Anglo American considers deeper cost cuts in face of worst downturn in years
Anglo American considers deeper cost cuts in face of worst downturn in years
Feb 06, 2024 by Business & Finance | Reuters News Agency
Key Facts
- Business & Finance 06 February 2024, 9:49 pm 1 minute Reuters exclusively reported that Anglo American (AAL
- L) may consider deeper cost-cutting measures unless market conditions improve after a fall in prices and a downturn in the platinum group metals (PGMs) sector that is the worst in 35 years, CEO Duncan Wanblad said.
- MARKET IMPACT The diversified miner announced sweeping cuts last year to save about $1.8 billion.
- A drop in palladium and rhodium prices has squeezed profits for Anglo’s South African units.
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