Cement News tagged: Corporate
UltraTech appoints K K Maheshwari as MD
UltraTech Cement appoints K K Maheshwari as Managing Director and Additional Director for a period of four with effect from 1 April 2016. Mr Maheshwari is a chartered accountant with over 38 years of experience. He will succeed O P Puranmalka who will step down as MD on 31 March 2016.
Limak plans EUR1bn Africa spending spree
Turkey's Limak Cement is currently in talks to acquire African cement operations to the value of EUR1bn, according to senior executive quoted by Reuters. While there was no certainty that the deal would go ahead, the Turkish cement producer has reportedly signed a confidentiality agreement relating to the acquisition from an international cement company. "A global cement firm is considering ...
Ssangyong Cement creditors reject Taiheiyo offer
The administration responsible for selling South Korea's Ssangyong Cement is likely to reject an offer made by Japan’s Taiheiyo Cement Corp, Ssangyong’s second-largest shareholder, to acquire all its shares. It was based on the judgment that the Japanese cement maker's offer was intended to obstruct the sale. "The offer by Taiheiyo to take over all the Ssangyong Cement stake is equivalent ...
Vietnam: La Hien hits 2015 target
Vietnam’s La Hien Cement Joint Stock Co has reached its 2015 production and sales targets. By 14 December, the company had produced and sold 652,148t of cement, surpassing the 0.65Mt target. By the end of the year, sales are forecast to be around 0.68Mt, generating a revenue of over VND570bn (US$26.6m). Net profit is expected to be around VND32.6bn, or VND5.6bn over the annual target.
UltraTech Cement 2Q net profit up
UltraTech Cement Ltd has reported that net profit after taxes and minority interest for the second quarter ended 30 September 2015 was INR4.27bn (US$64m), or INR15.55 per diluted share, compared to INR4.14bn, or INR15.09 per diluted share, for the same quarter ended 30September 2014. Total income from operations for the second quarter was INR60.13bn, compared to INR57.7 bn for the same quar...
Votorantim's Cubatão plant affected by steel closure
Following the closure of the Usiminas steel works in São Paulo, Votorantim Cimentos' Cubatão cement plant will no longer be supplied with steel slag from the Brazilian steel producer. As a result, the cement works will function as distribution centre for bagged cement, maintaining the distribution for the regional market. The reason for this change is the current Brazilian macroeconomic sc...
India: government prepares CCI revival scheme
The government of India has prepared a revival scheme for the Cement Corporation of India (CCI). Approved by the government and ordered by the Board for Industrial and Financial Reconstruction (BIFR), the scheme envisages the expansion/modernisation of three operating units as well as the closure and sale of seven non-operating units. Of the seven non-operating units, six have been closed sinc...
Saudi: Al Jouf Cement signs financing agreement with Alinma Bank
Al Jouf Cement has signed a Murabaha financing agreement with Alinma Bank at a total value of SAR350m. The financing period extends from 15 December 2015 until 14 December 2022, with a grace period of two years, the cement producer said in a bourse statement. The facility, secured against a promissory note, is aimed at rolling over the company's outstanding loans and financing some of the cu...
Government investigates excessive capacity in northeast China
China's Vice Minister of Industry and Information Technology, Xin Guobin, recently led a delegation to investigate excessive cement capacity in northeast China. Xin urged local governments, industry associations and key enterprises to work together, further reduce excessive capacity, and try to reverse losses in the cement industry in the region. Cement companies with a presence in the nort...
Vice chairman of Vassiliko Cement resigns
The executive vice chairman of Vassiliko Cement Works (VCW), Maurizio Caneppele, resigned last week, according to an official announcement. He was appointed executive vice chairman of the board of Vassiliko Cement Works on June 2013. The announcement did not mention the reasons behind Mr Caneppele’s resignation or any other details. (Source: In-Cyprus)
Moody's places Votorantim Cimentos' Baa3 ratings under review for downgrade
Moody's Investors Service has placed Votorantim Cimentos SA's Baa3 senior unsecured rated debt and issuer rating under review for downgrade. The rating action follows Moody's rating action on 9 December 2015 that placed Brazil's Baa3 government bond rating under review for downgrade. The review will focus on the result of Brazil's government bond rating review process and on Votorantim Ci...
Competition Appellate Tribunal sets aside penalty on 11 cement companies
The Competition Appellate Tribunal of India has set aside a US$945m penalty imposed on 11 cement firms by the Competition Commission of India (CCI) on accusations of cartel behaviour and asked the fair trade regulator to hear the matter afresh. The Tribunal also allowed the cement manufacturers to withdraw the 10 per cent penalty amount already deposited with the CCI, according to local pr...
China’s ICBC and Anouar sign US$171m financing agreement
Morocco’s investment group Anouar Invest has signed a financing agreement with the Industrial and Commercial Bank of China (ICBC) in the amount of US$171m for the construction of a cement works in Settat, Morocco. The project’s MAD2bn (US$203m) engineering, equipment and construction contract was awarded to Sinoma-CDI, which expects the new plant to be up and running by the end of 2018. ...
Holcim to close five Belgian concrete plants
Holcim Belgique announced the closure of five concrete plants in Belgium to union representatives. The step will affect around 60 employees in Brugge, Herentals, Izegem, Oostende and Veurne. “The concrete market in Belgium is stagnating and there exists overcapacity in the sector, which has increasingly deteriorated from year to year,” said the company. “As a result, the activity of Hol...
Mexico: Cruz Azul opens second Palmar de Bravo line
Mexico's Cooperative la Cruz Azul recently opened a second production line at its Palmar de Bravo cement works, operated by its subsidiary CYCNA de Oriente. "CYCNA Orient today reaches 100 per cent of its design capacity. Previously this plant produced 1.2Mta of cement, but with the second line an additional 1.5Mta can be manufactured, giving a total of 2.7Mta, “said Guillermo Alvarez Cuevas...
Cementir Board announces forecasts for 2016, new organisational structure
Cementir Holding SpA's Board of Directors has approved the forecasts for the year 2016 and a new organisational structure for the group. The Group is expecting to achieve EBITDA of around EUR190m next year, and net financial debt of about EUR180m, with planned industrial investments of around EUR65-70m. The Italian cement producer said these forecasts are based on conservative assumptions, ...