Glencore Plc Unsp/Adr (GLNCY) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Welcome. Thank you for joining us for our 2024 financial results. Joining today from Glencore, Gary Nagel. Gary Nagel, CEO and Stephen Kalman, CFO. Gary, would you like to? Good. One year later, now we have reading glasses. Okay, morning. Thank you for joining us, and those joining us from other parts of the world, good afternoon. Those who are here in person, we really appreciate the in-person results presentations. Always think they're very constructive and positive. And those online, thank you for joining us. We'll follow similar format in our presentation, and we'll skip ahead to our scorecard for 2024, which very pleasing results, a very good year for Glencore. We finished the year with an adjusted EBITDA of $14.4 billion. Now, if we split that out a bit, as we always do between our marketing and our industrial business, industrial business was very strong this year. As you know, and as we commented in our production guidance earlier in the year, or our production results earlier in the year, we met our production guidance, the initial guidance that we put out in the beginning of the year, we met that, which is a terrific achievement operationally. We printed a $10.6 billion adjusted EBITDA result for our industrial business, and that largely on the back of a very, very strong metals business, and that despite being a weaker environment on the metallurgical side, on the TCRCs, but our metallurgical business has been very, very strong. Offset a little bit by our energy business. As you know, energy prices down. So we've seen lower energy contributions to industrial adjusted EBITDA. But also very positive is a contribution of a billion dollars from our new EVR business, our best in class tier one steelmaking coal business in Canada, which we're hopef...