in 1974).[10] It was listed on the London Stock Exchange in May 2011 and was a constituent of the FTSE 100 Index.[12][13] It had a secondary listing on the Hong Kong Stock Exchange, but had withdrawn from January 2018.[14] Glencore's shares started trading on the Johannesburg Stock Exchange in November 2013.[15] The Qatar Investment Authority was its biggest shareholder as of 2016.[16] In March 2022, Qatar's Sovereign Wealth Fund announced it would sell a stake worth £812 million (US$1.1 billion) in Glencore Plc.[17]

  1. ^ a b c d e "Annual Results 2023" (PDF). Glencore. Retrieved 21 February 2024.
  2. ^ "Glencore". Marketscreener. Retrieved 4 March 2023.
  3. ^ "Who we are". Glencore. Retrieved 11 February 2024.
  4. ^ "Glencore finishes takeover of Xstrata". Financial Times. 2 May 2013. Retrieved 3 May 2013.
  5. ^ "Glencore Xstrata". Fortune Global 500. 2013.
  6. ^ "Forbes Global 2000". Forbes. Retrieved 31 October 2020.
  7. ^ Biesheuvel, Thomas (29 July 2022). "Glencore Flags That Cash Is Tied Up in Record Trading Profits". Bloomberg.
  8. ^ "The Global 2000 2023". Forbes. Archived from the original on 29 January 2024. Retrieved 7 February 2024.
  9. ^ "Glencore: Taking over the world?". Aljazeera – Counting the Cost. 29 May 2011. Retrieved 31 May 2011.
  10. ^ a b c Pidd, Helen; Glaister, Dan; Smith, David; Cobain, Ian (19 May 2011). "The rise of Glencore, the biggest company you've never heard of". The Guardian. London. Retrieved 25 May 2011.
  11. ^ "Glencore's share of global commodity markets". The Telegraph. London. 15 April 2011. Archived from the original on 12 January 2022. Retrieved 31 May 2011.
  12. ^ "Glencore's shares flat on first conditional trading day". BBC News. 19 May 2011. Retrieved 25 May 2011.
  13. ^ "Glencore jumps into FTSE 100". The Independent. 25 May 2011. Retrieved 25 May 2011.
  14. ^ Thomas, Denny (25 May 2011). "Glencore's Hong Kong shares down 2.8 pct on trading debut". Reuters. Retrieved 24 May 2011.
  15. ^ "Glencore widens investment appeal". FT. Retrieved 9 September 2014.
  16. ^ "An Ivan for an Igor: Glencore stuns the oil-trading business with a deal to take a big stake in Rosneft". The Economist. 8 December 2016. Retrieved 7 April 2017.
  17. ^ "Qatar's Sovereign Wealth Fund to Sell $1 Billion Glencore Stake" Financial Post. Retrieved 27 March 2022.

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