Cement News tagged under: Cemex
Cemex share approval, confident on meeting debt obligations27 February 2012, Published under Cement NewsCemex shareholders have approved a plan for the company to issue more shares. The proceedings from the issuance will be used to pay a dividend, the company said at its annual shareholders meeting. Meanwhile, Cemex CEO, Lorenzo Zambrano, last week said that the company will meet its debt obligations to creditors this year, suggesting that the company may be turning a corner following a tough year when meeting these obligations were in doubt. Source: Reuters |
Cemex to appeal fine, Mexico24 February 2012, Published under Cement NewsCemex CEO Lorenzo Zambrano has reiterated that the company will appeal a fine for allegedly blocking competitors from bringing cement into Mexico, the Wall Street Journal reports. Earlier this month, the Federal Competition Commission (CFC) fined Cemex MXP10.2m (US$796,000) following an investigation into a failed attempt by a competitor to import cement via a silo ship almost eight years ago. The newspaper quoted Zambrano as saying: “We’ve done nothing illegal.” He said Cemex used leg... |
Cemex fined for anti-competitive practices14 February 2012, Published under Cement NewsMexico’s competition watchdog has fined cement giant Cemex MXN10.2m (US$800,500) for anti-competitive practices in a 2005 dispute when the company blocked a shipment of cheap Russian-made cement from entering the country. The competitor tried to import 26,000t of lower-priced Russian cement into Mexico, but the “Mary Nour” vessel was held up for months at a Mexican port and eventually turned away in 2005 after being blocked by Cemex. The rival group brought a claim against Cemex in 20... |
Cemex 2011 turnover improves but net loss increases03 February 2012, Published under Cement NewsCemex’ turnover improved by 7.6% in 2011 to US$15,139.2m, but the EBITDA was just 0.8% ahead at US$2331.9m. The trading profit, however, advanced by 12.2% to US$960.2m, compared with a 26.5% fall a year ago. The net interest charge, which had risen by 22.9% in 2010, increased by a further 11.8% to US$1399.7m, and the cost of ‘other’ expenses also rose on the back of higher losses on financial instruments and exchange rates. This resulted in a pre-tax loss that was 37% higher at US$1,238.61m... |