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Anglo sees short-term weakness and uncertainty as profits fall 29%

February 20, 2009 - 09:57 GMT Location: London

KEYWORDS: Anglo American , Cynthis Carroll , Clementine Wallop , platinum , copper , nickel , zinc , lead

Anglo American’s profits fell almost 29% in 2008 it said on Friday as ceo Cynthia Carroll gave a bearish short-term forecast for commodities demand and the company cut 19,000 jobs

Anglo American’s profits dropped 28.6% to $5.2 billion from $7.3 billion in the previous year following the sharp correction in metals and raw materials prices in the second half of last year. “The breadth and severity of the global economic downturn and its impact on growth rates in key sectors and economies are difficult to overstate,” Carroll said in a statement. “As we begin 2009, the economic outlook remains weak, with limited visibility and we are continuing to experience volatility and downward pressure on commodity prices,” she added. Carroll’s bearish comments were in...

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