Large scale and diversified commodity portfolio. Defensive cost positions in major industrial operations. Participation in cyclical and capital-intensive mining industry. Diversified, profitable, and comparatively less cyclical trading activities. Well advanced debt reduction plan to reduce significant gross and adjusted debt. High working capital funding needs of trading operations. Investment is likely to remain modest until commodity prices recover. Positive free operating cash flow (FOCF) in coming years supporting Glencore's deleveraging profile. The positive outlook reflects our assessment that Glencore's execution of its deleveraging plan and significant cost reductions seen to date could translate into lower leverage and a greater financial buffer than our current base-case assumes. Continuing free cash generation of over $3 billion, strong liquidity, and a focus on
