Evrocement Group cuts costs

Evrocement Group will stop using intermediary sale companies and reinvest the saved funds into modernisation.

Evrocement also stated that it would prove the validity of its prices and warned that, unless investments are attracted into the cement industry within two years, Russia will encounter cement shortages, starting in 2007. Evrocement plans to enter the stock market by that time. In February, the RUSSIA PARTNERS fund, which owns 44 per cent of Evrocement, sought a court ruling to force the company to disclose information, but lost the case. Evrocement now says that it may conduct an IPO and will switch over to accounting to international standards and independent audits.