What is Glencore?
Glencore PLC (GLEN) is a Switzerland-based diversified commodity company. Glencore does business in three segments: minerals and metals, agricultural products and energy. It produces and trades over 90 commodities, including those sourced from third parties. Also, Glencore is involved in financing, marketing, processing, storage, logistics and other related services.
What does the company do?
One of the world’s largest natural resources companies, Glencore is a key global manufacturer of commodities. The company’s operations include almost 150 metallurgical and mining sites, agricultural facilities and oil production assets. Glencore’s products and services are popular among vehicle manufacturers, steel-makers, processors of oil and food products, as well as power companies. The company’s major operations include:
- Metals and minerals. The company produces a broad range of minerals and metals, including cobalt, copper, nickel, zinc and ferroalloys. It also markets iron and aluminium from third parties.
- Energy products. Glencore is the world’s leading producer of coal, operating numerous mining sites in Africa, South America and Australia. The company is the major marketer of crude oil, natural gas and refined products.
- Agricultural products. Glencore is the world’s leader in handling, sourcing, marketing and processing of agricultural commodities.
A bit of Glencore’s history
Founded in 1974 as Marc Rich & Co, the company was initially focused on the marketing of crude oil, ferrous and non-ferrous minerals and metals. In 1981, it acquired Granaria, a Dutch grain trading company that further became Glencore Agriculture. In 1993, the company got its present name – Glencore.
Who founded Glencore?
The company was founded by an international commodities trader, financier, businessmen and billionaire Marc Rich.
During his work at Philipp Brothers in 1950s, he became a dealer in metals and got his knowledge of raw materials markets and trading with lower economically developed countries.
In 1974, together with his colleague Pincus Green, he created his own company Marc Rich & Co, the predecessor of Glencore. Nicknamed “The King of Oil”, Rich expanded the crude oil spot market in 1970s.
Charged with tax evasion and illegal commodity trades with Iran, Mr. Rich was pardoned by the US President Bill Clinton during his last day in office.
Current size, team and locations
Glencore operates via a worldwide network of over 90 offices, in more than 50 countries and employs approximately 146,000 people. Headquartered in Baar, Switzerland, the company also runs its business from London, UK, (head office for Oil & Gas business) and Rotterdam, Netherlands (Agriculture). As of 2017, Glencore has gained $205,476 billion in revenue.
Quick facts about Glencore
- Countries – 50+
- Production sites – 150+
- Employees and contractors – 146,000
- Revenue – $205,476 bn
- Community development spend – $90 m
How to learn the Glencore share price?
Glencore plc shares are listed and traded on the London Stock Exchange (LSE), the Stock Exchange of Hong Kong (SEHK) and on the Johannesburg Stock Exchange (JSE). Join Capital.com to trade CFDs on the Glencore share price fluctuations and follow the GLEN chart in real-time.