Cement News tagged: Corporate
South Korea: Hyundai Cement up for sale
Hyundai Cement Co. is expected to put up for sale this year. Despite only having a small market share in South Korea, the upcoming sale is expected to bring about change in the local cement market that is fiercely competitive. Currently, South Korea’s cement market is dominated by seven major companies who hold a 90 per cent market share. Of these, Hyundai Cement ranks seventh, holding 7.38...
India: UltraTech to complete Jaypee acquisition ‘in next 12 months’
Birla Group chairman, Kumar Mangalam Birla, told his firm's annual general meeting that its UltraTech Cement subsidiary should complete its acquisition of Jaypee Cement within the next 12 months, the Economic Times reports. The deal, which will see UltraTech acquire cement production capacity of 21.2Mta, was agreed earlier this month, despite efforts from Jaypee’s creditors that saw them co...
Pakistan: Kohat Cement new milling capacity at year-end
Kohat Cement Ltd (KOHC) says that work is going on its fourth cement mill to lift its current capacity of 105tph to take its total grinding capacity to 480tph at an estimated cost of INR650m. The mill will be operational by December 2017, says local report. The new mill will replace old technology and improve efficiency at the company's plant in Kohat, Khyber Pakhtunkhwa province. Head...
Sri Lanka: Tokyo Cement looks to US for investment backing
The chief financial officer and other members of the Tokyo Cement management team are in the US this week for an investor roadshow, Lanka Business Online reports. Mark Decker, whose brokerage firm is promoting the roadshow, said: “Tokyo Cement is an under-researched company with a dominant market position, brand equity built over three decades, and clear growth prospects in light of Sri Lan...
LafargeHolcim increases El Salvador investment
LafargeHolcim will invest US$9m to upgrade its production facilities in El Salvador in view of an expected rise in demand. Around US$3m will be spent on 16 projects in its El Ronco works, in Metapán, Santa Ana. The investment will enable the 1.7Mta plant to upgrade its transport areas and improve the flow, order and security at El Ronco. A further US$6m will be used to upgrade production e...
India: Shree Cement wins bid for 80,000t of coal
Shree Cement has announced that it has won a bid to be supplied with 80,000tpa of coal from state-owned firm South Eastern Coalfields Ltd (SECL), reports the Economic Times. The deal will see Shree pay INR970/t (US$14.45/t) for the grade 11 coal – in line with the prevailing prices charged by SECL. Earlier this month, UltraTech agreed a deal to pay over INR1500/t for coal to supply cemen...
Ghana: Pozzolana Cement to make redundancies?
Management at Pozzolana Ghana Ltd is considering redundancies or the temporary shutting down of the company following power outages. According to Collins Opoku Gyan, production manager, the company cannot afford to continue paying salaries at a time when no profits are being made. “We have workers that we have employed and paying them, if there is no light, we can’t work. We have to pay the...
United Kingdom: fire at Cemex’s South Ferriby plant
Cemex’s South Ferriby works in Lincolnshire was hit by fire on Sunday, according to reports in the local press. The fire, which began due to a fuel leak, spread to cables, pipework and a disused control room within the kiln room. In addition to damaging these areas, the remainder of the building suffered smoke damage. This is not the first disruption suffered by the 0.75Mta plant. In Dec...
CCPC seeks Supreme Court decision on Irish Cement
The Competition and Consumer Protection Commission (CCPC) will directly appeal to the Supreme Court a High Court decision r estraining it from using certain material seized during a dawn raid of CRH subsidiary Irish Cement. Mr Justice Max Barrett ruled in April that the CCPC was not entitled to access, review or use material in a crh.com email account of CRH executive Seamus Lynch that w...
Pakistan: Lucky Cement highlights its social impact
The largest Pakistani cement manufacturer, Lucky Cement, has highlighted the contribution its operations have made to their locality and the country’s economy reports the Daily Times. Lucky Cement has pointed out that in 2014-15 it paid the government more than PKR7bn (US$67m) in sales and income taxes and generated PKR14bn (US$134m) in foreign exchange. In addition, the company has unde...
Cemex amortises US$353m debt
Mexican cement maker Cemex has amortised a US$352.95m debt that was due to expire in 2022, as part of its refinancing strategy to lower costs, reports Reuters. Cemex, which has been selling assets to cut debt, announced an offer to buy back up to US$400m in debt in April but said it would not buy back more than US$150m of the 2022 debt. However, on Thursday Cemex said debtholders agreed...
Kazakhstan: Steppe Cement sees 6% rise in 1H16 sales
Steppe Cement Ltd sold 761,771t of cement for KZT8190m (US$23,970.4) during the first half of the year, a rose six per cent compared with 717,654t of cement for KZT8277m a year earlier. Average price for the current period for delivered cement was KZT10,751/t (ex VAT), compared with KZT11,533/t in the corresponding period of 2015 as companies defended their market shares, the company said. S...
UK: Hope Cement launches bagged product range
Hope Construction Materials have officially unveiled its new high-performance bagged cement products, which, for the first time, are all available in the company’s own packaging, as ICR reported in its March 2016 issue. Hope say customers can expect to benefit from advanced packaging technology and unparalleled delivery service, which aims to provide a consistent lead-time commitment of 1-3 d...
Spain: FCC refinances Portland Valderrivas debt
In the restructuring of the group, Spain’s FCC plans to refinance the syndicated debt of Cementos Portland Valderrivas (CPV), in which it owns a 77.9 per cent stake. Funds from FCC’s capital increase will be used to write of EUR325m of EUR823m of the total amount. CPV will then refinance the outstanding EUR500m over a period of five years. The refinancing will also enable the Spanish cement...
Oman: Raysut Cement 2Q16 profits fall 2%
Raysut Cement Company (RCC) reported a decline by two per cent in its second-quarter profits, according to a bourse statement. Profits reached OMR4.8m in 2Q16, compared to OMR4.9m (US$12.72m) in 2Q15. Moreover, net profits stood at OMR12.9m |(US$33.5m) in the first half of 2016, an increase of 17.8 per cent from OMR10.96m in the first half of 2015.
Oman Cement’s 1H16 profits up 25%
Oman Cement has announced its profits are up by a quarter YoY for the 1H2016. In the first six months of the year, the company made a profit of OMR6.8m (US$17.7m), Muscat Daily reports. Total revenue was up by 15 per cent, at OMR31.5m (US$81.7m). The performance marks a recovery for Oman Cement after a poor trading year in 2015, but profits are still below their levels in the first six mont...