Anglo American making progress toward improving profitability, CEO says

|About: Anglo American plc (AAUKF)|By:, SA News Editor

Anglo American (AAUKF, AAUKY) CEO Mark Cutifani reaffirms his turnaround plan to bolster the miner's return on equity employed to more than 15% by 2016 from 11% in H1 of this year but expects to face headwinds next year.

"We have identified ~85% of the incremental EBIT necessary to achieve the level of return we expect from the business, and we are working on the areas where we see additional potential," Cutifani says.

Anglo has underperformed its diversified mining peers over the past six years; since 2007, it has more than doubled its total capital employed but its rate of return has been cut by more than half.