FLSmidth expects cement production in India, South America and Africa to rise further and demand in Europe and North America to remain lackluster, the Danish equipment supplier to the cement and mining industries said Thursday.
"In North America and Europe ... we still see a very depressed economy with no need for new capacity in the short term," Chief Executive Jorgen Huno Rasmussen told analysts and reporters at a briefing after the company’s third-quarter earnings release.
He added that stagnating demand in North America and Europe won’t pose a problem for FLSmidth as the company mainly was focused on emerging markets.
"Our markets are developing markets," he said.
FLSmidth this year expects capacity in the Indian market to rise by between 25Mt and 30Mt of new cement kiln capacity, which represents about half of the world’s estimated new cement kiln capacity in 2010.