- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) CEO Ivan Glasenburg reiterates his frustration over weak commodity prices - and the company's weak share price - saying at the annual shareholder meeting that many mineral and metal prices are down largely because other mining companies have overproduced relative to demand.
- The CEO has long been critical of iron ore producers for continuing to ramp up production even as steel demand from China tapers off.
- Glencore also is the world’s largest supplier of seaborne thermal coal, which has declined sharply in recent years as production has risen, but Glasenberg says coal “looks good going forward” partly because of increased demand in Indonesia.
- Glencore fell 2% today as the wider than expected Q1 loss and profit warning from ArcelorMittal, the world's no. 1 steel maker, helped sour sentiment for raw material stocks.