Italcementi SpA unit Ciments Francais said it is stilltargeting emerging markets, with particular attention being paid to China where the company may soon start investing.
Speaking at a press conference, Ciments Francais chairman Yves Rene Nanot said China has been in the company’s sights for some years now, and "the moment to invest is approaching."
He noted, though, that prices in the country are still weak.
Emerging markets currently make up 30 per cent of sales and 22 per cent of earnings at Ciments Francais. Nanot said he wants those markets to contribute 50 per cent of the company’s operating result within 5-6 years.
The company expects the cement sector to enjoy a stable 2004 in Europe, a recovery in the US and a continuation of the growth seen in the so-called emerging markets such as India and Egypt.