Cement News tagged: Corporate
Tianrui stock crash linked to margin call
The 99 per cent drop in the stock of China Tianrui Group Cement Co last week triggered a margin call for a major shareholder and wiped out nearly all of its market value. About 4.53 per cent of the company's stock was "forcibly sold in the open market due to the unusual price drop" on 9 April, the company said in a filing. The 133.1m shares were held in the margin accounts of controlling sh...
IKN supply cooler for Kukurdih cement plant
UltraTech's Kukurdih greenfield cement plant in India, has become IKN’s 14th clinker cooler installation with five more coming soon, says IKN. IKN is proud to join UltraTech Cement 's 150Mta celebration with its energy-efficient IKN pendulum cooler. The new Kukurdih cement plant will have a clinker capacity of 3.5Mta and a cement capacity of 5Mta, as well as a captive power plant of 50...
Bestway Cement posts a fall in profit in 9MFY23-24
Bestway Cement Ltd (BWCL) announced its 3QFY23-24 (January-March 2024) and 9MFY23-24 (July 2023-March 2024) results on the Pakistan Stock Exchange (PSX) on 17 April 2024. The company’s net earnings stood at PKR10.31bn (US$37m) in the 9MFY23-24, down by 11.4 per cent YoY. The high cost of finance and expensive sales can be attributed to the lower profits during this period. During this per...
Udaipur Cement Works inaugurates Dabok cement mill
Udaipur Cement Works Ltd (UCWL) , part of JK Lakshmi Cement Ltd , has inaugurated cement mill IV at its Dabok plant in Udaipur, Rajasthan, India. The new mill increases cement capacity at the integrated plant from 2.2Mta to 4.7Mta and is expected to improve efficiency, productivity and product quality. In addition, the mill includes measures to minimise its environmental impact. Shrivats ...
thyssenkrupp announces new CEO
thyssenkrupp has announced the appointment of Christian Myland as the new chief executive officer of thyssenkrupp Polysius, effective 1 June 2024. He succeeds Pablo Hofelich, who has decided to take on a new professional challenge outside thyssenkrupp. Mr Myland brings more than 16 years of corporate experience to his new position. In addition to various roles and management functions i...
First Graphene announces third trial at Breedon
First Graphene will start the third trial of its PureGRAPH-CEM ® under full-scale production conditions at the UK’s largest cement producer, Breedon Cement . Following the start of the trial in the 1QFY24-25, the company expects to produce up to 1000t of graphene-enhanced cement at Breedon’s Hope Cement Works in Derbyshire, UK. The new product is based on a PureGRAPH ® grade with a part...
Gautam Adani raises stake in Ambuja Cements
Gautam Adani and his family have made a further investment in Ambuja Cements . Injecting another INR83,390m (US$998.3m) into the business has increased their stake in the cement producer to 70.3 per cent. This follows a previous injection of funds on 28 March this year, raising their stake to 66.7 per cent. According to The Telegraph, this latest investment will help Ambuja accelerate it...
Holcim Philippines invests US$35m in renewable energy
Holcim Philippines has announced plans to spend PHP2bn (US$35m) over the next three years on co-processing and increasing its use of renewable energy. According to the company, the funds will be spread across its four plants in Bulacan , La Union , Davao and Lugait . Bulacan and La Union will receive the investment this year, with Davao and Lugait receiving the investment in the followi...
Attock Cement adds a new line at Hub
Irfan Amanullah, company secretary at Attock Cement , informed the Pakistan Stock Exchange on 16 April that construction and installation work concerning the additional 1.275Mta cement line at the Hub manufacturing site in Baluchistan was completed. The new line is now operational and production has commenced.
Shree Cement predicted to see 2% sales advance
India-based brokerage, Prabhudas Lilladher, has announced its estimated earnings for Shree Cement in the January-March 2024 period, with a forecast of INR5572m (US$66.58m) in net profit. This marks a two per cent advance YoY, but 24.1 per cent contraction QoQ. Net sales are predicted to advance by 1.9 per cent YoY to INR48,754m, marking a 0.5 per cent decline QoQ, reports Money Control...
West China Cement welcomes new CEO
West China Cement has announced the resignation of Mr Wang Fayin as an executive director of the company, effective from 16 April 2024. It has also named Ms Wang Rui as the new executive director and chief executive officer, also with effect from 16 April 2024. Ms Wang is vice-chair and party secretary of the general branch of Yaobai Special Cement Group Co Ltd, a wholly-owned subsidiary...
Ambuja Cements acquires 1.5Mta Tuticorin grinding unit
Ambuja Cements , part of the Adani Group , has signed a definitive agreement to acquire a 1.5Mta grinding unit from My Home Industries Group . The deal, which involves the Tuticorin facility in Tamil Nadu, India, has an estimated value of INR4137.5m (US$49.6m), which will reportedly be funded through internal accruals. The acquisition will take Adani Group’s total cement production cap...
Belarusian cement plants post losses
In 2023 OAO Krichevcementnoshifer reported a loss of BYN120.65m (US$36.9m), a fourfold YoY increase despite a 9.3 per cent YoY revenue increase, according to Charter 97. OAO Krasnoselskstroymaterialy doubled its loss to BYN55.1m in 2023 when compared with 2022 while its revenue saw a 5.6 per cent YoY uptick. The OJSC Belarussian Cement Plant reduced its net loss by 16 per cent to BYN...
American Society of Concrete Contractors joins WCA
The World Cement Association (WCA) has welcomed the American Society of Concrete Contractors (ASCC) as affiliate member. ASCC, a non-profit association, includes approximately 720 companies and serves as the only US-wide concrete contractors’ trade association. ASCC strives to provide its members with unparalleled resources, knowledge, and advocacy, fostering excellence, innovation, and prof...
Ambuja and ACC cements gain GRIHA recognition
Ambuja Cements and ACC have achieved certification for their sustainable blended cement products and are now enlisted in GRIHA's Product Catalogue. According to the companies, this underscores their leading role in green cement production and commitment to achieving net zero emissions by 2050. GRIHA Council is an independent society developed for the promotion and adoption of sustainab...
National Cement secures finance facility
Kenya’s National Cement has secured a KES4.3bn (US$33.1m) facility from Stanbic Bank Kenya to finance a debt undertaken to construct a new clinker plant in West Pokot , reports The Star. According to the bank, the facility is designed to partially refinance National Cement’s foreign currency liabilities resulting from its recent expansion activities. “This transaction underscores our co...