Financial crisis slows down Polish investment

Financial crisis slows down Polish investment
Published: 21 January 2009

The poor condition of the construction materials market and concerns about the future have caused Gorazdze Cement to correct its investment plans.

Some of the investment projects are postponed until 2010. For the time being Gorazdze president Andrzej Balcerek is unable to state exactly what the annual investment budget will be, because it may have to be corrected again. Lafarge is not revealing its investment plans either, because of the uncertain situation. For the time being the company is completing the projects it has already started.

Meanwhile it is certain Cemex Polska will not complete the planned EUR400m investment. The company does not need to boost its output, when demand for cement is slowing down. At the beginning of 2008 cement companies expected demand for their product would increase by 5-7 percent. Meanwhile it was only 1.3 per cent higher than in 2007. This year growth may be even smaller.