Mining giant Glencore Xstrata plunged deep into the red on Tuesday but defended its long-delayed merger three months ago, saying that cost savings would be higher than expected.
A logo of the mining group Xstrata is seen on September 7, 2012 at its headquarters in Zug. Glencore Xstrata on Tuesday reported a switch into a first-half net loss of $8.9 billion, owing to write-downs for the merger of Glencore and Xstrata.
During the first half of the year, the new company posted a net loss of $8.9 billion (6.6 billion euros), owing to merger write-downs.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.