Rio Tinto, Glencore endure big falls in earnings
STORY: Two commodities giants reported big falls in earnings on Wednesday (February 21).
Rio Tinto declared a 12% fall in annual underlying earnings, though that was in line with forecasts.
Profit came in at $11.8 billion for last year - down from $13.4 billion a year before.
The British-Australian firm was hit by lower prices for aluminum and its minerals division.
Rio did, however, pay a better-than-expected final dividend as it said inflation pressures were starting to fade.
The firm's iron ore division made up a hefty 80% of its profits as underlying earnings grew by 6%.
Swiss rival Glencore also reported results on Wednesday.
It said lower commodity prices halved its earnings last year, pushing them down to just over $17 billion.
Unlike Rio, the company slashed its payout to investors.
Glencore is saving up to buy a major stake in Canadian miner Teck Resources.
Both Rio Tinto and Glencore saw their share price drop after the updates.
Glencore fell over 6%, while Rio Tinto also dropped off more than 1%.
