Glencore nets $5B last year as demand for commodities soared

GENEVA (AP) — Swiss-based minerals and mining giant Glencore has reported $5 billion in net profits last year. The announcement Tuesday means it’s bounced back from an annual loss a year earlier. The company cited an “extraordinary year” as demand shot up for metals and energy products. The company also said it’s set aside $1.5 billion to deal with bribery and corruption investigations in Brazil, Britain and the United States. Glencore hailed a strong backdrop for commodities and suggested it’s poised to help the transition toward an economy with net zero carbon emissions even as it benefited last year from strong surge in the prices of products like coal, which is a key contributor to global warming.