Cement News tagged: Corporate
Steppe Cement revises Kazakh full-year market outlook
Steppe Cement Ltd said Tuesday its third-quarter 2013 revenue was slightly ahead on the same period of last year and has upwardly revised its outlook for full-year Kazakhstan cement demand. For the three months to the end of September the company reported revenues of KZT7.24bn (US$46.9m), a marginal 0.13 per cent increase on the KZT7.23bn achieved in the corresponding quarter of 2012. For ...
JSW completes acquisition of HeidelbergCement India grinding unit
JSW Steel has completed the acquisition of HeidelbergCement India’s 0.6Mta grinding plant in Raigad, Maharashtra, for an undisclosed sum. The two companies signed the Business Transfer Agreements for the acquisition on 5 October, both said in respective filings with the Bombay Stock Exchange. ??"The transaction will be consummated only after obtaining all relevant approvals required under a...
Fitch rates Cemex outlook Stable
Fitch Ratings has assigned 'BB-/RR3' ratings to Cemex's proposed floating rate senior secured notes due in 2018 and senior secured notes due in 2021. The 2018 and 2021 notes will be guaranteed by Cemex Mexico, Cemex Concretos, Empresas Tolteca de Mexico, Cemex Espana, New Sunward Holding BV, Cemex Asia BV, Cemex Corp, Cemex Egyptian Investments BV, Cemex Egyptian Investments II BV, Cemex Fran...
ARM anticipates higher earnings growth
Kenya-based ARM Cement expects a slight acceleration in earnings this year as new capacity in Tanzania boosts volumes, its chief executive has said. Referring to his expectations for profitability and sales, Pradeep Paunrana told Reuters: “This year we are looking at increasing our top line and bottom line by 35 per cent over last year and next year we expect a similar growth.” The company...
Positive view on China Resources-Fujian Energy collaboration
Daiwa Research holds positive view on China Resources Cement's agreement with state-owned Fujian Energy to jointly develop and expand the cement and concrete business in Fujian Province. The research house expects the alliance with Fujian Cement should further increase CR Cement's market share in the province. While Fujian Cement's earnings capability looks weak (it reported net losses for 2...
Semen Indonesia secures loan
State-owned cement producer PT Semen Indonesia (Persero) Tbk has secured a US$100m loan from PT Bank Mandiri Persero Tbk and Standard Chartered Bank with a 5-8 year tenure to refinance its outstanding debt, said CEO Dwi Soetjipto in Bisnis Indonesia. The firm also seeks loan totalling US$150m to partly fund its US$200me expansion in Myanmar.
Saudi Cement receives funding for expansion
Saudi cement producer Tabuk Cement Company yesterday signed an agreement with local Bank Albilad for Islamic financing worth SAR500m (US$133.3m) In a statement to the bourse, the company said it will use the funds to partially finance the second phase of an expansion project, which includes the construction of a 5000tpd clinker line, and an adjacent power plant and desalination plant. The...
Hamzah lifts stake in Steppe Cement to 23 per cent
Kazakh-based Steppe Cement Ltd said Friday that Halfmoon Bay Capital Ltd has acquired 1.25 million shares, raising the total interests controlled by significant shareholder Azmi Wan Hamzah from 49.13 million shares to 50.38 million shares, or 23 per cent.
Tongyang Cement goes into court receivership
Tongyang Cement has become the fifth victim of the group-wide financial agony. On 1 October the cement unit of Tongyang Group said in a regulatory filing that it applied for court receivership with the Chuncheon (Gangwon Province) District Court. Earlier on the same day, another group company specialising in IT services, Tongyang Networks, had asked for court receivership. As a result, follo...
USA: TXI 1Q13 results reap the benefits of new line start-up
Texas Industries Inc saw first quarter turnover increase by 33.6 per cent to US$233.1m, while corporate overheads were reduced by 15 per cent to US$8.7m and the EBITDA advanced by 94.2 per cent to US$37.3m. The interest charge jumped by 123.4 per cent to US$17.4m, reflecting the start-up of the Hunter cement plant in Texas, and at the pre-tax level there was a swing form an underlying loss o...
Holcim CEO sees cost-cutting starting to work
Frenchman Bernard Fontana, CEO of Holcim, who last year became the first outsider to lead the 101-year-old Swiss company, has been implementing a strict cost-cutting regime right through the company that extends even to himself. Shortly after taking the helm of Holcim, the 52-year-old Fontana launched a cost-cutting programme with the aim of restoring Holcim's return on invested capital (ROI...
Bahrain: Falcon cement achieves ISO 9001
Falcon Cement Company (FCC) has achieved ISO 9001 Quality Management System Certification for its systems, after accreditation by Bureau Veritas. Falcon, which started production in March 2009, currently has a cement capacity of 1000tpd with a planned expansion in the coming year expected to see this grow to more than 2500tpd. This represents about 50-60 per cent of the current cement requir...
India: rejuvenating a cement brand under HeidelbergCement
Having advised HeidelbergCement AG in its acquisition of the SK Birla-owned Mysore Cement, Ashish Guha, CEO of HeidelbergCement India (HIL), has steadily been rebuilding HeidelbergCement India. It was seven years ago when Daniel Fritz, who headed the multinational’s Asia Pacific market, asked Guha if he would be willing to take up the position of CEO and managing director of HIL. Apart from...
India: Binani seeks power entry
Theh Binani group is planning to enter the power generation sector, mostly through acquisitions. The Indian company already has a presence in cement, zinc and glass fibre sectors, but sees the energy market as its next logical way to progress. Binani Industries, the listed entity of the group, is the holding company for Binani Cement and Binani Zinc, both of which were delisted from the bour...
HSBC downgrades Holcim on emerging markets slowdown
HSBC has downgraded Holcim to neutral from overweight and also reduced its target price to CHF72 from CHF77, citing weaknesses in emerging markets. The bank says an emerging market slowdown means there will over capacity and oversupply of cement will remain, while return on invested capital will be under pressure because of a squeeze on margins.
Mykolaivsement announces supervisory board reshuffle
As a result of the recent change in ownership from Lafarge to CRH, Mykolaivtsement has announced changes to its supervisory board including the position of chairman. Supervisory board chairman Guenther Smetana has been replaced by Barry Leonard. Supervisory board members Alex de Valukhoff and Emanuel Petrovic have been replaced by John Francis Madden and Shane Michael Karmodi. All appointme...