Industrial Adjusted EBITDA of $6.6 billion (H1 2020: $2.6 billion) reflects a significantly improved Adjusted EBITDA mining margin of 38% (H1 2020: 22%). Strong Marketing Adjusted EBIT performance of $1.8 billion, albeit down $220 million (11%) on H1 2020, reflects the exceptional oil trading conditions in the prior period. All key commodity departments materially contributed to profits.
Full year Marketing Adjusted EBIT expected at the top end of our long-term $2.2-3.2 billion p.a. range.
Glencore’s Chief Executive Officer, Gary Nagle, commented: “I am pleased to report strong progress and group performance over the first half of 2021. Our Industrial assets recorded a much improved safety performance, our strengthened climate commitments are amongst the most ambitious in the sector, group half-year Adjusted EBITDA of $8.7 billion was a record, Net debt targets were achieved early and shareholder returns have been topped up.
“Our marketing business excelled in this environment, recording Adjusted EBIT of $1.8 billion. In contrast to the outsized oil earnings that dominated last year’s record first-half results, strong trading performances were delivered by all key commodity teams during this year. In the Industrial business, Adjusted EBITDA of $6.6 billion was up 152%, benefiting from strong metals prices and expanded mining margins. While our coal business was impacted by relatively weak pricing and lower volumes earlier in the year, we anticipate a significantly improved finish to 2021, buoyed by the strong recovery in both thermal and coking coal prices from Q2.