Cement News tagged: Corporate

USA: Summit Materials Inc appoints new VP of investor relations

06 October 2016, Published under Cement News

Summit Materials Inc has appointed Noel R Ryan III as its new vice president of investor relations. With over 15 years’ experience in investor relations and capital markets, Ryan most recently served as VP and head of investor relations & external communications for Calumet Specialty Products Partners LP. Before that he served as head of the investor relations function at Delek US Holdings In...

Kenya: CDC completes purchase of 40% stake in ARM Cement

05 October 2016, Published under Cement News

ARM Cement has completed the sale of 40 per cent of its shares to CDC Group, a UK-owned development corporation, for KES14.1bn (US$139m), Capital Business reports. The investment will strengthen ARM’s financial structure and enable the company develop to meet the growing demand for sustainably produced cement across sub-Saharan Africa. In the short-term, CDC will support the company’s plans...

India: Shree Cement begins work on Gulbarga plant

05 October 2016, Published under Cement News

Shree Cement has begun construction work on a new integrated cement plant sited in the Gulbarga district of Karnataka. The project, first announced in 2012, will see the creation of a 3.8Mta limestone mine, and have the capacity to produce 2.4Mta of clinker and 3.0Mta of finished cement. The project will also include a 40MW coal-based captive power plant, and is expected to take around 1...

Refratory giants RHI and Magnesita to merge

19 October 2016, Published under Cement News

RHI and Magnesita are to merge creating one of the leading global refractory companies that will operate under the new name of RHI Magnesita. RHI AG and the controlling shareholders of Magnesita Refratários SA, investment vehicles affiliated with GP Investments and Rhône Capital, and together with GP (Magnesita’s Controlling Shareholders) agreed to combine the operations of RHI and Magnesi...

HeidelbergCement achieves high acceptance rate for Italcementi share offer

HeidelbergCement achieves high acceptance rate for Italcementi share offer

05 October 2016, Published under Cement News

HeidelbergCement achieved a high acceptance rate in the mandatory tender offer to the remaining shareholders of Italcementi. According to provisional results, 165,371,229 Italcementi shares were tendered at the end of the subscription period, on 30 September 2016. In addition, HeidelbergCement purchased 14,000,000 Italcementi shares outside the offer on the stock exchange. Together with the ...

Lafarge Zimbabwe finds cash shortages restrictive

05 October 2016, Published under Cement News

Lafarge Zimbabwe's cement sales for the interim period "were subdued due to increased competitive activity in the total market following the influx of cement imports into the country as well as the entrance of a major competitor" in the Harare market. Cash shortages in Zimbabwe have caused delays in disbursing remittances to foreign creditors, the chairman of Swiss-based LafargeHolcim’s ...

West China Cement's merger with Anhui Conch collapses

West China Cement's merger with Anhui Conch collapses

05 October 2016, Published under Cement News

Shares in struggling West China Cement plunged by as much as 34 per cent after a much-needed merger deal with the country''s largest cement maker collapses. Hong Kong-listed shares of West China Cement dropped as much as 34 per cent to HK$0.71 when it resumed trading Monday morning, compared to the previous close at HK$1.07. It was trading at HK$0.81 at 11:00 am (0300 GMT). Major rival Anhui...

Pakistan: Dewan Cement earns profits of US$14.25m

05 October 2016, Published under Cement News

Dewan Cement Ltd informed Pakistan Stock Exchange (PSX) that it earned a profit after tax of PKR1.49bn (US$14.25m) in FY16 ending on 30 June 2016 compared to PKR709.66m in corresponding period last year. It translates a hefty growth of 110 per cent in profit on YoY basis. A notice duly signed by Muhammad Hanif German, company secretary and Haroon Iqbal, director, has stated that company sa...

Zimbabwe: PPC threaten shutdown over cheap cement imports

30 September 2016, Published under Cement News

Darryl Castle, PPC chief executive, has told the Zimbabwean government to curb imports of cement, or his company will close its mining operations in the country and import finished cement from South Africa. According to Bulawayo 24 News, cement producers in Zimbabwe are pushing the government to lower duty on raw material imports and to cancel – or at least review – all current import permi...

Saudi Arabia: Tabuk Cement delays opening of second clinker line

05 October 2016, Published under Cement News

Tabuk Cement's second clinker production line will not now begin commercial operations until the second quarter of 2017, the company said in a statement to the Saudi stock market. The company attributed the delay to irregularities concerning capacity and specification of the line, adding that it would incur no additional cost or financial impacts due to the delay.

Lafarge Zimbabwe losses increase to US$2.2m

30 September 2016, Published under Cement News

Lafarge Zimbabwe has announced a 1H16 loss of US$2.2m, an increase from the 1H15 US$1.3m loss, the Insider reports. Competition from cheap imported cement and rising output from other domestic producers had had an impact on profits, as had softening demand caused by Zimbabwe’s economic difficulties, said the company. Despite this, sales revenues for the first six months of the year were ...

Pakistan: Fecto Cement profit jumps 31.8% in FY15-16

30 September 2016, Published under Cement News

Fecto Cement Ltd its financial results for the full-year period ended 30 June 2016. It reported profit after tax of PKR813.82m (US$7.78m) compared to PKR17.47m earned in corresponding period last year. This translates a growth of 31.8 per cent on YoY basis. The company declared a cash dividend of 20 per cent. The company has stated that its sales rose to PKR5.03bn from PKR4.77bn in last f...

United States: St Mary's Cement secures funding to expand North Michigan plant

29 September 2016, Published under Cement News

St Mary's Cement, a subsidiary of Brazil's Votorantim Cimentos, has had its application for funding to expand its Charlevoix plant in north Michigan approved by the Michigan Strategic Fund (MSF), according to local news reports. The approval means that the company can access US$150m from the MSF to finance the project to increase capacity at the plant from 1.4Mta to 2Mta. In a statement,...

Philippines: Eagle Cement to break ground on Davao plant

29 September 2016, Published under Cement News

Eagle Cement has said that it will begin construction work on its new 2Mta cement plant in Davao in the south of the country on 20 October, according to reports in the Business Inquirer. Eagle Cement’s owner, Ramon Ang, first announced plans to expand Eagle’s capacity in June 2015, proposing to build two new plants in Davao and Cebu, as well as expanding the company’s existing facility in...

Semen Indonesia: unsuccessful Holcim (Lanka) bid will not deter from ASEAN expansion

29 September 2016, Published under Cement News

PT Semen Indonesia (Persero) Tbk's director, Rizkan Chandra, has claimed that Siam City's bid for Holcim (Lanka) Ltd was "an outrageous price". Siam City Cement won 99 per cent of the Holcim Lanka shares for US$400m. "We lost the tender in Sri Lanka because Siam City Cement bid an outrageous price," said Mr Chandra to CNN Indonesia. "The price Siam City paid was an anomaly. The lowest ...

Mexico: Elementia considers price rise to help fund investment plan

29 September 2016, Published under Cement News

Elementia is considering a potential rise in its cement price following the depreciation of the Mexican peso against the US dollar, according to the El Financiero newspaper. The price rise will help to maintain the viability of its US$250m investment programme that includes a capacity expansion at the company’s Hidalgo works as well as contributing to debt payments, of which a significant pa...