Commodity glut claims another victim. Glencore profits plummet 69%.

(Bloomberg) — Glencore Plc, the commodity trader and miner headed by billionaire Ivan Glasenberg, reported a 69 percent slump in profit as prices for metals and oil tumbled.

Adjusted net income slid to $1.34 billion from $4.29 billion a year earlier, the Baar, Switzerland-based company said in a statement Tuesday. That beat the $1.17 billion average of 15 analyst estimates compiled by Bloomberg.

Profits from the world's biggest mining companies are evaporating as prices for copper, nickel, zinc and iron ore plunge because of gluts and slowing demand from China, the biggest customer. To weather the commodities collapse, Glencore is trying to save money and unveiled a plan last year to lower debt as much as 40 percent to $18 billion by scrapping its dividend, cutting costs and selling assets and new shares.

Peter Grauer, the chairman of Bloomberg LP, is a senior independent non-executive director at Glencore.